It’s been a painful week for San Leon Energy (SLE) investors. Two months after the group’s shares were suspended for failing to post full-year accounts in a timely fashion, the group resumed trading with the announcement that its cash position has fallen below €1m (£0.9m), Midwestern now owes it $77.7m (£58.6m), and San Leon itself must make arbitration payments of €8m and €6.95m within two months.
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Investors were likely already waiting to vote with their feet. Prior to this week’s RNS, and while the shares were still suspended, San Leon’s auditor KPMG pointed to the existence of “material uncertainties, which may cast doubt" over San Leon's ability to continue as a going concern.
