San Leon Regulatory News (SLE)

30 June 2017

This is an announcement falling under Rule 2.4 of the Irish Takeover Panel Act, 1997, Takeover Rules, 2013 (the "Takeover Rules").

San Leon Energy plc

("San Leon" or the "Company")

Receipt of conditional offer for the Company and publication of annual accounts

San Leon announces that it received yesterday a conditional offer to purchase all the entire issued and to-be-issued shares in the Company. The offeror is China Great United Petroleum (Holding) Limited ("China Great United"), which has stated that it is in the process of retaining GMP Securities as its financial advisor for the proposed transaction. China Great United signed a non-disclosure agreement on 16 May 2017 in order to discuss the Company's assets.

China Great United has proposed an indicative purchase price of approximately 67-76 pence per share. It states that the offer is conditional on it completing final due diligence to its satisfaction, and it expects to be in a position to make a formal offer within 45 days.

This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Takeover Rules.

There can be no certainty that an offer will be made or as to the terms on which any offer might be made.

A further announcement will be made, as appropriate, in due course.

Publication of annual accounts

The Company is required to publish its annual accounts for the year ended 31 December 2016 ("Accounts") within 6 months of the year end under rule 19 of the AIM Rules for Companies. In the event that the Company cannot publish its Accounts within that timeframe, then the Company's ordinary shares would be temporarily suspended from trading on AIM with immediate effect. The Company, together with its auditors, is working towards finalising its Accounts before the deadline albeit there is a risk that the ordinary shares may be temporarily suspended from trading at 7.30 am on 03 July 2017, pending such publication.

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.

Directors' Responsibility Statement

The Directors of San Leon accept responsibility for the information contained in this announcement. To the best of their knowledge and belief (having taken all reasonable care to ensure such is the 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.

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