News

Morocco Update

19 April 2017

San Leon Energy plc, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that the Office National des Hydrocarbures et des Mines ("ONHYM") has written to the Company regarding the non-performance of the work programme on its Zag Licence, onshore Morocco. ONHYM has assumed control of the existing bank guarantee (San Leon’s share being $1,400,000 – an amount listed in the Company’s accounts as restricted cash), and has requested a penalty of the same amount again to be paid. The Company is in negotiations with ONHYM regarding the future of the licence, including the work programme. The Zag licence is in a geographical area which the Company believes justifies a declaration of force majeure due to the regional security situation. San Leon will update the market in due course.
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.

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
Soltan Tagiev

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
Alexandra Roper

Plunkett Public Relations
+353 1 280 7873
Sharon Plunkett

Notes: San Leon is operator and has a net 52.5% interest in Zag, the remaining interest in Zag is held by PetroMaroc (22.5%) and ONHYM (25% carried through first production).

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