San Leon Energy Sees Renewed Takeover Interest

Independent oil and gas company San Leon Energy has confirmed reports that it has received renewed takeover interest following the breakdown of talks with a separate party earlier this year.

“The board of San Leon notes the takeover speculation regarding San Leon in the weekend press. The board of San Leon today confirms that it has received an approach from a possible offeror, which may or may not lead to an offer being made for San Leon,” a company representative said in a statement sent to Rigzone.

There can be no certainty that an offer will be made or as to the terms on which any offer might be made, San Leon added.

In August last year San Leon received a bid approach following its announcement in June that it had agreed to raise $44.1 million from existing and new shareholders. The takeover talks with the unnamed potential offeror came to an end however in January this year.

The interested party failed to make an offer for San Leon and instead decided to terminate all discussions with the company regarding a possible takeover.

Commenting on the development, a San Leon statement on the company’s website at the time said:

“San Leon continues to advance its existing portfolio and to explore other opportunities, and looks forward to updating shareholders shortly.”