San Leon Provides Update on Ocean Pearl winding up petition

Source: www.gulfoilandgas.com 5/21/2024, Location: Africa

On 11 April 2024 San Leon, the independent oil and gas production, development and exploration company focused on Nigeria, announced that it had been made aware of a petition by Ocean Pearl Maritime SA ("Ocean Pearl") to wind up one of its subsidiaries, San Leon ELI Limited. San Leon ELI Limited is the Company's subsidiary that holds San Leon's investments in Energy Link Infrastructure (Malta) Limited ("ELI"). The petition hearing is due to take place on 22 May 2024.

The petition relates to San Leon's proposal to acquire a further 13.5 per cent. of ELI's existing shares ("Shares") from Ocean Pearl for US$12 million. This proposal was part of a wider series of investments by San Leon in ELI which, when completed, will make San Leon the majority shareholder in ELI and constitute a reverse takeover under the AIM Rules for Companies as noted in the Company's announcement of 10 October 2023, which will require the publication of an AIM admission document by the Company.

As previously announced, San Leon considers Ocean Pearl's petition to be both aggressive and vexatious. In particular, the Company has been advised that, as all shares in ELI are pledged to GT Bank Nigeria ("GTB") as part of ELI's wider security package, any transfer of shares in ELI cannot be effected without the consent of GTB. San Leon is therefore taking all actions to defend the petition and instead prevail upon Ocean Pearl to work constructively with the Company towards an expedient completion of the acquisition of its 13.5 per cent interest in ELI.


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