Source - SMW
San Leon Energy said it would hold off on launching a planned $10m share buy back due to a delay in its capital reorganisation process.

The reorganisation was expected to finish during October and November but it was delayed while the company awaited confirmation from Suntrust Oil Company Nigeria.

Midwestern Oil & Gas had previously agreed to buy the remaining San Leon shares held by SunTrust, representing 14.9% of the company.

A balance accounting for 9.4% of the company had already been transferred to Midwestern, with the rest expected to be transferred by mid January.

Suntrust had written to San Lean confirming that it had no objection to the capital reorganisation, the company said.

It would now apply to the High Court in Ireland 'as soon as practicable' to approve the reduction in its share capital.

'Upon court approval, the company must then advertise to provide an opportunity for any creditors to object to the capital reorganisation,' San Lean said.

'The company will keep shareholders informed of the progress of these final steps and also the likely timing for commencing the programme.'


At 9:49am: (LON:SLE) San Leon Energy PLC share price was +0.75p at 24.25p