San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, has announced that, further to its update announcement on the investment from Tri Ri Asset Management Corp on 27 November 2023, San Leon has continued its dialogue with TRAM to understand the reasons for the delay, by TRAM, in delivering funds pursuant to the terms of its contractual arrangements with San Leon. To date, no funds have been received by the Company. Although San Leon considers that its contract with TRAM remains valid and in full force and effect, the Board has nevertheless determined that it is prudent to seek an alternative solution should the TRAM investment delays continue. Over the past weeks the Company has identified and has been in discussions with a new potential financing partner in relation to a potential funding solution that is similar to the investment from TRAM.
The Company's ordinary shares of €0.01 each in the Company remain suspended from trading on AIM, pending San Leon publishing: i) its audited accounts for the year ended 31 December 2022, as required by Rule 19 of the AIM Rules for Companies; ii) its unaudited interim results for the six months ended 30 June 2023, as stipulated by Rule 18 of the AIM Rules for Companies; and iii) an AIM admission document in relation to the New ELI Investments, details of which were announced by San Leon on 10 October 2023, which are one of the proposed uses of the proceeds from the investment from TRAM (or, alternatively, the new potential financing partner). The Company intends to pursue all of these requirements following the conclusion of its refinancing.
Further announcements will be made in due course.
Source: San Leon Energy