San Leon Owner Considers Options

UK-listed San Leon said April 25 that its 59.25% shareholder Toscafund Asset Management has appointed Hannam & Partners to conduct a review of the strategic options available to Toscafund.

Toscafund CEO Martin Hughes said: "Toscafund remains supportive of San Leon Energy and its management team.  We understand that discussions continue between the board of San Leon and potential offerors and continue to encourage these discussions. This appointment is a function of Toscafund's ongoing commitment to securing optimal value for all shareholders of San Leon."

Photo credit: San Leon Energy

San Leon confirmed in December 2016 it had been approached by a potential buyer but has said little since on the subject. CEO Oisin Fanning (pictured above) said April 25: “We note and welcome the involvement of Hannam & Partners as financial advisor to Toscafund.”  

San Leon has sought to row back from its heavy exposure to European shale gas projects during the past year, and last week provided an update on its recent Nigeria acquisition understood to be producing some 5,500 boe/d net to San Leon.

Mark Smedley