Last checked at 25 Feb 2016 14:02
25 February 2016
San Leon Energy Plc
("San Leon" or "the Company")
Further Extension of Timing on Onshore Production Deal
San Leon Energy Plc (the "Company"), the AIM listed company focused on oil and gas exploration and production in Europe and Africa, announces that it has agreed to a further extension on the timelines required to complete its obligations under the Mart Resources Inc Arrangement Agreement (the "Arrangement Agreement") announced on 22 January 2016, and the first extension announced on 18 February 2016.
San Leon originally undertook for the Mart Resources purchase price to be delivered into escrow on or before 17 February 2016. As provided for in the Arrangement Agreement, the parties (the Company, Midwestern Oil and Gas Limited and Mart Resources, Inc.) have now mutually agreed through the signature of a second Amendment Agreement that the purchase price should be placed into escrow on or before 5pm Calgary time (Mountain Standard Time) on 01 March 2016. Other than certain corresponding date changes, all other material terms of the Arrangement Agreement remain unchanged.
Oisin Fanning, San Leon's Executive Chairman, commented:
"The financing of the transaction has advanced considerably over the last week. Completion of the financing is now considered to be imminent."
Enquiries:
San Leon Energy plc Oisin Fanning, Executive Chairman
| +353 1291 6292 |
DSA Investments Inc. Dubai office
Brandon Hill Capital Oliver StansfieldJonathan Evans
| +971 4 330 0672
+44 (0) 20 3463 5000
|
finnCap Ltd Corporate FinanceMatt Goode Christopher RaggettCorporate BrokingJoanna Weaving
| +44 (0) 20 7220 0500 |
Macquarie Capital (Europe) LimitedJon Fitzpatrick
| +44 (0) 20 3037 2000 |
Stockhouse Securities LtdNominated AdviserRobert FinlayAntonio Bossi
| +44 (0) 20 7601 6100 |
Vigo CommunicationsFinancial Public RelationsChris McMahon Alexandra Roper
| +44 (0) 20 7830 9700 |
Plunkett Public RelationsSharon Plunkett | +353 (0) 1 280 7873 |
www.sanleonenergy.com