San Leon Energy Plc “Further Extension of Timing on Onshore Production Deal”

San Leon Energy Plc the AIM listed company focused on oil and gas exploration and production in Europe and Africa, has told DirectorsTalk that it has agreed to a further extension on the timelines required to complete its obligations under the Mart Resources Inc Arrangement Agreement announced on 22 January 2016, and the first extension announced on 18 February 2016.

San Leon originally undertook for the Mart Resources purchase price to be delivered into escrow on or before 17 February 2016.  As provided for in the Arrangement Agreement, the parties (the Company, Midwestern Oil and Gas Limited and Mart Resources, Inc.) have now mutually agreed through the signature of a second Amendment Agreement that the purchase price should be placed into escrow on or before 5pm Calgary time (Mountain Standard Time) on 01 March 2016.  Other than certain corresponding date changes, all other material terms of the Arrangement Agreement remain unchanged.

Oisin Fanning, San Leon’s Executive Chairman, commented: “The financing of the transaction has advanced considerably over the last week.  Completion of the financing is now considered to be imminent.”

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