20 July 2022
San Leon Energy plc
("San Leon" or the "Company")
Execution of New ELI Investments documentation
San Leon, the independent oil and gas production, development and exploration company focused on Nigeria announces that, further to the Company's AIM Admission Document published on 8 July 2022 (the "Admission Document"), the documents in respect of the New ELI Investment have now been signed by the relevant parties, being ELI Malta and San Leon Energy Financing.
The New ELI Investment comprises of:
(i) the New ELI Loan from San Leon to ELI of US$16,000,000 at a coupon of 14% per annum over four years and repayable quarterly following a one-year moratorium; and
(ii) the New ELI Subscription at nominal value of a further 10 per cent. of ELI's diluted share capital.
Details of the New ELI Investment, which remains conditional, amongst other things, on San Leon shareholder approval at the EGM convened for 5 August 2022, were announced by the Company on 8 July 2022 and can be found in the Admission Document which is available on the Company's website: https://www.sanleonenergy.com.
Unless otherwise defined herein, the capitalised defined terms used in this announcement have the same meaning as those used in the Admission Document.
Enquiries:
| San Leon Energy plc | +353 1291 6292 |
| Oisin Fanning, Chief Executive Julian Tedder, Chief Financial Officer |
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| Allenby Capital Limited (Nominated adviser and joint broker to the Company) | +44 20 3328 5656 |
| Nick Naylor Alex Brearley Vivek Bhardwaj |
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| Panmure Gordon & Co (Joint broker to the Company) | +44 20 7886 2500 |
| Nick Lovering James Sinclair-Ford |
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| Tavistock (Financial Public Relations) | +44 20 7920 3150 |
| Nick Elwes Simon Hudson |
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| Plunkett Public Relations | +353 1 230 3781 |
| Sharon Plunkett |
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