San Leon Energy confirms approach by potential buyer

Shares in San Leon Energy soared on Monday as the oil and gas explorer confirmed that it has been approached by a potential buyer.

The AIM-listed company stressed that the approach may or may not yield an actual bid.

Recently the company sold stakes in two gas projects in Poland. It sold its 35% interest in the Rawicz gas filed for $9m and was released with $3m worth of loans. It sold a 35% stake in the Siekierki gas field for only €1, but will retain a 10% profit interest in the project.

In November, San Leon agreed to pay €23.3m, with interest, to settle a legal dispute with Dutch investor Avobone. The first €2m installment had been paid, in April and October 2017 the company will pay €16m in equal installments followed by €5.3m by next December.

Shares in San Leon were up 22.9% to 53p 0932 GMT.