RNS

San Leon Energy PLC Relinquishment of certain Polish assets   
TIDMSLE
RNS Number : 3533Y
05 December 2017 

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that it has informed the Ministry of Environment in Poland of its intention to relinquish its interest in its remaining Baltic Basin shale gas concessions (Gdansk West & Szczawno), onshore Poland. This represents a significant reduction of SLE's involvement in exploration operations in Poland, leaving the Company with the conventional assets which are subject to the transactions announced on 19 September 2017.

The impairment charge on the balance sheet as a result of relinquishing these assets is approximately EUR7.3 million. The annual cost saving from the relinquishments is approximately EUR250,000, plus any work commitments.

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Oisin Fanning, CEO, commented:
"The Company continues to focus on its core Nigerian asset, and this reduction in the exposure in Poland is a natural step towards achieving this."

Enquiries:    

San Leon Energy plc
+ 353 1291 6292
Oisin Fanning, Chief Executive

SP Angel Corporate Finance LLP (Nominated Adviser) 
+44 20 3470 0470
Richard Morrison
Richard Hail

Whitman Howard Limited (Financial adviser and Joint broker) 
+44 20 7659 1234
Nick Lovering
Francis North

Brandon Hill Capital Limited (Joint broker to the Company) 
+44 203 463 5000
Oliver Stansfield
Jonathan Evans

Vigo Communications (Financial Public Relations) 
+44 207 830 9700
Chris McMahon
Kate Rogucheva

Plunkett Public Relations 
+353 1 280 7873
Sharon Plunkett

Share

  • Share
  • Email
  • Print
  • Twitter
  • Facebook