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San Leon Energy confirms settlement arrangements for Poland disputes

Published: 07:21 08 Nov 2016 GMT

Oil workers on a well
San Leon recently transformed its business by acquiring interests in Nigeria.

San Leon Energy PLC (LON:SLE) told investors it has settled a number of disputes with Avobone relating to projects in Poland.

As a result the company will make payments to Avobone - for the final award in a 2015 international arbitration – amounting to €23.3 million plus interest.

The payment schedule begins with a €2mln payment in November, followed by €8mln in April, €8mln by mid-October and a final €5.3mln by the end of 2017. The outstanding balances will carry interest at 5%.

San Leon noted that it had previously written a €20mln provision into its 2015 accounts for settlement payments to Avobone, and it said the difference is the result of interest, exchange rate fluctuations, and further legal costs.

It added that it is confident that the settlement payment schedule won’t affect the group’s recently adopted capital distribution policy – which will see it pay-out 50% of free cash flow generated by the group’s interest in the OML 18 asset.

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