Statement re San Leon Energy Plc by Toscafund

27 April 2017

Toscafund Asset Management LLP

("Toscafund")

Statement from Toscafund Asset Management regardingSan Leon Energy Plc ("San Leon" or the "Company")

Toscafund, which is the largest shareholder of San Leon with a 59.52% shareholding, notes the announcement made by the Company on 25 April 2017.

Toscafund confirms that it has engaged an independent financial adviser, Hannam & Partners (Advisory) LLP ("H&P"), to conduct a review for Toscafund of the strategic options available to it in connection with San Leon and has initiated an exercise to educate a number of third parties, who could potentially be interested in making an offer for the Company, on the key assets and potential valuation of San Leon (the "Education Exercise").

The Education Exercise is being conducted using public information only and independently of San Leon's Board, management and advisers and was initiated more than three months after San Leon's announcements regarding an approach for the Company, issued on 19 and 21 December 2016.

The Education Exercise is at an early stage and there is no guarantee that it will result in any offer being made for the Company.

Toscafund remains supportive of San Leon and its management team. Toscafund understands that discussions continue between the board of San Leon and a potential offeror and continue to encourage these discussions. The appointment of H&P is a function of Toscafund's ongoing commitment to secure optimal value for all shareholders of San Leon.

This announcement is not intended to, and does not, constitute or form part of (1) an offer or invitation to purchase or otherwise acquire, subscribe for, tender, exchange, sell or otherwise dispose of any securities, (2) the solicitation of an offer or invitation to purchase or otherwise acquire, subscribe for, tender, exchange, sell or otherwise dispose of any securities, or (3) the solicitation of any vote or approval in any jurisdiction, pursuant to this announcement or otherwise.

The distribution of this announcement in jurisdictions other than Ireland or the United Kingdom may be restricted or affected by the laws of those jurisdictions and therefore any person into whose possession this announcement comes should inform themselves about, and observe, any such restrictions or requirements. Any failure to do so may constitute a violation of the securities laws of any such jurisdiction.

Rule 8 - Dealing Disclosure Requirements

A person interested in 1% or more of any class of relevant securities of San Leon may have disclosure obligations under Rule 8.3 of the Irish Takeover Rules.

A disclosure table, giving details of the companies in whose "relevant securities" "dealings" should be disclosed can be found on the Irish Takeover Panel's website at www.irishtakeoverpanel.ie.

"Interests in securities" arise, in summary, when a person has long economic exposure, whether conditional or absolute, to changes in the price of securities. In particular, a person will be treated as having an "interest" by virtue of the ownership or control of securities, or by virtue of any option in respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Irish Takeover Rules, which can be found on the Irish Takeover Panel's website.

If you are in any doubt as to whether or not you are required to disclose a "dealing" under Rule 8, please consult the Irish Takeover Panel's website at www.irishtakeoverpanel.ie or contact the Irish Takeover Panel on telephone number +353 (0)1 678 9020; fax number +353 (0)1 678 9289.