San Leon Energy : 1. Result of Tender Offer

NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION, IN WHOLE OR IN PART, INTO ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION CERTAIN INFORMATION CONTAINED IN THIS ANNOUNCEMENT IS DEEMED BY THE COMPANY TO CONSTITUTE INSIDE INFORMATION FOR THE PURPOSE OF THE MARKET ABUSE REGULATION EU (NO) 596/2014. UPON PUBLICATION OF THE ANNOUNCEMENT VIA A REGULATORY INFORMATION SERVICE, THIS INFORMATION IS CONSIDERED TO BE IN THE PUBLIC DOMAIN.

San Leon Energy plc
('San Leon', the 'Group' or the 'Company')

Result of Tender Offer

San Leon today announces the result of the Tender Offer set out in the shareholder circular published by the Company on 20 February 2019 (the 'Circular'). The Tender Offer closed at 1.00 p.m. on 20 March 2019.

The maximum number of Ordinary Shares authorised by shareholders under the Tender Offer, being 50,475,000 Ordinary Shares, will be acquired for a total cost of £23.2 million. This represents approximately 9.97% of the issued ordinary share capital of the Company, as at the date of this announcement.

The Tender Offer was oversubscribed, with a total of 81,177,508 Ordinary Shares validly tendered by Qualifying Shareholders. Qualifying Shareholders who tendered Ordinary Shares equal to or less than their Individual Basic Entitlement will have their tender accepted in full. Qualifying Shareholders who validly tendered in excess of their Individual Basic Entitlement will have their tender accepted in respect of their Individual Basic Entitlement (being approximately 9.97% of their shareholding) plus approximately 50.23% of the number of Ordinary Shares in excess of their Individual Basic Entitlement that they validly tendered.

It is anticipated that the proceeds payable under the Tender Offer to the Company's shareholders who hold their Ordinary Shares in certificated form will be despatched no later than 29 March 2019 in the form of a cheque. Those shareholders who hold their Ordinary Shares in uncertificated form will have their CREST accounts credited no later than 29 March 2019.

As set out in the Circular, the Ordinary Shares will be purchased by Cantor Fitzgerald Europe pursuant to the Tender Offer and the Company will purchase such Ordinary Shares from Cantor Fitzgerald Europe under the terms of the Repurchase Agreement described in the Circular.

San Leon also announces that, pursuant to the exercise of warrants, an application has been made for an additional 250,000 ordinary shares in the Company to be admitted to trading on AIM ('Admission'). Admission is expected to take place on 26 March 2019. Following the issue of the new Ordinary Shares, the Company will have 506,097,127 ordinary shares in issue (at the time of the Circular there were 505,847,127 Ordinary Shares in issue). No ordinary shares are held in treasury.

The Company intends to cancel the Ordinary Shares purchased by it under the Repurchase Agreement, reducing the number of Ordinary Shares in issue from 506,097,127 Ordinary Shares to 455,622,127 Ordinary Shares (the 'Cancellation'). Accordingly, following the Cancellation, which is expected to take place on or before 1 April 2019, 455,622,127 Ordinary Shares may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interests in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the
Company and manager and broker to the Tender Offer)
Nick Tulloch ([phone])
David Porter ([phone])

Whitman Howard Limited (Financial adviser and joint broker to the Company)
Nick Lovering ([phone])

Brandon Hill Capital Limited (Joint broker to the Company)
Oliver Stansfield ([phone])
Jonathan Evans ([phone])

Vigo Communications (Financial Public Relations)
Chris McMahon ([phone])
Simon Woods ([phone])

Plunkett Public Relations
Sharon Plunkett ([phone])