Monday 22 July 2019

San Leon Energy plots €26.5m buyback

San Leon ran into trouble getting payments due to it out of a project in Africa, but the payments have now started to come in (stock photo)
San Leon ran into trouble getting payments due to it out of a project in Africa, but the payments have now started to come in (stock photo)
Gavin McLoughlin

Gavin McLoughlin

Irish oil and gas explorer San Leon Energy is looking to return up to $30m (€26.5m) to shareholders via a share buyback.

The company is offering a price of 46p per share - compared to a closing price of 30.6p at the close of trading before the announcement was made.

San Leon - run by former Smart Telecom boss Oisin Fanning - ran into trouble getting payments due to it out of a project in Africa, but the payments have now started to come in.

The company's biggest shareholder is Toscafund - run by legendary hedge fund manager Martin 'the Rottweiler' Hughes. Mr Fanning said San Leon "will continue to seek opportunities to return capital to shareholders ... as the business continues to grow".

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