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18 October 2019
San Leon Energy plc
("San Leon" or the "Company")
Proposed Share Buyback
San Leon Energy plc today announces that, pursuant to the shareholder resolutions passed on 27 September 2019 at the Annual General Meeting, it plans to acquire ordinary shares of EUR 0.01 nominal value each ("Ordinary Shares"), up to a total value of USD 2.0 million (the "Buyback Programme"). In accordance with the shareholder resolutions, the Company is proposing to acquire the Ordinary Shares at a maximum price of the greater of (i) 105% of the average market price of such shares for the previous five days and (ii) the higher of the price quoted for the last independent trade and the highest current independent bid or offer for such shares.
The Buyback Programme will be independently managed by Cantor Fitzgerald Europe, the Company's Nominated Adviser and joint broker, which will make trading decisions independently and without influence of the Company within certain pre-set parameters.
A buyback of Ordinary Shares on any trading day may represent a significant proportion, or possibly all, of the daily trading volume in the Ordinary Shares on the London Stock Exchange (and may exceed the limit of 25% of the average daily trading volume, as laid down by Article 5(1) of Regulation (EU) No 596/2014). The Company may therefore not be able to benefit from the exemption laid down in Article 5(1) of Regulation (EU) No 596/2014. The Company confirms that it is not in possession of any unpublished price sensitive information, other than the information disclosed in this announcement.
Ordinary Shares acquired as a result of the Buyback Programme will be cancelled. The Buyback Programme will be funded from the Company's current cash balances.
The Buyback Programme will commence with immediate effect and will continue until the Buyback Programme is completed or earlier if the board of directors of the Company decides to terminate it.
At the time of this announcement, the Company's issued share capital is 455,622,127 Ordinary Shares, of which nil Ordinary Shares are held in treasury. Therefore, the total number of Ordinary Shares with voting rights is 455,622,127.
There is no guarantee that the Buyback Programme will be implemented in full or that any shares will be repurchased by the Company.
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Cheers Searcher - a good read!
Couple of snippets:
“No deep sea port facilities now exist in Bangladesh that could have facilitated coal import”
“Please note that Phulbari is a CROWN JEWEL coal field for Bangladesh. The required studies for environmental and social, water management, relocation and rehabilitation of mine affected community, rehabilitation of farming land have followed applicable international standards. On completion of all these studies by accredited mining consultants, Asia Energy as per condition of their contract submitted to Bangladesh government Scheme of Development (SOD). It is possible to conduct mining from here observing all safeguards against possible and probable impacts. It is now a big question why the government did not approve the SOD based on all scientific studies? If the government wanted, it could audit and validate SOD engaging independent consultants. But without wasting time and sitting on these documents, the government must take decision and give green signal to mining”
Ooooooooohhhhhhhh..........it’s like that is it Searcher!!! ....lol
I’ve had a couple of top ups recently too Steve.......news can’t be far away now.... I can feel it in my water.... ;)
The water is the same water I referred to 10 years ago when I first bought in here... lol
RNS Number : 2195F
GCM Resources PLC
11 July 2019
11 July 2019
GCM Resources plc
("GCM" or the "Company")
(AIM:GCM)
MOU with China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. and Power Construction Corporation of China, Ltd.
GCM Resources plc ("GCM" or the "Company"), an AIM quoted mining and energy company, is pleased to announce that it has entered into a memorandum of understanding ("MOU") with China Nonferrous Metal Industry's Foreign Engineering and Construction Co., Ltd. ("NFC") and Power Construction Corporation of China, Ltd. ("PowerChina").
The MOU provides for the formation of a strategic partnership to jointly develop the Company's proposed world class high grade coal resource of 572 million tonnes (JORC 2004 compliant) at the Phulbari Coal and Power Project in North-West Bangladesh (the "Project").
Under the MOU, the parties have agreed to the following salient terms:
· Parties shall further the strategic partnership by working towards a mutually agreed business relationship to develop, finance, operate and manage the Project, with roles and responsibilities to be defined;
· Jointly pursue the necessary approvals for the Phulbari Coal Project from the Government of Bangladesh;
· NFC and PowerChina shall endeavour to procure the auspices of the Government of the People's Republic of China to facilitate the Project under its One Road, One Belt Initiative;
· Parties shall conclude their negotiations of the necessary agreements as soon as possible, including but not limited to a Framework Agreement and Joint Development Agreement; and
· The MOU shall be valid for six months, but may be extended by mutual agreement.
NFC, a People's Republic of China, central state-owned enterprise, was founded in 1983 and was listed on the Shenzhen Stock Exchange in 1997 (SZSE: NFC). NFC is involved in non-ferrous mineral resources development, engineering contracting, equipment manufacturing, and related trading and services, both in the People's Republic of China and globally, for over three decades and is ranked 85 amongst the Top 250 International Contractors by Engineering News Record 2018.
PowerChina, a People's Republic of China, central state-owned enterprise and world leading engineering, construction and operation corporation, carries out various businesses including the field of international project contracting in energy and energy investment and financing, including in energy industries. PowerChina is ranked 10 amongst the Top 250 International Contractors by Engineering News Record 2018.
The Executive Chairman of GCM, Datuk Michael Tang PJN, stated:
"The MOU with China Nonferrous Metal and PowerChina to develop the proposed coal mine is an important milestone in the Project's development. Our strategy is to become an impact project for the people of Bangladesh, providing low cost and sustainabl
San Leon Energy Plc
("San Leon", "SLE" or the "Company")
20-year Licence Extension for OML 18
San Leon Energy plc ("San Leon" or the "Company") announces that Eroton (the operator of the OML 18 licence, onshore Nigeria) has received a 20-year licence renewal for OML 18. The licence now expires in 2039.
Oisin Fanning, Chief Executive Officer, commented:
"The OML 18 licence renewal is excellent news for San Leon's investment in Nigeria, securing Eroton's rights to develop the fields in OML 18 for another 20 years."
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
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Friday 28 June, 2019
San Leon Energy PLC
Update On SunTrust Litigation
RNS Number : 7448D
San Leon Energy PLC
28 June 2019
28 June 2019
San Leon Energy plc
("San Leon", "SLE" or the "Company")
Update On SunTrust Litigation
San Leon Energy plc ("San Leon" or the "Company"), the AIM listed oil and gas production and appraisal company focused on Africa, is pleased to provide an update on litigation with SunTrust Oil ("SunTrust").
On 09, 22 and 24 May 2018 the Company noted media articles in the Nigerian press in relation to purported claims by SunTrust over the purchase by the Company of an indirect interest in OML 18, including a petition by SunTrust to wind up the Company. The Company made it clear that, having taken legal advice, it believed that the claims had no foundation or merit.
San Leon and SunTrust have now signed binding agreements which terminate all litigation against San Leon, and preclude any future such litigation. The settlement agreement shall be filed in the High Court Lagos to perfect an Order in the terms of settlement in the Civil Suit. A notice of discontinuance of the winding up Petition has been filed in the High Court Lagos. No consideration was paid by either party to the other.
On 19 December 2018 the Company announced that Midwestern Oil & Gas Ltd ("Midwestern") had entered into a binding agreement with SunTrust to acquire SunTrust's entire remaining holding in San Leon. On 24 June 2019 the Company announced that Midwestern had purchased a total of 59,298,723 ordinary shares in San Leon. The Company has been informed by SunTrust that it no longer has any holding in San Leon.
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.
25 June 2019
San Leon Energy plc
("San Leon" or the "Company")
Akaso-15 Well Test
&
Update on OML 18 Drilling
San Leon Energy plc announced on 28 February 2019 that Eroton, the operator of the OML 18 licence, onshore Nigeria, was preparing to perform a well test on the first of its newly-drilled wells, Akaso-15. The well test took longer to test than anticipated due to various operational factors including downtime on the export pipeline.
Akaso-15 has a dual completion (a separate production tubing for two different reservoirs, which can therefore be produced simultaneously). The combined well test rate on a 32/64" choke is 4800 bopd, and the well has now been put on production.
The Akaso PMMO-1 well (which will be known as Akaso-16 after completion) is awaiting completion using a hydraulic workover unit. Eroton expects to perform future well completions using this unit in order to save rig time. The drilling rig is moving to the next well location, Akaso MTMY-1.
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