San Leon Energy Discussions with Potential Offerors CGUP, Geron Terminated
The directors of San Leon Energy plc confirmed Friday that discussions with potential offerors China Great United Petroleum (Holding) Limited (CGUP) and Geron Energy Investment (Geron) have been terminated.
CGUP and Geron do not intend to make an offer for the issued and to be issued share capital of San Leon, according to a statement on San Leon’s website.
Discussions are continuing between San Leon and Midwestern Oil and Gas Limited about a transaction that, if concluded, could constitute a reverse takeover under the AIM Rules for Companies. San Leon’s ordinary shares will remain suspended from trading pending the termination of these discussions or the publication of an Admission Document.
San Leon emphasized that these discussions ‘may or may not’ lead to a transaction being completed between San Leon and Midwestern.
"While I thank both CGUP and Geron for their interest in San Leon, I am pleased that we have been able to provide this update to shareholders today,” Oisin Fanning, chief executive of San Leon Energy plc, said in a company statement.
“These discussions have come to a conclusion by mutual agreement, which will allow the company to move on, both with its discussions with Midwestern, and with the delivery of its business plan, which is focused on cash generation from our oil and gas operations in Nigeria,” Fanning added.
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