San Leon Regulatory News (SLE)

Prior to publication, the information contained within this announcement was deemed by the Company to constitute inside information for the purposes of Regulation 11 of the Market Abuse (Amendment) (EU Exit) Regulations 2019/310. With the publication of this announcement, this information is now considered to be in the public domain.

1 August 2023

San Leon Energy plc

("San Leon" or the "Company")

Update on Proposed Transactions

San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, announces a further extension to the longstop dates for the proposed transactions with Midwestern Oil & Gas Company Limited ("Midwestern") and the Company's further conditional investments in Energy Link Infrastructure (Malta) Limited ("ELI") (together the "Proposed Transactions"). Details of the Proposed Transactions were announced by the Company on 8 July 2022 and set out in an admission document published by the Company on the same day (the "Admission Document"). 

All longstop dates in relation to the Proposed Transactions have, in agreement with Midwestern and the other relevant parties, now been extended to 31 August 2023. The longstop dates are in relation to the New Eroton Debt Facilities, the Sahara OML 18 Acquisition Agreement, the MLPL Reorganisation Agreement and the ELI Reorganisation Agreement (details of all of which are set out in the Admission Document).

Documentation in relation to the Proposed Transactions is developed given the foundation of work undertaken by the Company in this respect over 2021 and 2022, and San Leon therefore expects to be in a position to move to proceed once the Proposed Transactions' conditions allow. This will be based, inter alia, on the conclusion of its refinancing, as well as updated due diligence in relation to the Proposed Transactions.

Further to the update on refinancing discussions and outstanding creditors announced on 3 July 2023, the Board remains optimistic on progress being made and expects to provide an update to shareholders in the near term.

Unless otherwise defined herein, the capitalised defined terms used in this announcement have the same meaning as those used in the Admission Document.

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