San Leon Shares at 14-Month High on Takeover Offer

San Leon shares rose to £0.55 December 19, up from £0.42 on December 16, as it confirmed rumours that it has been approached by a buyer. The explorer said that the weekend press reports were true although no buyer was named. The last time they were as high as that was October 2015.

"The Board of San Leon notes the takeover speculation regarding San Leon in the weekend press. The Board of San Leon today confirms that it has received an approach from a possible offeror, which may or may not lead to an offer being made for San Leon.

"This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Takeover Rules. There can be no certainty that an offer will be made or as to the terms on which any offer might be made. A further announcement will be made, as appropriate, in due course," it said.

San Leon CEO Oisin Fanning

Credit: San Leon

San Leon's exploration activities have been in Europe and Africa. This year it has sharply reduced its assets in Poland in order to invest heavily in a producing asset in Nigeria, OML 18, on which it is relying for cash flow.

William Powell