San Leon Energy PLC - Nigeria-focused oil and gas production, development and exploration company - Confirms receipt of acceptable commercial terms from two prospective funders which are in the final stages of negotiation. Hopes to sign full documentation with one of these funders in the relatively short-term.
Expects funds to be received by the end of March. This would allow San Leon to undertake further investment in Energy Link Infrastructure Malta Ltd and settle, in full, outstanding creditors. Notes some trade creditors, which total USD5 million, have been exerting increasing pressure and, in some cases, sending legal letters before action. San Leon continues to liaise with its creditors and the expectation of funds from the refinancing is providing some reassurance to a number of its creditors. Further, concludes that funds will not be forthcoming from Tri Ri Asset Management Corp and it is considering its options in relation to its contractual position with TRAM. Shares remain suspended.
Current stock price: suspended at 16.14 pence in London on Monday
12-month change: down 99%
By Jeremy Cutler, Alliance News reporter
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San Leon (SLE)