San Leon Energy PLC (AIM:SLE, OTC:SLGYF)’s shares have been suspended from trading on the AIM market of the London Stock Exchange after failing to publish full-year results before the 30 June deadline.
The oil and gas production and exploration company said it is yet to receive the audited statements of MLPL, which includes results from Midwestern and Eroton, as well as results from Energy Link Infrastructure (ELI).
San Leon said both MLPL and ELI are two independently run companies of which San Leon has no control.
As well as shares being suspended from trading, San Leon said that all longstop dates in relation to the proposed transactions with Midwestern and ELI have been extended to 31 July 2023.
Included in those transactions are the MLPL reorganisation agreement, the new Eroton debt facility, the Sahara operating mining licence (OML) 18 acquisition agreement and the ELI reorganisation agreement.
The extension of the long dates allows the board to keep these transitions under review following recent legal action by NNPC and OML 18 Energy Resource Limited.
San Leon said it continues to remain in discussions to secure a US$50mln loan facility towards the proposed transactions and remains optimistic that a conclusion will be reached.