REG - San Leon Energy PLC - Update on Ocean Pearl winding up petition

San Leon EnergyAnnouncement

21/05/2024 16:00

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RNS Number : 3406P  San Leon Energy PLC  21 May 2024

 

 

 

21 May 2024

San Leon Energy plc

("San Leon" or the "Company")

 

Update on Ocean Pearl winding up petition

 

On 11 April 2024 San Leon, the independent oil and gas production, development
and exploration company focused on Nigeria, announced that it had been made
aware of a petition by Ocean Pearl Maritime SA ("Ocean Pearl") to wind up
one of its subsidiaries, San Leon ELI Limited.  San Leon ELI Limited is the
Company's subsidiary that holds San Leon's investments in Energy Link
Infrastructure (Malta) Limited ("ELI"). The petition hearing is due to take
place on 22 May 2024.

 

The petition relates to San Leon's proposal to acquire a further 13.5 per
cent. of ELI's existing shares ("Shares") from Ocean Pearl for US$12 million.
This proposal was part of a wider series of investments by San Leon in ELI
which, when completed, will make San Leon the majority shareholder in ELI and
constitute a reverse takeover under the AIM Rules for Companies as noted in
the Company's announcement of 10 October 2023, which will require the
publication of an AIM admission document by the Company.

 

As previously announced, San Leon considers Ocean Pearl's petition to be both
aggressive and vexatious.  In particular, the Company has been advised that,
as all shares in ELI are pledged to GT Bank Nigeria ("GTB") as part of ELI's
wider security package, any transfer of shares in ELI cannot be effected
without the consent of GTB. San Leon is therefore taking all actions to defend
the petition and instead prevail upon Ocean Pearl to work constructively with
the Company towards an expedient completion of the acquisition of its 13.5 per
cent interest in ELI.

 

Further announcements will be made as appropriate.

 

 

Enquiries:

 

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

 Julian Tedder, Chief Financial Officer
 Allenby Capital Limited                               +44 20 3328 5656

 (Nominated adviser and joint broker to the Company)
 Nick Naylor

 Alex Brearley

 Vivek Bhardwaj
 Panmure Gordon & Co                                   +44 20 7886 2500

 (Joint broker to the Company)
 James Sinclair-Ford
 Fortified Securities                                  +44 7493989014

 (Joint broker to the Company)
 Guy Wheatley
 Tavistock                                             +44 20 7920 3150

 (Financial Public Relations)
 Nick Elwes

 Simon Hudson
 Plunkett Public Relations                             +353 1 230 3781
 Sharon Plunkett

 

 

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