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.
FTSE AIM All-Share
728.67
15:45 15/11/24
Oil & Gas Producers
8,043.72
15:45 15/11/24
San Leon Energy (CDI)
16.50p
17:30 24/06/24
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.