SLE – Proposed $30m Tender Offer at 46p per share

San Leon is proposing to purchase up to 50,475,000 Ordinary Shares through a tender offer at a price of 46 pence per Ordinary Share (the “Tender Offer”).

Highlights of the Tender Offer

·    The Tender Price represents a premium of 50% to the closing mid-market price on 19 February 2019 (being the latest practicable date prior to the release of this announcement); and

·    The maximum number of Ordinary Shares that may be acquired under the Tender Offer is 50,475,000, representing approximately 10% of San Leon’s Issued Ordinary Share Capital on 19 February 2019 (being the latest practicable date prior to the release of this announcement).

·    Qualifying Shareholders will be entitled to have accepted in the Tender Offer valid tenders of their Basic Entitlement of approximately 10% of their shareholding and may also tender Ordinary Shares in excess of this amount.

·    The Tender Offer opens today and will close at 1.00 pm on 20 March 2019 with cash payments expected by no later than 29 March 2019.

·    Completion of the Tender Offer will be conditional on Shareholder approval of the Tender Offer at the Extraordinary General Meeting on 15 March 2019.

The preceding summary should be read in conjunction with the full text below, as well as the shareholder circular (the “Circular”), which the Company is posting to Shareholders today and which also includes notice of San Leon’s Extraordinary General Meeting.  A summary expected timetable of principal events is set out at the end of this announcement.

The Circular is available on the Company’s website www.sanleonenergy.com. Terms defined in the Circular have the same meaning in this announcement.

Oisin Fanning, CEO of San Leon, commented:

“We are delighted to be able to announce this tender offer, which is considerably larger than previously announced. The scale of the Tender Offer reflects our strong financial position, our confidence in the Company’s future prospects and commensurate cashflow, and our view that the current share price does not reflect fully the potential value of our business. We will continue to seek opportunities to return capital to Shareholders through either further share buyback tenders or dividends, as the business continues to grow and we execute our strategy on the ground in Nigeria.”