SLE.L Regulatory News (SLE)

21 December 2017

Replacement: Issue of Equity

The following announcement replaces the announcement "Issue of Equity" with RNS number 0715A, released today at 10:47 am.

San Leon Energy plc

("San Leon" or the "Company")

Issue of Equity

San Leon announces that, pursuant to the convertible loan facility announced on 19 December 2017, it has conditionally agreed to issue 43,976,232 ordinary shares of EUR 0.01 each in the Company (the "New Ordinary Shares") to Toscafund Asset Management LLP, Toscafund GP Limited and related entities (together, "Toscafund") in order to repay amounts drawndown by San Leon pursuant to the convertible loan facility. The conversion price per New Ordinary Share is 25 pence each. The New Ordinary Shares will rank pari passu in all respects with the issued ordinary shares of the Company. Following the issue and allotment of the New Ordinary Shares (which, subject to satisfaction of the remaining conditions to issue and allotment, is expected to occur on 29 December 2017), Toscafund will hold 311,821,927 ordinary shares of EUR0.01 each ("Ordinary Shares") in the Company, representing 62.33 per cent of the Company's enlarged issued share capital.

Application for admission to trading of the New Ordinary Shares will be made to the London Stock Exchange and admission is expected to occur on or after 29 December 2017. Following the issue of the New Ordinary Shares, the total number of Ordinary Shares in issue will be 500,256,857 each with one voting right. No Ordinary Shares are held in treasury.

The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the Company, under the Disclosure and Transparency Rules.

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.