News

Discussions with Midwestern

03 November 2017

The Company notes the article in City AM concerning the ongoing discussions relating to an offer for the Company. San Leon can confirm that it received a letter on 11 September 2017 from Midwestern Oil and Gas Limited (“Midwestern”) with an indicative proposal that included San Leon acquiring Midwestern’s shares in Midwestern Leon Petroleum Limited ("MLPL") (the “Proposal”). Midwestern and San Leon are both indirect shareholders in Eroton, the operator of OML 18, onshore Nigeria, through their respective shareholdings in MLPL. The Proposal did not include an offer by Midwestern to acquire the issued share capital of San Leon. The Proposal had a long stop date of 31 October 2017 by which San Leon was to accept the Proposal and San Leon did not agree to the Proposal by said date.

San Leon remains in discussions with Midwestern, which are at a very early stage and broad ranging, regarding a potential corporate transaction, which could include an offer by Midwestern for San Leon or an offer by San Leon for certain assets of Midwestern. Such an acquisition could constitute a reverse takeover under the AIM Rules for Companies (the "AIM Rules") and, in accordance with rule 14 of the AIM Rules, would require the publication of an AIM admission document ("Admission Document") and approval of shareholders of the Company at a general meeting to proceed. Accordingly, the Company’s ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document. These discussions may or may not lead to a transaction being completed between San Leon and Midwestern.

A further announcement will be made in due course.

Market Abuse Regulation (MAR) Disclosure
Certain informationcontainedinthis announcement wouldhave been deemed insideinformation for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

Directors' Responsibility Statement
The Directors of San Leon accept responsibility for the information contained in this announcement. To the best oftheir knowledge and belief (having taken allreasonable care to ensure such isthe case), the information contained in this announcement is in accordance with the facts and does not omit anything likely to affect the import of such information.

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
Ewan Leggat

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

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