San Leon has conditionally placed 41,866,666 new ordinary shares of EUR 0.05 each par value (the “Placing Shares”) at a price of 15 pence per share (the “Placing Price”), raising £6.3 million (before expenses) for the Company from a number of institutional and other investors (the “Placing”) through Arbuthnot Securities, Fox-Davies Capital and the Company.

In addition to funds raised from institutional and other investors, San Leon has entered into a seismic services agreement with PGS Ventures AS (“PGS Ventures”), a subsidiary of, Petroleum Geo-Services ASA (“PGS”). PGS is a focused geophysical company which provides a broad range of seismic and reservoir services, including acquisition, processing, interpretation, and field evaluation. PGS also possesses the world’s most extensive multi-client data library. PGS operates on a worldwide basis with headquarters at Lysaker, Norway. PGS Ventures is the investment arm of PGS, with a remit to provide PGS data and services in return for equities and minority ownership positions in E&P assets (www.pgs.com). PGS has also agreed to subscribe for 13,333,333 Placing Shares at the Placing Price.

The funds raised from investors, together with the PGS seismic services agreement, provides San Leon with the capital and support to carry out the Company’s exploration and development programme across its portfolio of projects in Morocco, Poland, Italy and the USA.

Tags: San Leon Energy