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San Leon Energy PLC - Dublin-based oil & gas exploration company - Records revenue of USD5.7 million in 2021, from none the year before. Swings to a pretax profit of GBP41.5 million from a loss at GBP9.6 million. Profit stems from GBP14.5 million gain from investments and netting GBP16.6 million from the sale of subsidiaries. Expects tailwinds from the recovery of the oil price during 2021 and into 2022.
"The last year has been the most significant year in the company's development. We embarked upon and announced today a transaction which we believe will create a significant West African oil and gas entity which is ideally placed to take advantage of the opportunities available to it and to deliver considerable future value to all our shareholders," Chief Executive Oisin Fanning says.
Proposes to merge with Midwestern Oil & Gas Co Ltd. Expects transaction to be completed in late 2022.
Enters series of agreements with Midwestern Oil & Gas Co Ltd to consolidate Midwestern's holdings in San Leon, Midwestern Leon Petroleum Ltd and Energy Link Infrastructure Ltd into a single holding in San Leon.
Firm says the move will "simplify the group structure". As a result, San Leon's exposure to OML 18 asset increases fourfold to a 44.1% initial indirect economic interest. It will increase also increase its ownership of Energy Link Infrastructure to about 50%.
"San Leon is proposing a capital restructuring and issue of preference shares to San Leon shareholders immediately prior to completion with the preference shareholders having a preferential right to the first USD40 million of future dividends paid by San Leon," it adds.
Current stock price: 39.97 pence
12-month change: down 12%
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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