"San Leon is in a strong position, currently sitting with US$36.5 million in cash on our balance sheet. The current environment generates challenges which Eroton is addressing well, but at the same time it provides a huge opportunity for our Company to initiate its next stage of growth. We have the cash resources, technical and managerial capability, and established relations to select our next projects.

Oisin Fanning, CEO, commented:

"OML 18 remains a world class asset and the activities being undertaken by our partners are expected to significantly reduce downtime and losses going forward, benefiting our initial indirect interest of 10.58% in OML 18.

"Our robust financial position, additional significant funds expected to be received in the in the next 18 months, existing and anticipated new projects, are planned to continue to provide continued shareholder returns. We are proud to have distributed US$66.0 million to shareholders in the past 15 months.

"San Leon is very well placed to continue to deliver its strategy in the year ahead and the Board looks forward to updating shareholders on the Company's progress."