Oisin Fanning’s San Leon Energy soars on takeover approach

Shares in Oisin Fanning’s San Leon Energy, a London-listed oil and gas explorer, soared almost 29 per cent on Monday morning after it confirmed it had received a takeover approach.

“There can be no certainty that an offer will be made or as to the terms on which an offer might be made,” the company said in a statement. “A further announcement will be made, as appropriate, in due course.”

The Sunday Business Post reported over the weekend that San Leon Energy has been approached by a Chinese investor about bidding for the company in recent weeks. The report indicated that an offer could be made of around 80p, almost double where the stock closed on Friday.

Shares in San Leon Energy jumped as much as 28.7 per cent to 55.5p in London on Monday.