San Leon Energy Annual Report 2021

FY2021 Annual Report · San Leon Energy
Loading PDF…
An independent 
oil and gas company
Annual Report 2021

Corporate statement
San Leon Energy plc (“San Leon” or the “Company”) is a publicly listed 
energy company focused on Nigeria. The Company currently holds 
a 10.58% initial indirect economic interest in Oil Mining Lease 18 
(“OML 18”), a producing asset located onshore Nigeria; and a 13.32%* 
interest in Energy Link Infrastructure (Malta) Ltd (“ELI”). 
In June 2021, the Company announced the proposed Midwestern 
Reorganisation and further ELI transactions which are described in full in 
the Admission Document published on 8 July 2022. The transactions are 
expected to complete in Q4 2022 (subject to regulatory consent), and will 
position the Company to become a leading independent production and 
exploration company focused on Nigeria and West Africa. 
*At 31 December 2021, SLE held a 10% equity interest with an additional 1.323% that was still subject to certain conditions  
being met. A further 2% of the ELI issued share capital was acquired post year-end subject to the same conditions as outlined  
in Note 31. Total interest held at 8 July 2022 date was 13.323%.
Overview 
1
Corporate and financial highlights 
2
Operational highlights  
3
San Leon at a glance  
4
Our strategy  
5
Overview / Corporate structure  
Strategic report 
6
Chairman’s statement  
8
Four expected cash flow sources 
10
Chief Executive’s statement 
Corporate governance  
14
Board of Directors 
16
Corporate governance statement 
25
Audit and Risk Committee report 
27
Remuneration Committee report  
30
Nomination Committee report  
31
Health and Safety Committee report 
32
Directors’ report  
39
Corporate Responsibility 
44
Statement of Director’s responsibilities 
Financial statements  
46
Independent Auditor’s report 
52
Consolidated income statement  
53
Consolidated statement of other comprehensive income 
54
Consolidated statement of changes in equity  
56
Consolidated statement of financial position 
57
Consolidated statement of cash flows  
58
Notes to the financial statements 
108 Company statement of financial position 
109 Company statement of changes in equity  
110 Company statement of cash flows 
111 Notes to the Company financial statements 
Other information 
133 Alternative performance measures 
134 Corporate information 
135 Glossary 
136 Conversion 

Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021        1
Corporate and ﬁnancial highlights
Corporate 
•  Negotiated and announced on 24 June 2021 the proposed Midwestern Reorganisation, which is 
described in full in the Admission Document, published today. 
•  In March 2021 completed the migration of the electronic holding and settlement of the Company’s 
shares from the CREST system to the Euroclear Bank. 
•  On 24 June 2021 announced the conditional purchase from Walstrand (Malta) Ltd of 1.323% of  
ELI shares for US$2 million, together with an option to purchase a further 4.302% in ELI for an  
additional US$6.5 million. 
•  On 7 July 2021 announced conditional payment waivers (subsequently extended) regarding the 
approximately US$99.3 million (par value (page 133)) of payments due from Midwestern Leon Petroleum 
Limited (“MLPL”) to San Leon during the second half of 2021, since the repayable amounts form part  
of the proposed Midwestern Reorganisation. Payment waivers remain in place at the date of this report 
pending completion of the transactions. 
•  In January 2022, the Company announced that some of its subsidiaries had successfully concluded their 
ongoing legal proceedings with TAQA Offshore BV (“TAQA”) in relation to San Leon’s legacy interests in 
two royalties on Block Q13A , which is located offshore the Netherlands (the “Amstel Oil Field”). Payments 
totalling more than €5.9 million for royalties receivable up to November 2021 including a payment in 
respect of its legal costs, have been received in 2022. From December 2021, the royalties will continue  
to be payable in accordance with the terms and conditions of the Royalty Agreements, and payments  
and are not expected to be material. 
•  The Company announced on 31 January 2022 that Brandon Hill Capital was no longer acting as  
its Joint Broker. 
•  On 15 February 2022, The Company announced a further loan of US$2 million to ELI, also enabling the 
Company to purchase a further 2% shareholding of ELI for a nominal sum. 
•  In February 2022, the Company completed its US$5.5 million investment in Decklar Petroleum Limited 
(“Decklar”), related to the Oza ﬁeld onshore Nigeria, repayable to the Company as a loan through a cash 
sweep. The Company also holds 11% equity stake in Decklar. The Company has an option to increase its 
equity interest to 15% by providing an additional loan of US$2.5 million on similar terms.  
•  Board appointment process previously announced completed with appointment of John Brown as 
Independent Non-Executive Director and Chair of the Audit and Risk Committee. Alan Campbell resigned 
from the Board in 2021 as part of a board restructure. Lisa Mitchell left the Company as CFO and 
Executive Director in October 2021, and Julian Tedder was appointed as CFO and Executive Director in 
December 2021. 
Financial 
•  We note the uncertainty set out in Note 1 to the ﬁnancial statements which is mitigated by the  
transaction announced today. Cash and cash equivalents as at 31 December 2021 of US$7.6 million 
(includes US$6.8 million restricted and held in escrow for the Oza transaction) (31 December 2020: 
US$18.5 million including US$6.8 million restricted and held in escrow for the Oza transaction).  
•  In 2021, US$2.2 million (31 December 2020: US$46.5 million) in principal and interest payments has been 
received under the MLPL Loan Notes. 
•  Outstanding amounts due under the MLPL Loan Notes are now approximately US$105.6 million  
(par value (page 133)), which are subject to current repayment waivers pending the completion  
of the proposed Midwestern Reorganisation, and would be extinguished as part of the consideration 
if the transaction were to complete.

Operational highlights
2         SAN LEON  ANNUAL REPORT 2021
Operational 
An update on OML 18 activity during 2021 is provided below: 
•  Oil delivered to the Bonny terminal for sales was approximately 4,400 barrels of oil per day (“bopd”) in 2021 
(21,100 bopd in 2020) and has been affected by combined losses and downtime of approximately 79%.  
The 2021 ﬁgure has also been affected by OPEC oil production quota restrictions, and some Covid-related 
delays. Field operations to boost production were largely put on hold, pending the start-up of the ACOES 
barging system. Together, the losses, downtime, OPEC restrictions and Covid-related delays have caused  
the majority of the difference between gross production when there is minimal disruption to production,  
and oil is received at Bonny terminal for sales. 
•  Gas sales averaged 29.6 million standard cubic feet per day (“mmscf/d”) in 2021 after downtime  
(32.7 mmscf/d in 2020). 
•  Production downtime of 9% in 2021 was caused by third party terminal and gathering system issues. This 
relates to days when oil production was entirely shut down at OML 18. Historical issues in the third-party 
export system are expected to be substantially resolved by the implementation of the new ACOES for the 
purpose of transporting, storing and evacuating crude oil from OML 18 export Pipeline. The pipeline will run 
from within the OML 18 acreage to a dedicated FSO vessel in the open sea, approximately 50 kilometres 
offshore. Barging of oil from OML 18 to the FSO is expected to commence in July 2022, with trials already 
having been completed. Expected timing for the completion of the pipeline component of ACOES is late 
2022. See ELI update below. 
•  Pipeline losses by the Bonny Terminal operator have increased markedly over the past year (31 December 
2021: 70%; 31 December 2020: 28%), largely due to lower pipeline throughput as a result of OPEC quota 
restrictions and Covid-related issues. In the medium term, the ACOES is expected to reduce losses signiﬁcantly. 
•  Eroton has taken all appropriate precautions for its operations and people, with regards to Covid-19. 
An update on ELI is provided below: 
•  Whilst there have been some delays to ACOES principally due to Covid, barging operations from OML 18  
to the ELI Akaso FSO are now expected by ELI to commence during July 2022. 
•  ELI is in advanced negotiations with other third-party injectors for use of its pipeline and terminalling facilities. 
•  Construction of the pipeline continues to progress and hook up with ELI Akaso is expected to take place  
in late 2022. 
  Outlook for 2022 
  •   Barging operations from OML 18 to the FSO to commence. 
  •   Completion of the proposed transactions with Midwestern and ELI. 
  •   The commissioning of the ACOES pipeline. 
  •   Restarting of ﬁeld operations on OML 18. 
  •   Export of oil from Oza. 
  •   Continuing to position the Company for further transactions. 

GTS 4
Gas Line
Port 
Harcourt
Proposed FSO location
Bonny
Terminal
OML18
OML 11
OML 2006
OML 2006
OML 23
OPL 2005
OML 55
OML 55
OML 55
OML 141
OML 55
OML 24
OML 25
OPL 278
OML 52
OML 74
OML 467
OML 72
Ke
Asaramatoru
Buguma
Creek
Port Harcourt
Oil Reﬁnery
Port Harcourt
Oil Reﬁnery
N’tore
Chemicals
N’tore
Chemicals
Asaritoru
Awoba
Krakama
Krakama
East
Akaso
Cawthorne
Channel
Eastern Gas
Gathering
System
(EGGS-1)
Eastern Gas
Gathering
System
(EGGS-1)
Bille
Orubiri
Ebubu
Apara
Ajokpori
Onne
Dawes
Island
Dawes
Island
Alakiri
East
Hughes
Channel
Alakiri
Jokka
Idama
Nembe
Creek
Trunk Line
(NCTL)
Nembe
Creek
Trunk Line
(NCTL)
Nembe 
Creek
Trunk Line
(NCTL)
GTS 4
Gas Line
GTS 4
Gas Line
1. Bonny Oil
Terminal (Shell)
3. MPN Bonny 
River Terminal 
(Exxon Mobil) 
Greater Port
Harcourt Swamp
Line (GPHSL)
BUGUMA
DEGEMA
YELLOW
ISLAND
OGONI
Bonny
Island
1
2
3
2. NLNG Bonny 
LNG Terminal
Manifold
Oil Export Line
Gas Export Line
Main ﬁeld Tie-in Lines
Flow Station
San Leon at a glance
Considerable development and exploration potential  
exists across OML 18, an asset which is larger than Bahrain
Other assets  
Ireland (Offshore) – Barryroe 
San Leon holds a 4.5% Net Proﬁt Interest 
(“NPI”) on the Barryroe oil ﬁeld which is 
located in Standard Exploration Licence 
1 / 11 in the North Celtic Sea, offshore 
Ireland. The ﬁeld has had six 
hydrocarbon bearing wells successfully 
drilled on the structure. Providence 
Resources plc (the operator of Barryroe) 
announced in February 2022 that it 
continued to seek approvals from the 
relevant government department to 
pursue further drilling on the Barryroe 
licence (SEL 1/11) during 2023. 
Providence also published summary 
results from a CPR on the asset.
Material Assets in Nigeria 
10.58% Initial Indirect Economic 
Interest in OML 18 
The 2022 Competent Persons Report 
(“CPR”) by Petrovision Energy Services 
(“Petrovision”) illustrates the scale of the 
reserves applicable to OML 18 partners.  
A summary is provided in the table 
opposite. The Company’s current 10.58% 
initial indirect interest would increase to 
44.1% if the proposed transaction with 
Midwestern were to complete. 
Contingent resources and considerable 
exploration potential also exist across  
this asset which is larger than Bahrain. 
Further details regarding San Leon’s 
investment in OML 18 can be found in 
Notes 13 and 15 of the Financial 
Statements and in the 2022 AIM 
admission document in the investors 
section of the Company’s website. 
13.32% equity investment in Energy 
Link Infrastructure (Malta) 
The Company also has a 13.32% equity 
interest in Energy Link Infrastructure 
(Malta) (“ELI”) – a company which owns 
the ACOES project. The ACOES is being 
constructed to provide a dedicated oil 
export route from the OML 18 asset, 
comprising a new pipeline from OML 18 
and a ﬂoating storage and offloading 
vessel (“FSO”). Barging to the FSO is 
expected by ELI to commence during 
July 2022, and the system is expected 
by Eroton to reduce the downtime 
and allocated pipeline losses 
currently associated with the Nembe 
Creek Trunk Line (“NCTL”), to below 
10%. In addition, it is anticipated that 
the ACOES project will improve overall 
well uptime. Commissioning of the 
pipeline component of ACOES is 
expected at the end of 2022, and 
would increase the throughput capacity 
of oil from OML 18 relative to the 
current barging. 
The Board believes that the ACOES 
project will have a signiﬁcant effect on 
the operation of OML 18, primarily 
through the reduction of downtime and 
losses associated with the existing 
export route. ELI, through its Nigerian 
subsidiary, will earn fees for transporting 
and storing crude oil from OML 18 and 
potential third parties. As a shareholder 
in ELI, San Leon stands to beneﬁt from 
what the Board considers could be a 
very proﬁtable operation in the medium 
to long term. As part of the proposed 
transaction, the Company would 
increase its equity position in ELI to 
c.50%, and hold loan receivables of 
approximately US 50 million. 
Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021        3
N
I
G
E
R
I
A
NIGER
CHAD
BENIN
CAMEROON
GABON
EQUATORIAL
GUINEA
Lagos
Port 
Harcourt
Bonny
Terminal
Abuja
NI
G
E
R
 
D
E
L
T
A
200km
0
N
OML 18
^ million stock tank barrels of oil.  * billion standard cubic feet of gas.
OML 18 
Gross technical reserves before economic cut-off 
1P 
2P 
3P 
Oil + Condensate (mmstb^) 
416 (from 389)  603 (from 576)  852 (from 777)  
Gas (bscf*) 
2,269  
(from 3,119) 
3,391  
(from 3,213) 
5,470  
(from 5,080) 

Our strategy
The Company’s strategy is to become a leading independent 
production and exploration company focused on West Africa
4         SAN LEON  ANNUAL REPORT 2021
We are seeking to achieve this by using our technical and 
operational expertise in securing production and near-term 
operating cash ﬂow which will yield value to our shareholders 
whilst continuing to forge close links with governments, 
partners and the local communities that we operate in. 
The proposed transaction with Midwestern would enable  
us to increase our involvement in OML 18 and the ACOES 
project, as well as substantially increasing progressing the 
materiality of our holdings. 

55%
NNPC
1.8%
Bilton
27%
Eroton
Martwestern
MLPL
16.2%
2.34%
55%
Bilton
16.2%
Sahara
Governed by JOA
Direct interest in OML 18
98%
100%
15.88%
10.58%*
Midwestern
40%
60%
2%
Initial economic interest in OML 18
The parties in the OML 18 
shareholding structure are 
described below.  
NNPC: Nigerian National Petroleum 
Corporation is the state oil corporation  
of Nigeria.  
Eroton: Eroton Exploration and 
Production Company Limited is the 
current operator that completed the 
purchase of 45% of OML 18 for US$1.1 
billion from Shell, Total and ENI in March 
2015. Following a farm out to Sahara  
and Bilton (see below), Eroton now holds 
a 27% interest in the licence.
Sahara: Sahara Field Production Limited 
is a Nigerian privately-owned integrated 
oil & gas company – part of a power and 
energy conglomerate established in 1996. 
Effective 16.2% stake was part of Eroton’s 
original 45% purchase. 
Bilton: Bilton Energy Limited is an 
indigenous company whose entry costs 
into OML 18 were carried by certain 
partners. Bilton has a 1.8% direct  
interest in OML 18 and also has a 50% 
shareholding in Eroton (2% initial 
economic interest).. 
Martwestern: Martwestern Energy 
Limited is a Nigerian company 
100%-owned by Midwestern Leon 
Petroleum Limited (“MLPL”). Martwestern 
owns 50% of Eroton (98% initial economic 
interest) ( (Bilton owns the remaining 50%).  
MLPL: Midwestern Leon Petroleum 
Limited, a Mauritian-incorporated special 
purpose vehicle, holding the combined 
OML 18 interest of both San Leon and 
Midwestern Oil & Gas Company Limited, 
through Martwestern. 
Midwestern: Midwestern Oil and Gas 
Company Limited is a Nigerian company 
awarded operatorship of Umusadege 
Marginal Field located in OML 56, Nigeria, 
in 2003, increasing production from 
3,000 to a typical rate of ~20,000 bopd. 
 
 
* After various ﬁnancial and production hurdles  
are met, San Leon’s indirect economic interest  
in OML 18 reduces to 5.4%. 
Overview
San Leon holds an initial indirect 10.58% economic interest 
in OML 18* (prior to the proposed completion of the transaction 
with Midwestern)
Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021        5

shareholders whilst continuing to forge 
close links with governments, partners 
and the local communities that it 
operates in; and 
•  Continue to position the Company for 
further transactions. 
The Company’s ﬁnancial position also 
enabled it to increase its stake in ELI 
during 2021 and early 2022 to 13.323% 
with a loan note receivable of US$17 
million (par value), and during 2021 and 
early 2022 to complete an investment of 
US$5.5 million in Decklar (related to the 
Oza ﬁeld).The Company has an option 
 to invest a further US$2.5 million in 
Decklar by the end of June 2022. Decklar 
performed a workover and well testing  
on the Oza-1 well during 2021, and  
results are discussed in more detail in the 
CEO’s report. 
Last year I anticipated that the new oil 
export system, ACOES, was expected to 
be operational during H2 2021. While the 
timing on this has slipped, I am pleased 
to report that barging operations to the 
FSO are expected by ELI to commence 
during 2022, and that ELI expects to have 
the pipeline completed to the FSO at the 
end of 2022. 
As discussed in my statement last year, 
the issues with NCTL export system, 
Covid-19 delays, inﬁeld operational 
deferrals, and increased production 
downtime have continued to affect 
production during 2021 and have some 
natural delay in achieving future 
production increases from new well 
drilling. Alongside the revival in oil prices, 
and with ACOES becoming operational,  
I expect Eroton to start to examine 
restarting well operations with an aim to 
boosting production on what we consider 
to be a world-class asset. 
Chairman’s statement
interest in ELI would increase to 
approximately 50%, as well as having 
approximately US$50 million of loan 
notes receivable from ELI. The 
transaction is also expected to have the 
following beneﬁts: 
•  Increasing the Company’s economic 
interest in ELI will complement the 
Company’s proposed 100% interest in 
MLPL, as the ACOES project is being 
constructed to provide a dedicated oil 
export route from OML 18 and 
therefore for the beneﬁt of MLPL, 
including the expected reduction of 
pipeline losses and increasing the 
uptime of export;  
•  San Leon’s larger presence by virtue  
of its activities, resources and 
commitments, will pave the way for 
the Company to become a signiﬁcant 
market participant in Nigeria, thereby 
better positioning the Company to 
deliver value for shareholders; and 
•  Increasing the Company’s technical 
and management involvement in the 
OML 18 asset, serving to help optimise 
the development of the asset. This will 
be formalised through an Asset 
Management Agreement. 
Each of these beneﬁts will contribute  
to the Company’s main objectives which 
are to: 
•  Use the Company’s interest in OML 18 
as a platform to become a leading 
independent production and 
exploration company focused on 
Nigeria and West Africa – by securing 
and developing further high potential 
asset opportunities that yield value  
for shareholders; 
•  Use the Company’s technical and 
operational expertise in securing 
production and near-term operating 
cash ﬂow which will yield value to 
The Company was proud to announce 
 in June 2021 the proposed transaction 
to increase its position in OML 18 and 
ELI signiﬁcantly, and today we have 
published the Admission Document  
in this respect. I view the proposal as  
a milestone in San Leon’s growth 
aspirations, and an integral part of  
our strategy. 
The proposed transaction  
San Leon is committed to the long-term 
development of its Nigerian assets, with a 
focus of delivering value to Shareholders.  
This is driven by its technical expertise 
and operational capabilities, secured by 
the close links it forges with governments, 
joint venture partners and the local 
communities in which it operates.  
The MLPL Reorganisation and the ELI 
Reorganisation together with the Further 
ELI Investments would result in San 
Leon’s initial indirect interest in OML 18 
increasing from 10.58% to 44.1%, while 
the MLPL Loan Notes would fall away.  
In additional transactions, the Company’s 
6         SAN LEON  ANNUAL REPORT 2021
Whilst the Covid-19 pandemic continued to provide industry 
challenges during 2021, the recovery in oil price during the year 
and since, has enabled the Company to approach its portfolio 
with increased conﬁdence. As a result, San Leon has proposed  
a major scaling up of its interests in OML 18 and ELI. 

During May, John Brown joined the  
Board on as an independent 
Non-Executive Director. Mr Brown has 
more than 20 years of international 
experience in oil and gas and related 
industries, including over nine years of 
experience with operations in West 
Africa. He is a Chartered Accountant 
(ICAS) and was Chief Financial Officer or 
Group Finance Director for numerous 
UK listed companies within the oil  
and gas sector including Gulf Marine  
Services plc, Bowleven plc and 
Pittencrieff Resources plc. Mr Brown 
chairs the audit and risk committee and 
is a member of the nomination and 
remuneration committees. 
During December 2021 Julian Tedder 
was appointed as Chief Financial Officer 
and Executive Director of the Company. 
Julian is a Chartered Accountant and 
previously served as Chief Financial 
Officer of IGas Energy plc and General 
Manager, Finance of Tullow Oil plc, ad 
brings with him a wealth of ﬁnance and 
industry experience. 
I am delighted to welcome both to the 
Company. I would also like to thank  
Lisa Mitchell, who left the Company as 
previous CFO, in November 2021, for all 
of her contributions. I am also grateful to 
Alan Campbell for all of his invaluable 
work as a Director of the Company since 
2016, and who stepped down from the 
Board in May 2021. Alan has continued 
as Company Secretary and has remained 
a key part of the Company’s commercial 
successes and business development. 
After the reporting period, in January 
2022, the Company announced that 
Brandon Hill Capital was no longer acting 
as Joint Broker. 
In 2021, San Leon’s Board continued to 
seek ways to improve its Environment, 
Social and Governance (“ESG”) impact. 
Covid-19 increased the challenges in 
meeting objectives but the Company  
was still very proud to deliver on several 
initiatives during the course of 2021  
in Nigeria including the provision of 
educational support for disadvantaged 
children, the building of two new schools 
in Kogi State, and the provision of water 
infrastructure to villages in Benue and 
Kogi States. This was in addition to our 
ongoing support of women-led small 
enterprises and the supply of much 
needed basic supplies such as food, 
clothing and medical care to some highly 
disadvantaged people.  
As part of our ESG strategy, we will 
continue ongoing engagement with all 
stakeholders and governments to  
ensure that we operate our business in  
a way that is sustainable and beneﬁts  
the local communities in which we have  
a presence. 
With the improved oil price, the 
proposed substantial increase in its 
indirect equity stake in OML 18, the 
proposed further investments in ELI, and 
its position in Oza, we believe that San 
Leon is well placed to continue to realise 
value for shareholders from Nigeria. Our 
technical and management expertise in 
the industry, will be put to work more 
than ever in these assets. As a result of 
the near-term expected startup of 
barging as part of ACOES, and 
anticipated pipeline completion to 
ACOES at the end of this year, we 
anticipate short-term improvements 
in OML 18 sales. 
Our strategy continues to include the 
delivery of sustainable long-term returns 
to shareholders. We aim to achieve this 
through a combination of returns to 
shareholders and also growth in our 
asset base.  
I look forward with conﬁdence to 
updating shareholders on the 
achievement of these aims. 
 
 
Mutiu Sunmonu 
Chairman 
8 July 2022
West Africa, focusing on Nigeria, is where 
San Leon’s activities and resources will 
continue to be concentrated, and we 
expect this focus to continue to deliver 
value for shareholders. 
Our increased investment in ELI, and the 
further proposed increases, are expected 
to yield attractive returns to the Company 
from its loan plus equity components. 
The Company still retains two 
non-Nigerian, non-core interests. These 
are the Durresi block offshore Albania, 
for which the Company is seeking to 
enter the Appraisal phase of the licence 
and a farm out is being sought, and the 
Company’s Net Proﬁt Interest (“NPI”) in 
the Barryroe ﬁeld, offshore Ireland, where 
the operator, Providence Resources plc, 
continues to work on a funding solution 
to progress development of the ﬁeld.  
The Company has nearly completed its 
exit from Poland, with the small amount 
of remaining activity being administrative. 
The Company continues to hold certain 
NPIs in relation to Polish licences. 
Staff welfare is of utmost importance to 
us and as such at San Leon Energy plc 
we have also been working remotely 
whenever possible since March 2020 as 
previously mandated by the different 
governments in the countries in which 
we have a presence. All employees and 
consultants have continued to be actively 
engaged regardless of the home working 
conditions. The Company has now 
started to reduce the proportion of 
home working, in line with general 
industry practice. 
As at 8 July 2022 San Leon had cash on 
hand of US$0.2 million. The Midwestern 
transactions will be transformational for 
the Company and are expected to be 
cash ﬂow positive in the near term. 
As part of the proposed transactions, the 
Loan Notes would no longer be in place, 
and the Company will instead utilise its 
signiﬁcantly increased portfolio of other 
expected cash ﬂow sources. 
During 2021, the Company made two 
Board appointments. 
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021        7
Overview
Strategic report
Corporate governance
Financial Statements
Other information
US$17 m  
Increased its stake in ELI to 13.32% and  
US$17 million receivable loan note 

Four expected cash ﬂow sources
Poised for strong cash ﬂow generation from its equity 
interests in MLPL and ELI and loan notes repayment from  
ELI and Decklar
No dividend has been paid as yet by 
MLPL. OML 18 cash ﬂow has not been 
as anticipated due to both operational 
issues and the economic turmoil during 
Covid-19 as well as the associated 
volatility in oil price and impact on 
planned well drilling and delays in the 
ACOES project. 
The majority of the 9% production 
downtime in 2021 was caused by 
problems in the third-party terminal and 
gathering system. Underlying production 
(production at the wellhead before 
pipeline losses) from the assets was 
approximately 4,400 bopd during 2021 
before that downtime, affected both  
by Covid-related issues but also due to 
delaying ﬁeld operations during such  
a period of very high pipeline losses.  
This downtime and losses issues are 
being addressed by the planned 
implementation of the new ACOES 
export pipeline and FSO project, which is 
due to be fully commissioned during late 
2022, but whose interim barging 
operations (awaiting the new pipeline) 
are expected by ELI to commence 
during July 2022. Reducing ﬁeld 
downtime is also expected to improve 
overall well performance. This is due to 
decreasing the time taken to bring all 
wells back to normal production rates 
again once the ﬁeld is back operating. 
Pipeline losses have been allocated to  
all operators by the Bonny Terminal 
operator. The 70% pipeline losses have 
been a signiﬁcant burden on net oil 
sales. In future, the ACOES export 
pipeline and FSO system mentioned 
above will provide additional control. 
Removing the above challenges will 
enable greater capital allocation to 
production growth and support future 
dividends from Eroton to the  
Company via its current initial indirect 
10.58% economic interest in OML 18, 
which would increase to 44.1% initial 
indirect interest in OML 18 if the 
proposed transaction with Midwestern 
were to complete. 
The future ability of MLPL to pay 
dividends to its shareholders (including 
to San Leon) will require future payments 
of dividends by Eroton to Martwestern 
and from Martwestern to MLPL, the 
MLPL loan notes will be extinguished on 
completion of the transaction. 
Under the proposed transaction with 
Midwestern, the existing MLPL Loan 
Notes totalling approximately US$99.3 
million (par value (page 133)) of principal 
plus interest (accounted for as US$96.5 
million at an annual 25% coupon under 
IFRS) would be extinguished as part of 
the consideration for the transactions 
with Midwestern. In 2021 the Company 
waived repayment of the MLPL loan 
notes pending completion of the 
transactions. Whilst there was a delay  
in repayment and uncertainty in the 
completion of the transactions, this has 
resulted in an expected credit loss 
provision of US$16.1 million at year end. 
San Leon has signiﬁcant loan receivables 
from Energy Link Infrastructure (Malta) 
Limited (“ELI”), the company which owns 
the Alternative Crude Oil Evacuation 
System (“ACOES”) project. There is 
approximately US$17 million** principal 
currently outstanding, and in the event  
of the Midwestern and other transaction 
completing, this is expected to become 
approximately US$50 million. This loan 
amount attracts a coupon at 14%, is 
repayable quarterly. First payment was 
due in H1 2021 but due to delays in the 
ACOES project the ﬁrst payment is now 
expected in the coming months given 
the commencement of barging 
operations of the Floating Storage and 
Offloading (“FSO”). Under the terms of 
ELI’s senior debt facility, the lender has  
a charge over all of the company’s assets 
and, as further security, each shareholder 
(including San Leon Energy) has pledged 
their shares to the lender. The terms of 
the pledge are that the shares cannot be 
transferred or otherwise utilised without 
the lender’s consent. 
The Company completed its loan of 
US$5.5 million to Decklar in February 
2022 in relation to the Oza ﬁeld and this 
is repayable by a cash sweep mechanism. 
 
 
 
Eroton is the Operator of OML 18 while 
San Leon has a deﬁned partner role 
through its shareholding in MLPL.  
San Leon provides technical support  
to Eroton. 
The Directors have assessed the  
carrying value of the equity interest in 
MLPL, considering the above issues 
(Note 13), and have determined that it  
is not impaired. 
As a current 13.32% shareholder in ELI, 
which would increase to approximately 
50% in the event of the proposed 
Midwestern transaction and other 
transactions to complete, San Leon 
stands to beneﬁt from what the Board 
considers can be a very proﬁtable 
operation in the medium to long term. 
San Leon also acquired 11% equity 
interest in Decklar in February 2022 
relating to the Oza ﬁeld. 
 
 
 
San Leon can provide certain technical 
services in relation to subsurface work 
on OML 18, and this would be formalised 
as a contract for US$0.5 million per 
month if the proposed transaction with 
Midwestern were to complete. The 
Company recognised US$3 million in 
revenue in respect of non-rig related 
technical services provided to Eroton in 
relation to wells already drilled. 
Separately, the Company also has a 
Master Services Agreement to provide 
certain rig-related services to Eroton. 
 
 
 
The Company’s 4.5% Net Proﬁt Interest 
in Barryroe oil ﬁeld, offshore Ireland, 
provides a zero-cost potential future 
cash stream. 
At year end, the fair value of the  
Net Proﬁt Interest has decreased to 
US$4.3 million. 
 
 
* Refer to Alternate Performance Measures on 
page 133 for full reconciliation of IFRS numbers 
and Alternative Performance Measures. 
** US$17 million principal receivable relates to 
US$15 million issued in 2020 and US$2 million 
loan issued in 2022.
Loan notes repayment  
and interest
Services revenue
Indirect equity interest
Barryroe net  
proﬁt interest
1
3
2
4
8         SAN LEON  ANNUAL REPORT 2021

NEAR TERM 
MEDIUM TERM
LONG TERM 
Payment under Loan Notes structures.
Dividend payments as a consequence of holding  
indirect economic interests in producing assets.
Income from the provision of subsurface technical services to 
Eroton (the operator of OML 18) and/or provision of rig-based 
drilling and workover (and associated) services, and production 
services, under a Master Services Agreement (“MSA”) with Eroton.
4.5% Barryroe  
Net Proﬁt 
Interest (through 
potential income 
or a potential 
sale).
1 
Loan  
Notes
3 
Services
2 
Dividends
Cash generation, our current portfolio of potential  
sources for cash ﬂow is:
4 
Net Proﬁt 
Interest
Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021        9

Chief Executive’s statement
operational delays; prudent reduced 
operational expenditure and capital 
expenditure spending as a result of 
lower oil price; and also, OPEC 
production quota restrictions. Gross oil 
production, taking out the effect of NCTL 
downtime, (but after reductions for 
OPEC quota production restrictions), 
was around 21,100 bopd. Sales oil, 
including the effects of downtime and 
allocated losses, and of OPEC quota 
production restrictions, was around 
4,400 bopd.  
The proposed transaction is expected by 
San Leon to enable it further to increase 
its involvement with the subsurface 
technical input into OML 18, and the 
Company would have a paid contract to 
do so. We continue to believe that OML 
18 is a world class asset and one that we 
look forward to developing further with 
our partners. 
Additions to our asset base 
I am pleased that our Company was in  
a position to enhance its portfolio of 
assets within Nigeria during 2021, in 
addition to the proposed OML 18 
transaction. We had already started to 
invest in ELI during 2020, and that was 
augmented with a further US$4 million 
of investment during 2021 and early 
2022. As part of the proposed 
transaction, we also intend to invest 
another US$37.5 million to bring our 
equity holding to approximately 50%, 
and loan note receipts of US$50 million.  
I expect ELI to be a value-adding and 
San Leon has long believed in the ability 
for OML 18 to generate value for its 
shareholders, and 2021 saw the 
opportunity for the Company to position 
itself for a signiﬁcant scaling up of its 
interests there. Indeed, the company 
has today published its Admission 
Document, relating to that proposed 
transaction. The Chairman’s Statement 
outlines the beneﬁts of the transaction 
as anticipated by the Company, and the 
impact this is expected by the Directors 
to have upon cash ﬂow and growth. 
Eroton had a necessarily quiet year, 
given the continued effects of the 
Covid-19 pandemic, and operationally 
the large losses of any oil export using 
the NCTL. Eroton has been awaiting the 
availability of the ACOES system, which it 
expects to signiﬁcantly reduce the 
downtime and allocated production 
losses currently associated with the 
NCTL. In addition, it is anticipated that 
the ACOES project will greatly improve 
overall well uptime. ELI anticipates that 
the FSO will be officially commissioned 
and barging operations will begin from 
OML 18 to the FSO during July 2022, 
ﬁnally providing the new export route 
for much of OML 18’s oil production. 
It is anticipated that the pipeline 
component of ACOES will be completed 
at the end of 2022. 
Both gross production at the wellhead 
and sales oil volumes were lower than 
expected. This was due to downtime; 
allocated pipeline losses associated with 
the use of the NCTL; Covid-related 
10       SAN LEON  ANNUAL REPORT 2021
2021 heralded the announcement of the intended scaling up of 
the Company’s operations in Nigeria. Macroeconomic factors 
eased during the year, paving the way for growth on OML 18. 

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      11
Overview
Strategic report
Corporate governance
* Refer to Alternate Performance Measures on page 133 for full reconciliation of IFRS numbers and Alternative Performance Measures.
cash-generative asset, both in the near 
term and for many years to come. 
In February 2022, San Leon completed 
US$5.5 million of its proposed US$7.5 
million investment into Decklar during 
2021 and in the ﬁrst months of 2022, 
given the 11% equity in Decklar, together 
with US$5.5 million of loan notes 
receivables. This transaction involves 
Decklar, as Risk Service Provider to the 
operator of the Oza ﬁeld, performing 
workover and new well drilling to 
develop the reserves and contingent 
resources on what is a proven producing 
ﬁeld with existing infrastructure. Under 
the terms of the ﬁnancing, SLE have 
rights to a cash sweep until the loan 
coupon is repaid. During 2021, Decklar 
performed the anticipated workover on 
the Oza-1 well, and successfully ﬂow 
tested all three target zones. The well 
has been conﬁgured to ﬂow from the 
uppermost zone, and export of oil 
produced during the well testing recently 
began. The Company now has the 
option to invest a further US$2.5 million 
to increase its equity holding in Decklar 
to 15%, and to receive an additional 
US$2.5 million in loan note receivables 
with a cash sweep. The option to 
purchase an additional 15% equity has  
been relinquished. 
Cash ﬂow 
The Company has a number of 
anticipated sources of cash ﬂow, as it 
builds its portfolio in line with its stated 
strategy. As of 31 December 2021, cash 
receipts totalling US$198 million have 
come from the repayment of MLPL  
Loan Notes, including interest. The 
outstanding balance payable as of  
24 June 2022 is US$105.6 million* at  
par value (US$102.2 million under IFRS), 
which continues to accrue interest.  
Final payment of the MLPL Loan Notes 
was anticipated by the end of 2021, 
however due to issues around Covid-19, 
volatility in the oil price and demand as 
well as short-term production issues on 
OML 18, the Company believes this date 
is unlikely to be met. The Company is still 
conﬁdent in receiving all repayments 
and late payment interest, however in 
line with our accounting policy we have 
recognised a credit impairment to reﬂect 
the uncertainty around timing of 
repayments. The anticipated transaction 
described in the Admission Document, 
would result in the ending of the existing 
MLPL Loan Notes. Future anticipated 
cash ﬂow is from loan notes receipts 
from ELI, dividends from equity holdings 
in ELI, dividends from Eroton via MLPL 
(once OML 18 is generating sufficient 
free cash ﬂow), loan repayments from 
Decklar (in relation to the Oza ﬁeld), and 
equity income from Oza. 
ESG 
As discussed in the Chairman’s 
statement ESG is an area of increasing 
importance. This is an area in which  
San Leon is committed to meeting high 
standards of ESG practices across all 
aspects of the business. The Company is 
committed to the countries in which it 
operates and is dedicated to promoting 
sustainable growth as well as providing 
support to local communities in Nigeria. 
The Company ﬁrmly believes that by 
providing the younger generation with 
the valuable skills and education needed 
to succeed, the whole country will  
beneﬁt from growth and prosperity.  
In 2021 we continued to support health 
and education in the communities in 
which we operate and delivered many 
sustainable projects that have a direct 
and positive impact on the environment.
Dematerialisation of Company 
Shares by 1 January 2023 
The company would like to remind 
shareholders that the impending EU 
wide dematerialisation of shares is an 
upcoming event, which will effectively 
mean, based on current expectations, 
that share certiﬁcates will no longer be 
accepted as prima facie evidence of 
ownership from 1 January 2023. 
As noted in our circular dated 6 January 
2021, pursuant to EU regulations 
requiring dematerialisation (which 
means that shares will be registered in 
book entry form, without share 
certiﬁcates), Irish registered listed public 
companies are required to convert all 
holdings to uncertiﬁcated form by 
January 2023 (new issues) and January 
2025 (all other securities). However,  
it is currently expected that a legislative 
change will be implemented to allow  
for dematerialisation both in respect of 
existing shares and new issues from  
1 January 2023.  
As a consequence, the market is 
planning to replace its existing 
infrastructure (where certiﬁcated  
shares are used) by Registrars and 
other market stakeholders with a 
dematerialised model, where only  
book entry will be used. While there will 
be a cost to the Company, shareholders 
are not anticipated to be required to 
have to take any action, unless further 
legislation is enacted that requires  
such. The Company will inform 
shareholders when any legislation is 
enacted, which is expected in Q4 2022, 
and will inform shareholders if 
expectations change and they need  
to take any action.
Financial Statements
Other information

Chief Executive’s statement continued
12       SAN LEON  ANNUAL REPORT 2021
Outlook 
Recovery of the oil price during 2021 and 
into 2022 clearly assists the business 
case for the Company’s assets and their 
continued development. The expected 
near-term startup of the barging 
component of the ACOES system is an 
important step in unlocking the value in 
OML 18, and we look forward to the 
pipeline portion of ACOES coming online 
following anticipated completion at the 
end of 2022. The proposed transaction 
is expected by the Company to yield 
material stakes in both OML 18 and ELI, 
enabling us to help carve out strategy for 
these important assets, which of course 
beneﬁt from each other. 
The Company has cash in hand as at 
8 July 2022 of US$0.2 million, and 
anticipates near-term cash ﬂow from  
ELI loan notes repayments and from its 
technical management contract with 
Eroton, while awaiting equity income 
from its asset portfolio. The Company 
continues to monitor the performance 
of OML 18 and its other assets, and is 
ready to pursue any appropriate 
opportunities that may arise in the 
current market. 
I look forward to updating shareholders 
with news of the impact of the ACOES on 
OML 18, plans for operations on OML 18 
and Oza, and how our various expected 
cash ﬂow streams are performing. The 
Company is in a good position, with a 
variety of future cash streams, and 
together with its professional 
relationships and people, I believe is 
well-positioned to grow and add further 
value to shareholders. I expect to look 
back on the proposed transaction as 
being transformational for the Company. 
 
 
 
 
Oisín Fanning 
CEO 
8 July 2022 

Corporate governance
Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      13
14
Board of Directors  
16
Corporate governance statement 
25
Audit and Risk Committee report  
27
Remuneration Committee report  
30
Nomination Committee report  
31
Health and Safety Committee report 
32
Directors’ report 
39
Corporate Responsibility 
44
Statement of Director’s responsibilities 

Board of Directors
14       SAN LEON  ANNUAL REPORT 2020
Background and experience: 
Mr Price is a petroleum engineer with 
25 years’ experience, having worked 
across well operations, reservoir 
engineering, production optimisation, 
asset management and business 
development.  
He was instrumental in the drilling and 
hydraulic fracturing of the ﬁrst 
multi-fracked horizontal wells in Poland. 
Joel was previously in various technical 
roles with Hess in the UK and Algeria, 
including extensive well workover  
and ﬁeld rehabilitation, followed by 
three years as Business Development 
Manager at Delta Hydrocarbons BV  
in The Netherlands (evaluating 
opportunities worldwide).  
He holds a BA Hons. in Natural Sciences 
(Geology) from Cambridge University,  
an MEng in Petroleum Engineering from 
Heriot-Watt University, and an MBA with 
distinction from Durham University. 
Committee memberships:  
Member of Health and Safety 
Committee. 
(Appointed 21 September 2016)
Background and experience: 
Mr Sunmonu has led the Company as 
Non-Executive Chairman since the 
purchase of our indirect economic 
interest in OML 18 in September 2016. 
Mr Sunmonu is a former managing 
director of Shell Petroleum Development 
Company and was country chairman of 
Shell companies in Nigeria from 2008  
to February 2015. He led Shell’s 
multi-billion dollar operations in Nigeria 
employing over 4,000 direct staff with 
revenue contribution to the Nigerian 
Government of ~US$70 billion dollars 
during 2009-2013.  
He has worked in the industry for over 
36 years in Nigeria, the UK and the 
Netherlands. His strategic vision, proven 
track record and deep knowledge of 
Nigeria, brings valuable Nigerian 
operating experience and relationships 
to San Leon Energy plc. 
Committee memberships:  
Chair of Health and Safety Committee, 
Nomination and Remuneration 
Committee’s, Member of Audit and Risk 
Committee. During the year Mr Sunmonu 
temporarily Chaired the Audit and Risk 
and Remuneration Committees while 
recruitment of an additional Independent 
Non-Executive Director occurred.   
(Appointed 21 September 2016)
Background and experience: 
Mr Fanning has almost 30 years’ 
experience in structured ﬁnance, 
stockbroking and corporate ﬁnance, 
with 22 years specialising in the oil and 
gas industry. Formerly CEO of Astley  
& Pearce Ltd., MMI Stockbrokers, and 
Smart Telecom plc, Oisín was closely 
involved with the restructuring of Dana 
Petroleum plc in the early 1990s, and 
was heavily involved with broking of 
Tullow Oil plc shares early in its growth 
phase. Oisín is both visionary and 
deeply practical in pursuing business 
goals on behalf of stakeholders.  
He recognises the importance of ﬁnding 
and developing talented people and 
building relationships with local 
governments, partners and communities. 
Committee memberships:  
Member of Nomination Committee. 
(Appointed 16 September 1995)
Oisín Fanning 
Chief Executive Officer
Joel Price 
Chief Operating Officer
Mutiu Sunmonu 
Non-Executive Chairman

Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2020      15
Background and experience: 
Mr Brown has more than 20 years of 
international experience in the oil and 
gas and related industries, including  
10 years in West Africa. He is a 
Chartered Accountant (ICAS) and has 
acted as Chief Financial Officer or  
Group Finance Director for numerous 
UK listed companies within the oil and 
gas sector including Gulf Marine 
Services plc, Bowleven plc and 
Pittencrieff Resources plc.   
Committee memberships:  
Chair of the Audit and Risk Committee, 
member of the Nomination and 
Remuneration Committees.  
(Appointed 7 May 2021)
Background and experience: 
Julian is a qualiﬁed Chartered 
Accountant with over 20 years of senior 
management experience both at 
operational and group level within the 
international oil and gas sector. He was 
General Manager, Finance at Tullow Oil 
Plc for 12 years where he was a key part 
of the leadership team that grew the 
business with several signiﬁcant M&A 
transactions as well as very successful 
exploration and development delivery.  
He most recently served as Chief 
Financial Officer of IGas Energy plc, 
where he led the capital restructuring of 
the Group in 2016 and subsequent 
reﬁnancing in 2019. 
Julian is an FCA from the Institute of 
Chartered Accountants in England  
and Wales, and holds a BA (Hons) in 
Mathematics from the University  
of York. 
(Appointed 1 December 2021) 
Background and experience: 
A Business Management graduate from 
the University of Jos, Nigeria with further 
training in the USA and UK.  
With extensive consulting experience 
across multiple industry sectors added 
to his 17+ years of involvement in  
the Nigerian Oil and Gas sector;  
Mr Ademola brings valuable regional 
knowledge, expertise and relationships 
to San Leon Energy plc. Mr Ademola  
is also the CEO and Executive Director 
of ELI. 
Committee memberships:  
Nomination Committee. 
(Appointed to Nomination Committee 
on 25 May 2021)
Adekolapo Ademola 
Non-Executive Director 
John Brown 
Independent Non-Executive Director 
Julian Tedder 
Chief Financial Officer
Alan Campbell: Executive Director  
(Appointed 21 September 2016, resigned 7 May 2021)
Lisa Mitchell: Chief Financial Officer  
(Appointed 30 June 2019, resigned 29 October 2021)
Previous Directors

16       SAN LEON  ANNUAL REPORT 2021
Corporate governance statement
Corporate Governance 
The Board is committed to maintaining 
high standards of corporate 
governance to ensure the Company 
is run effectively. In accordance with 
Rule 26 of the AIM Rules for Companies, 
the Company conﬁrms that it has 
adopted the QCA Code. We aim to 
conduct our business in an open, 
honest and ethical manner. The Board 
is accountable to shareholders for 
good corporate governance and has 
adopted the procedures set out 
below in this regard. 
The QCA Code is based on ten 
principles that focus on the pursuit 
of medium to long term value for 
shareholders. The QCA has stated 
what it considers to be appropriate 
arrangements for growing companies 
and asks companies to provide an 
explanation about how they are meeting 
the principles through the prescribed 
disclosures. The Board has considered 
how we apply each principle to the 
extent that the Board judges these 
to be appropriate in view of the 
Company’s size, strategy, resources 
and stage of development, and 
below we provide an explanation 
of the approach taken in relation 
to each. 
This report explains in broad terms 
how the Company applies the main 
principles of the QCA Code. The Board 
has identiﬁed one principle where we 
are not in full compliance with the 
guidelines of the QCA Code. This 
deviation is to Principle 5 – Maintain 
the Board as a well-functioning, 
balanced team led by the Chair – 
and relates to the participation of 
Non-Executive Directors in the 
Company’s share option scheme 
and the impact on their independence. 
Further details are contained in the 
respective section below. 
The Board 
The Board is responsible for setting the 
overall strategy of the business, 
reviewing management performance 
and ensuring the Group has sufficient 
ﬁnancial and human resources to meet 
its objectives. It directs the Group’s 
activities in an effective manner through 
Board meetings and monitors 
performance through timely and 
relevant reporting procedures. 
The Board plays a central role in 
developing and maintaining the 
Company’s culture and values by 
setting the ‘tone from the top’, 
deﬁning the behaviours expected by 
the Board and ensuring that ethical 
standards are upheld. Thus, the Board 
aims for the right balance between 
entrepreneurial leadership and 
prudent and effective risk management, 
which are vital to maintaining a 
sustainable business and creating 
value for shareholders. 
The QCA Code requires that the boards 
of AIM companies have an appropriate 
balance between Executive and 
Non-Executive Directors and should 
have at least two Independent 
Non-Executive Directors. 
As at the date this Annual Report is 
published, the Board comprises of the 
Non-Executive Chairman, three 
Executive Directors and two further 
Non-Executive Directors. The 
Independent Non-Executive Directors 
are Mutiu Sunmonu (appointed 
21 September 2016) and John Brown 
(appointed 7 May 2021). They are 
considered independent of 
management and any business or 
other relationships which would 
interfere with the exercise of their 
independent judgement. On 7 April 
2020, Mr Adekolapo Ademola was 
appointed to the Board as a 
Non-Independent Non-Executive 
Director on behalf of Midwestern 
Oil and Gas Company Limited, a 
company of which he is also a 
Director. Mr Ademola is also CEO 
and Executive Director of ELI. 
The following paragraphs set out the 
Company’s compliance with the ten 
principles of the QCA Code. 
Principle 1 – Establish a 
strategy and business model 
which promote long-term 
value for shareholders 
The Company’s overall strategic 
objective is to secure and develop 
high-potential oil and gas related asset 
opportunities in West Africa and 
produce a near-term operating cash 
ﬂow, yielding value to shareholders 
in the medium to long-term. The 
Company plans to grow by carefully 
selecting new opportunities, 
particularly in Nigeria, where it can 
achieve this through our technical 
expertise, operational capabilities 
and industry contacts, secured by the 
close links it forges with governments 
and the local communities. The 
Company has built its industry 
reputation as a capable operator in 
various European and African 
countries and its key asset remains 
the indirect economic interest in 
OML 18 – which the Board considers 
to be a world class asset onshore 
Nigeria. Other Nigerian assets include 
an equity interest in ELI; the Company 
which owns the ACOES project, which 
is intended to provide a dedicated 
oil export route from OML 18. 
The Company has an indirect interest 
in OML 11 by virtue of its equity 
investment in Decklar, reinforcing the 
Board’s commitment to offering the 
Company’s shareholders upside 
exposure to other opportunities in 
West Africa in addition to OML 18. 
The Company continues to seek to 
monetise or otherwise dispose of 
its non-core assets in keeping with 
that strategy. 
Key challenges and risks around 
executing this strategy and associated 
mitigants are detailed in the Director’s 
Report on page 32. These are namely: 
ﬁnancial risk around loan note 
•
repayments; 
partnership risk; 
•
further Pandemics; 
•
commodity price risk; and 
•
environmental risk. 
•

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      17
Risk assessment and evaluation is 
an essential part of the Company’s 
planning and an important aspect of 
the Company’s internal control system. 
The Company strives to develop 
strong working relationships with its 
partners and suppliers in its various 
operating locations to manage and 
mitigate the operational risks. The 
Company is committed to operating a 
sustainable business and plans to 
incorporate Environmental, Social 
and Governance aspects to all future 
opportunities reviewed. 
Capital distribution policy 
As part of the Company’s strategy to 
generate value for shareholders, within 
the Admission Document published in 
August 2016, the Company set out a 
shareholder distribution policy. The 
ability for the Company to make such 
distributions is dependent upon the 
availability of cash to distribute. In 
January 2020 it was announced that the 
buyback programme had completed 
with the repurchase of 5,709,101 shares 
at an average price of 27.5 pence per 
share, with a value of US$2.0 million 
(£1.6 million). On 27 April 2020 the 
Company announced a special dividend 
of £27.0 million (US$33.3 million), 
or 6 pence per ordinary share, with a 
payment date in May 2020. 
Subject to the passing of the Resolutions 
and completion of the MLPL 
Reorganisation, from Re-Admission, any 
dividends declared will ﬁrst be used to 
satisfy the preferential dividend payable 
on the Preference Shares created by the 
Subdivision and to be issued to the 
holders of Existing Ordinary Shares 
immediately prior to Re-Admission. The 
Preference Shares will entitle the holders 
to receive the Preference Amount which 
is US$40,000,000 in aggregate and which 
shall on the date falling forty-two months 
after the date of issue of the Preference 
Shares and on each six-month 
anniversary thereafter, be increased by 
the Shortfall Amount. The Shortfall 
Amount is 5% of the amount by which 
the aggregate of all dividends paid to the 
holders of the Preference Shares is less 
than the Preference Amount immediately 
prior to such six-month anniversary. 
The payment by the Company of any 
dividends including the Preference 
Amount and the Shortfall Amount is 
subject to there being distributable 
reserves and the declaration of a 
dividend by the Directors and so there is 
no certainty that a dividend will be 
declared. The Board intends that once 
the Company's additional obligations 
pursuant to the preference shares have 
been discharged and following the 
commencement of payment of dividends, 
50% of free cash ﬂows would be returned 
to shareholders by way of dividends. 
Principle 2 – Seek to 
understand and meet 
shareholder needs 
and expectations 
The Company’s Chief Executive Officer 
and other Executive Directors are 
responsible for shareholder liaison. 
They hold regular meetings with major 
shareholders and analysts to discuss the 
Company’s strategy and performance 
and maintain a dialogue between the 
Company and its investors. Private 
investor events and investor roadshows 
are organised by the Company’s brokers 
and public relations consultants, where 
the Chief Executive Officer and at times 
other Executive Directors meet with 
current (and potential future) institutional 
and retail shareholders and brokers to 
update them on the Company’s progress. 
During lockdown and with Covid-19 
restrictions many meetings held were via 
videoconferencing during the year. 
The entire Board receives feedback 
following these meetings and any issues 
raised are discussed. Any signiﬁcant 
reports from analysts are also circulated 
to the Board. By keeping open and 
transparent dialogue with shareholders 
the Directors can consider matters and 
have discussions with shareholders in a 
positive and constructive way. In 
recognition of the need to maintain 
open and transparent dialogue in order 
to better understand the needs and 
expectations of all shareholders, the 
Non-Executive Chairman and 
Independent Non-Executive Director 
are available to meet with shareholders 
if required. 
The Annual General Meeting (“AGM”) is 
the main forum for dialogue between 
the Board and the shareholders. All 
Directors aim to attend the AGM. The 
Non-Executive Chairman, Mutiu 
Sunmonu, leads the AGM and takes 
questions from the ﬂoor. The Chairs of 
the Audit and Risk, Remuneration, 
Nomination and Health and Safety 
Committees are on-hand to answer 
questions that may arise at the meeting. 
The 2021 AGM was held via 
teleconference due to Covid-19 travel 
restrictions on 30 September 2021. 
All Directors were in attendance with 
Committee Chairs available to answer 
any questions via email ahead of the 
meeting, regarding the activities of each 
of the Board Committees. At the AGM, 
all resolutions were passed. 
Notwithstanding the most recent AGM 
results, the Board is keen to ensure that 
the voting decisions of shareholders are 
reviewed and monitored, and where 
practicable the Company intends to 
continue to engage with shareholders 
who do not vote in favour of resolutions 
at AGMs. The Company’s annual report 
and notice of AGM will be sent to all 
shareholders and will be available for 
download from the Company’s website. 
The results of the AGM will be 
announced through a regulatory 
information service. All Directors receive 
regular industry and peer updates, to 
enable them to keep current on issues 
relevant to the Company and its 
shareholders. Contact details for 
investor relations are included on the 
Company’s website. 
Principle 3 – Take into 
account wider stakeholder 
and social responsibilities 
and their implications for 
long-term success 
The Company’s ability to achieve its 
long-term success is dependent on 
good relations across a wide range of 
stakeholders both internally (employees) 
and externally (partners, suppliers, 
Overview
Strategic report
Corporate governance
Financial Statements
Other information

18       SAN LEON  ANNUAL REPORT 2021
Corporate governance statement 
Continued
regulatory authorities, local governments 
and communities in which we operate). 
The Board will maintain an ongoing and 
collaborative dialogue with such 
stakeholders and take all feedback 
into consideration as part of the 
decision-making process and day-to-day 
running of the business. Furthermore, 
the Company’s local employees and 
management are able to communicate 
with stakeholder groups such as local 
and regional government officials, 
central government departments, 
community groups and local suppliers 
to keep them updated on project 
activities and plans. 
The Company’s employees are one of 
the most important stakeholder groups 
and the Board recognises the need for 
two-way communication with the 
workforce. The small size of the 
Company means that the Directors and 
senior managers are accessible to all 
employees to provide and receive 
feedback. Staff attend committee 
meetings as required enabling two-way 
communication. The Executive Directors 
hold regular executive team meetings of 
which key messages are then relayed to 
their respective teams. To retain our 
highly skilled workforce and keep their 
satisfaction high, the Company offers 
competitive remuneration, discretionary 
employee share option awards and 
health and critical illness cover. The 
Company seeks to ensure that all 
employees are treated fairly and with 
dignity. The Company has a 
zero-tolerance policy towards any form 
of discrimination or harassment. The 
Company recognises its responsibilities 
to the environment and community 
in the areas in which it operates. 
The Company places a high priority 
on operating to high standards of 
integrity and ethics. 
The Company recognises that its 
activities may have impact on the 
environment and therefore aims to 
minimise that impact by operating in a 
socially responsible manner, engaging 
with local, regional and national 
stakeholders where we are operator. 
Since the Company is not currently the 
operator of OML 18, it does not and 
will not directly control these matters 
on OML 18. 
The Company seeks to behave as a 
responsible employer and make positive 
contributions to the local economies in 
which it has an interest. Engagement 
with the local communities in which it 
operates and conducting social work has 
helped them understand what we are 
doing. Please refer to the Sustainability 
Section of the ESG report on page 39 
for details on the initiatives and local 
community engagement made by the 
Company directly. Further details of 
the Company’s commitment to 
environmental, social and governance 
matters are detailed in the “ESG” section 
of the Company’s website. 
The Board is aware of its duty to act 
in good faith in the interests of the 
Company and complies with the 
obligations under section 228 of the 
Companies Act 2014. All the Company’s 
stakeholders have access to contact 
information for communication with 
the Company. Any feedback will be 
respectfully acknowledged by the 
Company and appropriately dealt with. 
The Board believes that its investment in 
the wider stakeholder network will assist 
the Company’s management in achieving 
its long-term goals by creating an 
environment of trust and communication 
which will have positive implications for 
the long-term success of the Company. 
The Board believes holding the 
Company’s responsibilities in high regard 
to be a requirement for building its 
business and being considered an 
operator or partner of choice. 
Principle 4 – Embed effective 
risk management, considering 
both opportunities and 
threats, throughout the 
organisation 
The Board acknowledges its overall 
responsibility for ensuring that the 
Company has a robust framework of risk 
management and an appropriate 
system of internal control. However, any 
system can only provide reasonable, not 
absolute, assurance against material 
misstatement or loss and is designed to 
manage (but cannot eliminate) the risk of 
failure to achieve business objectives. 
A risk management policy and 
procedure has been adopted which 
provides a procedure for the 
management of the Company’s risk. As 
part of the risk management procedure, 
the Company has further developed its 
detailed risk register which identiﬁes 
business continuity risks, corporate 
governance risks, security risks, ﬁnancial 
risks, reputational risks and health, 
safety and environment protection risks. 
Reporting is required from each 
Executive Director and consists of 
quarterly reports assessing material 
changes within the risk proﬁles. 
The Chief Financial Officer is accountable 
for collating the risk reports and 
presenting them to the Audit and Risk 
Committee. The Audit and Risk 
Committee reports on its activities and 
make recommendations to the Board 
as appropriate – the details of which 
will be included in the annual report 
and accounts. 
Principle 5 – Maintain the 
Board as a well-functioning, 
balanced team led by 
the Chair 
The Board is responsible for setting 
the overall strategy of the business, 
reviewing management performance 
and ensuring the Company has sufficient 
ﬁnancial and human resources to meet 
its objectives. It directs the Company’s 
activities in an effective manner through 
regular Board meetings and monitors 
performance through timely and 
relevant reporting procedures. 
The Board is speciﬁcally responsible for: 
approval of budgetary and 
•
business plans; 

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      19
approval of signiﬁcant investments 
•
and capital expenditure; 
approval of annual and half-year 
•
results and interim management 
statements, accounting policies and 
the appointment and remuneration 
of the external auditors; 
approval of interim, and 
•
recommendation of ﬁnal, dividends 
and share buybacks; 
changes to the Group’s capital 
•
structure and the issue of any 
securities; 
agreeing the Group’s risk appetite, 
•
establishing and maintaining a system 
of internal control, governance and 
approval authorities; 
executive performance and 
•
succession planning; 
determining standards of ethics and 
•
policy in relation to health, safety, 
environment, social and community 
responsibilities; and 
disclosure to the market and 
•
shareholders. 
The Board comprises the Non-Executive 
Chairman, three Executive Directors 
and two Non-Executive Directors. 
The Chairman, Mutiu Sunmonu, is 
responsible for the leadership of the 
Board, ensuring its effectiveness and 
setting its agenda. He is not involved 
in the day-to-day operation of the 
Company. The Chairman is responsible 
for the Company’s approach to 
corporate governance and the 
application of the principles of the QCA 
Code. The Company’s Independent 
Directors are Mutiu Sunmonu and John 
Brown (appointed 7 May 2021) who are 
independent of management and any 
business or other relationships which 
would interfere with the exercise of 
their independent judgement. As 
recommended by the QCA Code, 
going forward, the independent 
Non-Executive Directors will not 
participate in performance-related 
remuneration schemes. In addition, the 
Company has agreed with Midwestern 
that it will seek to identify and appoint an 
additional independent Non-Executive 
Director in the 12 months following 
Re-Admission. 
The Chairman considers that the 
Company has a balanced and diverse 
Board with the requisite skills and 
market expertise to build a successful, 
sustainable Nigerian-focused oil and gas 
business. The Company recruited John 
Brown in May 2021 as an Independent 
Non-Executive Director and Chair of the 
Audit and Risk Committee. Accordingly, 
the Company is satisﬁed that the current 
Board is sufficiently resourced to 
effectively discharge its governance 
obligations on behalf of all its 
shareholders and other stakeholders 
in the Company. 
Leadership structure 
To ensure that the Directors can 
properly carry out their roles and to 
facilitate proper assessment of the 
matters requiring the Directors 
consideration, they are provided with 
relevant information and ﬁnancial details 
prior to all Board meetings. All Directors 
have access to the advice and services of 
Company advisors to allow them to 
ensure that the Board complies with 
applicable rules and procedures. The 
Board meets at least six times a year to 
discuss and decide the Company’s 
business and strategic decisions and 
additional Board calls are held as 
required. In addition, there is a high 
degree of contact between the Directors 
outside of Board meetings to ensure all 
Directors are aware of the Company’s 
business. If necessary, the 
Non-Executive Directors may take 
independent advice at the expense 
of the Company. 
Each Board member commits 
sufficient time to fulﬁl their duties and 
obligations to the Board and the 
Company. They attend Board meetings 
and join ad hoc Board calls and offer 
availability for consultation when 
needed. The contractual arrangements 
between the Directors and the 
Company specify the minimum time 
commitments which are considered 
sufficient for the proper discharge of 
their duties. Each Non-Executive 
Director is expected to attend not less 
than six board meetings in each 
calendar year as well as the Annual 
General Meeting and any Extraordinary 
General Meetings of the Company. 
However, in exceptional circumstances 
all Board members understand the 
need to commit additional time. 
The Executive Director roles are all 
full-time roles. 
Board meetings attendance in 2021 
                                              Maximum 
                                                 possible       Meetings  
                                            attendance       attended 
Mutiu Sunmonu                    11                 9 
Oisín Fanning                        11               11 
Joel Price                                11               11 
Julian Tedder 1                          –                 – 
Lisa Mitchell 2                         10               10 
Alan Campbell 3                       5                 5 
Adekolapo Ademola             11               11 
John Brown 4                            6                 6 
1    Appointed 1 December 2021. 
2    Resigned 29 October 2021. 
3    Resigned 7 May 2021. 
4    Appointed 7 May 2021. 
The Board Committees 
The Board has established ﬁve separate 
committees: Remuneration Committee, 
Audit and Risk Committee, Nomination 
Committee, Health and Safety 
Committee and the ESG Committee.
Overview
Strategic report
Corporate governance
Financial Statements
Other information
Chairman
CEO
SLE Board
Audit 
and Risk 
Committee
Remuneration 
Committee
Nomination 
Committee
Health and 
Safety 
Committee

20       SAN LEON  ANNUAL REPORT 2021
Corporate governance statement 
Continued
Remuneration Committee 
The Remuneration Committee consists 
of the Chairman, Mutiu Sunmonu, 
who chairs the committee and one 
Non-Executive Director, John Brown, 
who joined the committee following his 
appointment on 7 May 2021. The 
Remuneration Committee monitors 
the performance of the Company’s 
Executive Directors and makes 
recommendations to the Board on the 
remuneration packages for the 
executives. The remuneration and 
terms and conditions of appointment 
of the Non-Executive Directors are 
set by the Board as a whole. 
There were no Remuneration 
Committee meetings in 2021 as the 
previous chair of the Committee 
resigned in December 2020 and the 
Committee was not quorate until the 
appointment of John Brown in May 
2021. The Committee has already met 
in 2022 to discuss the remuneration 
policy of the Directors and an 
appropriate reward structure. 
Remuneration committee meetings 
and attendance in 2021 
                                                                    Number of  
                                             Number of       meetings 
                                                meetings       attended 
Mutiu Sunmonu (Chair)       Nil               Nil 
John Brown 1                          Nil               Nil 
1    Appointed 7 May 2021. 
Audit and Risk Committee 
The Audit and Risk Committee consists 
of the Chairman, Mutiu Sunmonu, 
and John Brown, Independent 
Non-Executive Director who is Chair 
of the Audit and Risk Committee 
(appointed to the committee on 
7 May 2021). From 7 December 2020 
to 6 May 2021 Mr Sunmonu assumed 
the Chair role until the appointment 
of Mr Brown. 
The duties of the Audit and Risk 
Committee include the review of the 
accounting principles, policies and 
practices adopted in preparing the 
ﬁnancial statements, internal control 
and risk management processes and 
the review of the Company’s ﬁnancial 
results. The Audit and Risk Committee 
considers the need for an internal audit 
function, reviews the risk management 
policies and procedures and is 
responsible for ensuring that adequate 
insurance cover is in place for 
identiﬁable risks. During 2020 the Audit 
and Risk Committee considered the 
need for internal audit and based on the 
size and scale of the Group’s activities, 
combined with curtailment of activities 
due to Covid-19, decided that the 
outsourced internal audit reviews be put 
on hold. However, following the further 
investments in ELI and the proposed 
Decklar investment, the Committee 
recommended that the internal audit 
plan for 2020 should be rescheduled 
for 2021, and an external ﬁrm was 
re-engaged and carried out three 
reviews during 2021. 
The Audit and Risk Committee also 
considers how to maintain an appropriate 
relationship with the Company’s auditors. 
The Audit and Risk Committee approves 
any fees in respect of non-audit services 
provided by external auditors to 
safeguard the external auditor’s 
independence and objectivity. 
Key focus areas in 2021 
Review of the 2020 Annual Report and 
•
of the signiﬁcant risks which included 
the valuation of the Midwestern Leon 
Petroleum Limited loan notes and 
equity interest, accounting for the loan 
notes and equity interest acquired in 
Energy Link Infrastructure (Malta) 
Limited during 2020, valuation of the 
4.5% net proﬁt interest on the 
Barryroe oil ﬁeld and the going 
concern assessment; 
Review of the six months ended 
•
30 June 2021 interim results 
announcement and of the signiﬁcant 
risks (see above); and 
Review of the risk register and 
•
mitigating actions proposed by 
management. 
Audit committee meetings and 
attendance in 2021 
                                              Maximum    Number of  
                                                 possible       meetings 
                                            attendance       attended 
Mutiu Sunmonu 1                    4                 4 
John Brown (Chair) 2                4                 4 
1    Assumed Chair role from 7 December 2020 
to 6 May 2021. 
2    Appointed 7 May 2021. 
Nomination Committee 
The Nomination Committee consists 
of the Chair, Mutiu Sunmonu, who 
chairs the committee, John Brown 
(appointed to the committee on 
7 May 2021), Adekolapo Ademola 
(appointed to the committee on 
25 May 2021) and the Chief Executive 
Officer, Oisín Fanning. The Nomination 
Committee is responsible for 
reviewing the structure, size and 
composition of the Board and making 
recommendations to the Board 
regarding any changes required. 
It is responsible for locating 
appropriate senior candidates and 
conducting initial interviews and 
submitting recommendations on 
any appointment to the Board. 
There were three meetings held 
during the year where the committee 
led the process for new Board 
appointments and making 
recommendations to the Board. 
The Board accepts that it is unusual for 
the Company’s Chief Executive Officer 
to be part of this Committee. However, 
Mr Fanning has almost 30 years’ 
experience in structured ﬁnance, 
stockbroking and corporate ﬁnance, 
with 12 years specialising in the oil and 
gas industry and as such has many 
useful and relevant contacts. He 
recognises the importance of ﬁnding 
and developing talented people to 
help the Company achieve its 
objectives and without his direct 
input, the Committee would be 
denied his relevant opinion on 
suitable candidates to join the Board. 

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      21
Key focus areas in 2021 
Appointing a search ﬁrm and 
•
conducting interviews for an additional 
Non-Executive Director and Chair of 
the Audit Committee following 
resignations in 2020 and making 
appropriate recommendations to 
the Board; 
Appointing a search ﬁrm and 
•
conducting interviews for a new 
Chief Financial Officer (“CFO”) 
following the resignation of Lisa 
Mitchell during the year; and 
Ensuring that appropriate succession 
•
planning is in place for senior 
management. 
Nomination committee meetings 
and attendance in 2021 
                                              Maximum    Number of  
                                                 possible       meetings 
                                            attendance       attended 
Mutiu Sunmonu (Chair)         3                 3 
Oisiń Fanning                           3                 3 
Adekolapo Ademola 1             1                 1 
John Brown 2                            1                 1 
1    Appointed to the Nomination Committee 
      on 25 May 2021. 
2    Appointed 7 May 2021. 
Health and Safety Committee 
The Health and Safety Committee 
consists of the Chairman, Mutiu 
Sunmonu and the Chief Operating 
Officer, Joel Price. The Health and Safety 
Committee is responsible for evaluating 
risks in Company operations including 
property, personnel, security and 
environmental risks and ensuring that 
appropriate procedures are in place 
for mitigating risk. 
Environment, Social and Governance 
(“ESG”) is an area of increasing 
importance. This is an area in which 
San Leon is committed to meeting 
high standards of ESG practices 
across all aspects of the business. 
The Company is committed to the 
countries in which it operates and is 
dedicated to promoting sustainable 
growth as well as providing support 
to local communities in Nigeria. 
The ESG Committee did not meet in 
2021 due to the changes to the Board 
composition during the year, but will 
meet in 2022 on at least two occasions 
to develop the Committee’s Terms of 
Reference and fully establish the 
Group’s ESG strategy and targets for 
the years to come. 
Key focus areas in 2021 
Review and approve new Terms of 
•
Reference for the Health and Safety 
Committee; and 
Reviewed the Company’s ongoing 
•
response to the Covid-19 pandemic 
and ensured that the health of safety 
of the Group’s employees and 
consultants was appropriate. 
Health and Safety committee 
meetings and attendance in 2021 
                                                                    Number of  
                                             Number of       meetings 
                                                meetings       attended 
Mutiu Sunmonu (Chair)         1                 1 
Joel Price                                   1                 1 
Departures from the QCA Code 
Non-Executive Directors’ 
participation in Option Schemes 
The Company has previously 
encouraged Non-Executive Directors to 
participate in the Company’s option 
schemes as the Board believed that 
independence is a matter of 
independence of mind, judgement and 
integrity and that Mutiu Sunmonu, John 
Brown and Adekolapo Ademola are 
independent of management. This was 
reviewed by the Board at the start of 
2022 and going forward Non-Executive 
Directors are no longer eligible to be 
awarded options under the new 
scheme. The options held by 
Non-Executive Directors already in 
existence will remain in place and 
can be exercised or will lapse in 
accordance with their terms and the 
scheme rules. The Company is now 
compliant with the QCA code in 
this respect.
Principle 6 – Ensure that 
between them the Directors 
have the necessary 
up-to-date experience, 
skills and capabilities 
The Board members bring extensive 
and diverse experience 
encompassing operational, ﬁnancial, 
African, European, AIM and regulatory, 
commercial expertise and large and 
developing company experience. 
Further details of the skills and 
experience of the Directors are 
summarised in their biographies 
set out earlier in this Annual Report 
on page 14 and 15. 
The Chairman believes that the 
Board should always have a suitable 
mix of skills and competencies 
covering all essential disciplines 
bringing a balanced and diverse 
perspective that is beneﬁcial both 
operationally and strategically. 
The Directors consider that the 
Board is not dominated by one 
individual and all Directors have 
the ability to challenge proposals 
put forward to the meeting, 
democratically. While the Board has 
not yet adopted any formal policy 
on gender balance, ethnicity or age 
group, it is committed to fair and equal 
opportunity and fostering diversity 
subject to ensuring appointees are 
appropriately qualiﬁed and 
experienced for their roles. 
The Executive Directors bring 
signiﬁcant listed company, oil and gas 
operations and ﬁnancial, commercial 
and transactions experience. The 
Non-Executive Directors bring 
signiﬁcant African oil and gas, investor, 
AIM and main board and ﬁnancial 
expertise to the Board. 
The nature of the Company’s business 
requires the Directors to keep their 
skillset up to date. The Directors are 
kept informed on relevant regulatory 
compliance and statutory matters 
Overview
Strategic report
Corporate governance
Financial Statements
Other information

22       SAN LEON  ANNUAL REPORT 2021
Corporate governance statement 
Continued
through brieﬁngs by external advisers 
and all Executive and Non-Executive 
Directors have access to the 
Company’s external advisers. The 
Company retains the services of 
independent advisors including 
ﬁnancial, legal, and investor relations 
advisers that are available to the 
Board and who provide support and 
guidance to the Board and 
complement the Company’s internal 
expertise. The Directors have also 
received a brieﬁng from the Company’s 
Nominated Adviser in respect of 
continued compliance with, inter alia, 
the AIM Rules and the Company’s 
solicitors in respect of continued 
compliance with, inter alia, the Market 
Abuse Regulation (“MAR”). 
The Company Secretary and advisors 
assist the Chair in preparing for board 
meetings including dissemination of 
appropriate information. 
The Directors receive regular brieﬁng 
papers on the operational and ﬁnancial 
performance of the Company from the 
executive and senior management. 
All Company Non-Executive Directors 
also hold Director (Non-Executive or 
Executive) roles in other companies, 
helping to ensure broad and current 
experience. Further training is available 
at the Company’s expense.
Principle 7 – Evaluate Board 
performance based on clear 
and relevant objectives, 
seeking continuous 
improvement 
The Board considers that during the 
majority of 2021 the combination of 
Non-Executive and Executive Directors 
was of sufficient competence and 
experience to support the strategy and 
development of the Company. In 2021, 
the Company recruited John Brown, as 
an Independent Non-Executive Director 
to Chair the Audit and Risk Committee in 
order to further strengthen and replace 
resignations during the previous year. 
The Chairman and Nomination 
Committee will continue to review and 
monitor the strength and objectivity of 
the Board and seek improvement. 
Please see the Nomination committee 
report on page 30 of the 2021 Annual 
Report for activities performed during 
the year. 
Succession planning 
Succession planning is currently 
undertaken on an informal basis by the 
CEO in consultation with the Nomination 
Committee and the Board. The Board is 
satisﬁed that this is appropriate for this 
stage in the Company’s development 
and will continue to review its 
succession planning. 
Formal evaluation of Board 
and Directors 
There was no formal evaluation process 
performed during 2021. The Board 
intends to carry out a formal evaluation 
of Board performance during 2022. 
The Board has continued to focus on 
strategic imperatives including the 
fostering of best practice in all areas of 
governance and ensuring that the 
Executive team and Non-Executive 
Directors closely collaborate on the 
development of strategy and ensuring its 
execution. The Board continues to review 
and strives to enhance all areas of 
governance. The Board continues with its 
commitment in attaining compliance with 
the QCA code. The Board considers that 
the corporate governance policies it has 
currently in place for Board performance 
reviews is commensurate with the size 
and development stage of the Company. 
Principle 8 – Promote a 
corporate culture that is 
based on ethical values 
and behaviours 
The Company’s ethics 
The Company is committed to upholding 
high ethical standards and principles, 
both in letter and in spirit, throughout all 
of our operations. The Company aspires 
to, and encourages its staff to, operate in 
a socially responsible manner, acting 
professionally at all times. 
The Company is committed to a strong 
ethical and values-driven culture 
encompassing high standards of quality, 
honesty, openness and accountability, 
and understands that any issues counter 
to this culture could have an extremely 
negative impact on the business. The 
Company, its management, employees, 
contractors and partners have the 
responsibility of applying the highest 
standard of ethical business practices in 
all their relationships with shareholders, 
suppliers, and the general public. Further 
details in this regard are outlined in the 
Company’s website. 
Summary background and diversity of the Board 
                                                                                            Background                                         Diversity 
                                                                          Oil & gas/        Finance/                                                      Non-UK/ 
Directors                                                               energy  commercial         Investor          Female               Irish 
Mutiu Sunmonu                                            3                3                3                 –                3 
Oisín Fanning                                                3                3                3                 –                 – 
Joel Price                                                        3                3                 –                 –                 – 
Julien Tedder 1                                               3                3                3                 –                 – 
Lisa Mitchell 2                                                 3                3                3                3                3 
Alan Campbell 3                                             3                3                 –                 –                 – 
Adekolapo Ademola                                     3                3                3                 –                3 
John Brown 4                                                  3                3                3                 –                 – 
1   Appointed 1 December 2021. 
2   Resigned 29 October 2021. 
3   Resigned 7 May 2021. 
4   Appointed 7 May 2021.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      23
Creating a fair and inclusive culture 
The Company promotes an inclusive, 
transparent and respectful culture. 
The Company believes that its people 
are its greatest asset. Led by the values 
of responsibility, excellence and 
continuous improvement, integrity and 
trustworthiness, cooperation and 
engagement, empathy and fairness 
they apply their skills and expertise 
every day to ensure the Company 
operates both responsibly and 
successfully. A culture based upon 
sound ethical values and behaviours is 
an asset and source of competitive 
advantage. Key to this is recruiting and 
retaining key senior personnel. 
The Company is an equal opportunity 
employer and seeks to hire, endorse 
and retain highly skilled people based on 
merit, competence, performance, and 
business needs. The Company is 
committed to employment policies 
which follow best practice, based on 
equal opportunities for all employees, 
irrespective of ethnic origin, religion, 
political opinion, gender, marital status, 
disability, age or sexual orientation. 
The Company communicates its 
corporate culture through staff 
presentations and inductions. To 
embody and promote sound ethical 
principles, the Board has endorsed the 
following key policies: 
Share-dealing Code; 
•
Health and Safety and 
•
Environmental Policy; 
Whistle Blowing Policy; and 
•
Anti-Bribery and Corruption Policy. 
•
Share-dealing Code 
The Company has adopted a 
share-dealing code for Directors and 
employees of the Company to ensure 
compliance with the provisions of the 
AIM Rules for Companies (including 
relating to the restrictions on dealings 
during closed periods in accordance 
with MAR and with Rule 21 of the AIM 
Rules for Companies). The Directors 
consider that this share dealing code is 
appropriate for a company whose 
shares are admitted to trading on AIM. 
The Company takes all reasonable steps 
to ensure compliance with the 
share-dealing code by the Directors and 
applicable employees with the terms of 
the share-dealing code and the relevant 
provisions of the AIM Rules for 
Companies (including Rule 21). 
Health and Safety and 
Environmental Policy 
The Company’s objectives include 
observing the highest level of health and 
safety standards, developing our staff to 
their highest potential and being a good 
corporate citizen in our chosen 
countries of operations. 
The Company is committed to providing 
a safe working environment for its 
employees and anyone doing work on 
the Company’s behalf. The Health and 
Safety Committee reviews and makes 
recommendations concerning risk, 
health and safety issues. The HS&E 
performance indicators and the safety of 
its employees are principal elements of 
its business and are fundamental to the 
Company’s culture and engagement with 
its stakeholders. HS&E is covered at 
Board meetings during discussion on 
operations. Please refer to the HS&E 
committee report on page 31 for a list of 
activities performed during the year. 
Whistleblowing Policy 
The Company has a Whistleblowing 
Policy in place to assist employees, 
suppliers, contractors and others with 
the reporting of any malpractice or 
illegal act or omission by others. The 
policy is reviewed at least once every 
year or more often if necessary and is 
communicated to all employees. It was 
last reviewed in February 2022 as part 
of the Audit and Risk Committee 
responsibilities. 
Anti-Bribery and Corruption Policy 
The Company’s Anti-Bribery and 
Corruption Policy (“ABC”) formalises the 
Company’s zero-tolerance approach to 
bribery and corruption. The Company 
expects all employees, suppliers, 
contractors and consultants to conduct 
their day-to-day business activities in a 
fair, honest and ethical manner, and to be 
aware of and refer to the Anti-Bribery & 
Corruption Policy in all of their business 
activities worldwide and to conduct all 
business in compliance with it. The 
Company seeks to enforce effective 
systems to counter bribery, such as 
secondary authorisations for payments. 
The Policy was last reviewed with any 
updates approved by the Board in 
March 2022 as preparation for the 
proposed Midwestern transaction. 
Principle 9 – Maintain 
governance structures and 
processes that are ﬁt for 
purpose and support good 
decision-making by the Board 
The Board of Directors recognises the 
importance of applying the highest 
standards of corporate governance to 
enable effective and efficient decision 
making, and to give a structural aid for 
Directors to discharge their duty to 
promote the success of the company for 
the beneﬁt of its shareholders. 
The Board reserves for itself a range of 
key decisions to ensure that it retains 
proper direction and control of the 
Company whilst delegating authority to 
individual Directors who are responsible 
for the day-to-day management of the 
business. The Board retains ultimate 
accountability for good governance and 
is responsible for monitoring the 
activities of the executive team. 
The following matters are reserved for 
the Board: 
all matters which exceed the authority 
•
delegated to the Group executives; 
mergers and acquisitions transactions; 
•
strategy, budgets and business plans; 
•
audit, ﬁnancial and other reporting 
•
Overview
Strategic report
Corporate governance
Financial Statements
Other information

24       SAN LEON  ANNUAL REPORT 2021
Corporate governance statement 
Continued
and controls; 
structure and capital; 
•
internal controls and governance; 
•
contracts; 
•
communications; 
•
Board, Board committees, 
•
management, officers and advisers; 
management development, 
•
remuneration and employee 
beneﬁts; and 
delegation of authority. 
•
The Company conducts a review of the 
Company’s governance framework each 
year and takes into account internal and 
external audit recommendations. The 
appropriateness of the Company’s 
governance structures will continue to 
be reviewed in light of further 
developments of accepted best practice 
and the development of the Company. 
(Refer to the Audit and Risk Committee 
report for a description of the 
committee and the 2021 reviews 
on page 25 of this report). 
Principle 10 – Communicate 
how the company is governed 
and is performing by 
maintaining a dialogue with 
shareholders and other 
relevant stakeholders 
San Leon Energy is committed to open 
communication with all its stakeholders. 
The Company believes it is important to 
explain business development and 
ﬁnancial results to its stakeholders and 
to ensure that suitable arrangements 
are in place so that the issues and 
concerns of major stakeholders are 
heard and understood.
The Board has been supported by an 
Audit and Risk Committee, 
Remuneration Committee, Nomination 
Committee and Health and Safety 
Committee (an ESG Committee was 
formally constituted in December 2020); 
details of their activities during 2021 can 
be found in each of their reports on 
pages 25 to 31 of this report. 
The Company communicates with all 
stakeholders through its website, 
Regulatory News Service (“RNS”) 
announcements, Annual Report and 
Accounts, half yearly announcements, 
AGMs and private meetings. 
Copies of the Annual Report and Financial 
Statements are issued to all shareholders 
who have requested them and copies are 
available on the Group’s investor website 
www.sanleonenergy.com. The Group’s 
interim results are also made available on 
the Company’s website. The Group 
makes full use of its investor website to 
provide information to shareholders and 
other interested parties. 
The Chief Executive Officer and other 
Executive Directors are responsible for 
communicating with major shareholders 
and other shareholders who wish to be 
part of a dialogue. The Board is briefed 
by the CEO regarding these discussions 
at each board meeting as required. 
Feedback by way of market updates, 
brokerage and communication reports, 
analyst and proxy agents is presented 
on an ad hoc basis as received. 
The Chairs of the Audit and Risk, 
Remuneration, Nomination, and Health 
and Safety Committees are also available 
to answer questions at the AGM. 
The Board discloses the result of general 
meetings by way of announcement and 
discloses the proxy voting numbers to 
those by disclosing them on the 
Company’s website. In the event that a 
signiﬁcant portion of voters have voted 
against a resolution, an explanation of 
what actions it intends to take to 
understand the reasons behind the 
vote will be included. 
The Company’s website is in compliance 
with the AIM Rules and will be updated 
on a regular basis with information 
regarding the Company’s activities and 
performance, including ﬁnancial 
information. 
Signed on behalf of the Board by: 
 
 
Mutiu Sunmonu 
Non-Executive Chairman 
8 July 2022

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      25
Overview
Strategic report
Corporate governance
Financial Statements
Other information
Audit and Risk Committee report
The Audit Committee comprises two 
members, both of whom are 
Independent Non-Executive Directors 
including the Chair, John Brown who was 
appointed on 7 May 2021 to replace 
Linda Beal, and Mutiu Sunmonu who 
are considered by the Board to have 
recent and relevant ﬁnancial experience. 
The Audit and Risk Committee meets 
formally at least four times a year and 
otherwise as required and also meets 
with the Company’s external auditors 
at least twice a year. 
Roles and responsibilities 
The main roles and responsibilities of 
the Audit and Risk Committee are to: 
monitor the integrity of the ﬁnancial 
•
statements, including review of the 
accounting policies, key judgements 
and estimates adopted in preparing 
the ﬁnancial statements, and any 
formal announcements relating to 
ﬁnancial performance; 
review and monitor the Company’s 
•
ﬁnancial reporting, internal control and 
risk management systems to ensure 
that effective risk management and 
ﬁnancial control frameworks have 
been implemented; 
make recommendations to the 
•
Board in relation to the appointment, 
reappointment or removal of the 
external auditor and approve 
engagement terms and fees of 
the auditor; 
review and monitor the scope of the 
•
annual external audit; 
review and monitor the independence 
•
of the external auditor; and 
consider the need for an internal 
•
auditor. 
Internal control and 
risk management 
San Leon has established terms of 
reference for the Audit and Risk 
Committee. This includes overview of 
the identiﬁcation, categorisation and 
prioritisation of critical risks within the 
business and allocation of responsibility 
to its executives and senior managers. 
The objectives of this risk management 
policy are to: 
provide a structured risk management 
•
framework that will provide senior 
management and the Board with 
comfort that the risks confronting the 
organisation are identiﬁed and 
managed effectively; 
create an integrated risk management 
•
process owned and managed by the 
Group’s personnel that is both 
continuous and effective; 
ensure that the management of risk is 
•
integrated into the development of 
strategic and business plans, and the 
achievement of the Group’s vision 
and values; and 
ensure that the Board is regularly 
•
updated with reports by the Committee. 
The Board also acknowledges its overall 
responsibility for ensuring that the 
Company has a system of internal 
control in place that is appropriate. This 
includes ensuring the implementation of 
policies and procedures that address 
risk identiﬁcation and control, training 
and reporting. 
Management is responsible for efficient 
and effective risk management across 
the activities of the Group. 
The Audit and Risk Committee reviews 
the effectiveness of the implementation 
of the risk management system and 
internal control system annually. When 
reviewing risk management policies and 
the internal control system the Board 
takes into account the Company’s legal 
obligations and also considers the 
reasonable expectations of the 
Company’s stakeholders. 
The key policies and procedures are: 
preparation of annual budgets for 
•
approval by the Board; 
ongoing review of expenditure and 
•
cash ﬂow versus approved budget; 
establishment of appropriate cash ﬂow 
•
management and treasury policies for 
the management of liquidity, currency 
and credit risk on ﬁnancial assets and 
liabilities, along with delegations of 
authority and bank mandates; 
regular management, committee, and 
•
Board meetings, to review operating 
and ﬁnancial activities; 
provide input in the recruitment of 
•
appropriately qualiﬁed and 
experienced staff to key ﬁnancial 
and management positions; 
preparation of the annual report, 
•
related ﬁnancial statements and 
annual audit thereof; and 
a risk management policy and 
•
procedure which incorporates a risk 
register to assist with the identiﬁcation 
and management of risk. 
The principal areas of risk for the 
Company are set out in the Directors’ 
report on page 32. 
The Audit and Risk Committee also 
ensures that appropriate procedures, 
resources and controls are in place to 
comply with the AIM rules and monitors 
compliance thereof. The Company has 
adopted a model code for Directors’ 
share dealings which is appropriate for 
an AIM listed company. The Directors 
comply with Rule 21 of the AIM Rules 
relating to Directors’ dealings and take all 
reasonable steps to ensure compliance 
by the Company’s applicable employees. 
There are also anti-bribery and 
corruption, whistleblowing, and 
environmental policies, as well as an 
annual review of compliance with the 
Irish Companies Act 2014. 
In order to ensure the independence 
and objectivity of the external auditor, 
the Audit and Risk Committee reviews 
the provision of non-audit services by its 
external auditor to ensure that such 
services do not impair the independence 
or objectivity of the external auditor. 
Activities of the 
Audit Committee 
The internal audit role was reviewed 
again in November 2020 and it was 
considered appropriate to restart the 
 “The Audit and Risk Committee was focused on 
maintaining strong standards of governance and 
risk management during the year.”

programme during 2021. The internal 
audit role reports into the Audit and 
Risk Committee and the main processes 
of control reviewed during 2021 were 
as follows: 
Review of Procurement to Pay 
•
processes; 
Payroll controls review; and 
•
Treasury controls review. 
•
The Audit and Risk Committee reviewed 
the Corporate Risk Register at its 
meeting on 17 May 2021. 
2021 ﬁnancial statements 
The Audit and Risk Committee reviewed 
the 2021 interim ﬁnancial statements. 
The Audit and Risk Committee reviewed 
the planning of the 2021 audit and the 
annual report. With regard to the 
Group’s ﬁnancial statements, the Audit 
and Risk Committee considered: 
the appropriateness of the Group’s 
•
key accounting policies; 
the clarity and acceptability of 
•
accounting policies and practices; 
the clarity of the disclosures and 
•
compliance with ﬁnancial reporting 
standards and relevant ﬁnancial and 
governance reporting requirements; 
material areas in which signiﬁcant 
•
judgements have been applied or 
there has been discussion with the 
external auditor; and 
whether the Annual Report and 
•
ﬁnancial statements taken as a 
whole present a fair, balanced and 
understandable body of information 
that provides the data necessary for 
shareholders to assess the 
Company’s performance, business 
model and strategy. 
The Audit and Risk Committee 
received and considered memoranda 
from management regarding these 
matters and discussed these with the 
external auditor. 
The Audit and Risk Committee 
determined that the key risks of 
misstatement of the Group’s ﬁnancial 
statements related to the carrying value 
of the Loan Notes and equity interest 
for both MLPL and ELI and the Net 
Proﬁt Interest (“NPI”) on the Barryroe oil 
ﬁeld and going concern. These matters 
were discussed with management 
during the year when the Committee 
considered the interim ﬁnancial 
statements and in 2022 when the 
Committee reviewed the 2021 Annual 
Report and Financial Statements. 
Valuation of MLPL Loan Notes 
and equity interest 
At 31 December 2021 there was 
US$99.3 million* at par value (US$96.5 
million under IFRS) outstanding (before 
interest) on the MLPL Loan Notes. 
The value of the equity interest in 
MLPL at 31 December 2021 was 
US$58.6 million. The Audit Committee 
considered the waiver granted to MLPL 
on repayment of the loan notes pending 
the completion of the Midwestern 
transaction and the ability of the 
underlying parties and assets to meet 
the obligation to the Company and the 
value of the equity interest both in the 
light of the performance to date and 
expected future performance. This is 
explained in detail in Note 13 and 15 
of the ﬁnancial statements. 
Valuation of ELI Loan Notes 
and equity interest 
At 31 December 2021 there was 
US$18.0 million* at par value (US$17.8 
million under IFRS) outstanding (before 
interest) on the ELI Loan Notes. The 
value of the equity interest in ELI at 
31 December 2021 was US$Nil. The 
Audit Committee considered the ability 
of the underlying parties and assets to 
meet the obligation to the Company and 
the value of the equity interest both in 
the light of the performance to date and 
expected future performance. This is 
explained in detail in Note 13 and 15 of 
the ﬁnancial statements. 
Valuation of 4.5% NPI on the 
Barryroe oil ﬁeld 
The carrying value of the 4.5% NPI on 
the Barryroe oil ﬁeld at 31 December 
2021 was decreased to US$4.3 million. 
The Company adopted the 
market-based valuation approach for 
this investment as it considered it a 
reasonable and appropriate method to 
determine carrying value. The Audit 
Committee noted the announcement 
post balance date that Providence 
Resources Ltd has raised US$1.8 million 
to address the near-term working capital 
requirements as well as to pursue its 
Lease Undertaking application for 
Barryroe and progress preparation for 
an appraisal well in 2023. 
Going concern 
The Audit Committee reviewed the 
detailed cash ﬂow forecast for the Group 
and the Company for the period from 
1 July 2022 to 31 December 2023 and 
the principal assumptions underlying the 
cash ﬂow forecast. This included a review 
of the impact of the proposed 
Midwestern transaction as well various 
scenarios should the potential 
transaction not complete (see Note 1 to 
the Financial Statements). The Audit 
Committee considered all the likely 
scenarios and concluded that there 
exists a material uncertainty that the 
Group and Company will have adequate 
resources for the next 12 months. 
Nevertheless, despite the material 
uncertainty the Audit Committee 
concluded that there is a reasonable 
expectation that there will be adequate 
resources and it was therefore 
appropriate to recommend adoption 
of going concern as the basis of 
preparation of the ﬁnancial statements. 
Signed on behalf of the Audit and Risk 
Committee by: 
 
John Brown 
Audit and Risk Committee 
8 July 2021
26       SAN LEON  ANNUAL REPORT 2021
* Refer to Alternate Performance Measures on page 133 for full reconciliation of IFRS numbers and 
Alternative Performance Measures.
Audit and Risk Committee report 
Continued

 “The Remuneration Committee seeks to attract and 
retain individuals of the highest calibre to deliver the 
growth strategy of the Group.”
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      27
Overview
Strategic report
Corporate governance
Financial Statements
Other information
Remuneration Committee report
The Group’s policy on senior executive 
remuneration is designed to attract and 
retain individuals of the highest calibre 
who bring relevant experience and 
independent views to the development 
of policy, strategic decisions and 
governance of the Group. 
Roles and Responsibilities 
Determine and agree with the Board 
•
the policy for the remuneration of the 
Chairman, the Executive Directors, 
the Company Secretary and such 
other members of the executive 
management as it is required by the 
Board to consider; 
Review and approve long and 
•
short-term incentive plans and 
payments including but not limited to 
share incentive plans, option plans, 
performance targets, bonuses, goals 
and remuneration package 
recommendations from the CEO in 
respect of Executive Directors; 
Review and approve long and 
•
short-term incentive plans for the 
Company; and 
Consider any matters as may be 
•
requested by the Board. 
In determining remuneration levels, 
the Remuneration Committee takes 
into consideration the practices of other 
companies of similar scope and size. 
A key philosophy is that staff should 
be properly rewarded and motivated 
to perform in the best interests of 
the shareholders.
Director emoluments and pension contributions, excluding share option arrangements, during the year ended 
31 December 2021 were as follows: 
                                                                                                  Salary &                                                                                       Fees &                                                         2021 
                                                                                         emoluments                      Bonus                   Pension                   services                  Beneﬁts                       Total 
                                                                                                 US$’000                  US$’000                  US$’000                  US$’000                  US$’000                  US$’000 
Mutiu Sunmonu 1                                                            –                         –                         –                    164                         –                    164 
Oisín Fanning                                                          1,306                    373                    249                       68                       31                 2,027 
Joel Price                                                                     481                    117                       36                       68                         9                    711 
Julian Tedder 2                                                               39                         –                         3                         6                         –                       48 
Lisa Mitchell 3                                                              420                         –                       32                       57                         8                    517 
Alan Campbell 4                                                          167                         –                       11                       24                         2                    204 
Adekolapo Ademola                                                       –                         –                         –                       68                         –                       68 
John Brown 5                                                                    –                         –                         –                       45                         –                       45 
                                                                                  2,413                    490                    331                    500                       50                 3,784 
1
The Group has a consultancy agreement with Mutiu Sunmonu and Greenbay Energy Resources Limited and Mutiu Sunmonu and 
Caledonian Properties Nigeria Limited. Please see Note 29 for further details. 
2
Appointed 1 December 2021. 
3
Resigned 29 October 2021. 
4
Resigned as Director on 7 May 2021. 
5
Appointed 7 May 2021.

28       SAN LEON  ANNUAL REPORT 2021
Remuneration Committee report 
Continued
Director emoluments and pension contributions, excluding share option arrangements, during the year ended 
31 December 2020 were as follows: 
                                                                                                  Salary &                                                                                       Fees &                                                         2020 
                                                                                         emoluments                      Bonus                   Pension                   services                  Beneﬁts                        Total 
                                                                                                 US$’000                  US$’000                  US$’000                  US$’000                  US$’000                  US$’000 
Mutiu Sunmonu 1                                                            –                         –                         –                    163                         –                    163 
Oisín Fanning                                                          1,334                    593                         –                       68                       26                 2,021 
Joel Price                                                                     448                    193                       33                       68                         8                    750 
Lisa Mitchell                                                                448                    193                       33                       68                         7                    749 
Alan Campbell 2                                                          448                    193                       33                       68                         3                    745 
Mark Phillips 3                                                                  –                         –                         –                       33                         –                       33 
Linda Beal 4                                                                      –                         –                         –                       63                         –                       63 
Bill Higgs 5                                                                         –                         –                         –                       26                         –                       26 
Adekolapo Ademola 6                                                     –                         –                         –                       50                         –                       50 
                                                                                  2,678                 1,172                       99                    607                       44                 4,600 
1
The Group has a consultancy agreement with Mutiu Sunmonu and Greenbay Energy Resources Limited and Mutiu Sunmonu and 
Caledonian Properties Nigeria Limited. Please see Note 29 for further details. 
2
Resigned as Director on 7 May 2021. 
3
Resigned 29 June 2020. 
4
Resigned 7 December 2020. 
5
Resigned 18 May 2020. 
6
Appointed 7 April 2020. 
In addition to the emoluments above, in accordance with IFRS 2 share-based payments, a cost of US$Nil (2020: US$418,048) has 
been recognised in respect of share options granted to Directors. A total of US$Nil (2020: US$Nil) was recognised in respect 
of Directors options modiﬁed in the year. See Note 25 for further details of share options. 
Directors’ interests 
The Directors and Company Secretary who held office at 31 December 2021, except where indicated, had no interests other than 
those shown below in the Ordinary Shares of the Company. All interests are beneﬁcially held by the Directors. 
                                                                                                                                                                                                        Number of Ordinary Shares 
Director                                                                                                                                                                              07/07/22                    31/12/21                    01/01/21 
Oisín Fanning                                                                                                                               9,495,864            9,495,864            9,495,864

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      29
Share options 
Details of share options granted to the Directors are as follows: 
                                                                             Options at                                                                                          Options at  
                                                                               01/01/21         Granted in year          Lapsed in year                    31/12/21            Exercise price                 Expiry date 
Mutiu Sunmonu                                1,000,000                            –                            –            1,000,000                    £0.45              20/09/23 
Oisín Fanning                                     1,500,000                            –                            –            1,500,000                    £0.45              20/09/23 
Joel Price                                             2,000,000                            –                            –            2,000,000                    £0.45              30/09/22 
                                                             1,500,000                            –                            –            1,500,000                    £0.45              20/09/23 
Alan Campbell 1                                  2,000,000                            –                            –            2,000,000                    £0.45              30/09/22 
                                                             1,500,000                            –                            –            1,500,000                    £0.45              20/09/23 
Lisa Mitchell 2                                      1,000,000                            –           (1,000,000)                           –                    £0.45              22/03/28 
Adekolapo Ademola 3                        1,000,000                            –                            –            1,000,000                    £0.45              22/03/28 
1
Resigned on 7 May 2021. 
2
Resigned on 29 October 2021. 
3
On his appointment on 7 April 2020, the Board approved the grant of 1,000,000 of share options at a strike price of £0.45, however as the 
Company was in a close period at the date of award these options were not formally awarded at the time. The fair value of these options has been 
calculated at US$344,332. The options have since been awarded on 23 March 2021. 
Transactions involving Directors 
Contracts and arrangements of signiﬁcance during the year in which Directors of the Company were interested are disclosed in 
Note 29 to the ﬁnancial statements. 
Signed on behalf of the Remuneration Committee by: 
 
 
Mutiu Sunmonu 
Remuneration Committee Chair 
8 July 2022
Overview
Strategic report
Corporate governance
Financial Statements
Other information

 “For the Group to deliver its strategy it needs a leadership 
team with the requisite skills and experience.”
30       SAN LEON  ANNUAL REPORT 2021
Nomination Committee report
The Committee held three meetings in 
2021. Membership during the year 
comprised of the Chairman Mutiu 
Sunmonu, Adekolapo Ademola 
(appointed to the Nomination 
Committee on 25 May 2021), the Chief 
Executive Officer Oisín Fanning and John 
Brown (appointed on 7 May 2021). 
Role and Responsibilities 
Review the structure, size and 
•
composition of the Board and 
recommend any changes to the Board; 
Carry out succession planning for the 
•
Board and other senior executives; 
Be responsible for ﬁlling board 
•
vacancies when they arise and, before 
any appointment is made, evaluating 
the balance of skills, knowledge, and 
experience on the Board; and 
Make recommendations to the Board 
•
on all new appointments to the Board. 
The Committee continues to regularly 
review the structure, size and 
composition (including the skills, 
knowledge and experience) required of 
the Board compared to its current 
position and will make recommendations 
as required to the Board on the Board’s 
composition and balance. 
Before any appointment is made by the 
Board, the Committee will evaluate the 
balance of the skills, knowledge and 
experience on the Board, and in light of 
this evaluation prepare a description of 
the role and capabilities required for a 
particular appointment. In identifying 
suitable candidates, the Committee shall 
consider using services of external 
advisors to facilitate the search for 
candidates from a wide range of 
backgrounds; and on merit and against 
objective criteria, take care that 
appointees have enough time available 
to devote to the position.
The Committee also will review the 
Directors’ existing conﬂicts of interests 
every six months, or more frequently as 
required. Board succession planning is 
an ongoing consideration and we 
continue to focus on this. 
During 2021 John Brown was appointed 
to the Board as Independent 
Non-Executive Director and Chair of the 
Audit and Risk Committee, and member 
of the Remuneration and Nomination 
Committees and Julian Tedder was 
appointed to the Board as Chief 
Financial Officer 
The Committee is of the view that the 
Board including the current senior team 
is ﬁt for purpose, with the requisite skills 
and experience to support the business. 
In accordance with the Articles of 
Association, Mutiu Sunmonu and Oisín 
Fanning retire from the Board by 
rotation and, being eligible, offer 
themselves for re-election. 
 
 
Mutiu Sunmonu 
Nomination Committee Chair 
8 July 2022

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      31
Health and Safety Committee report
During 2021 the Health and Safety 
Committee reviewed the terms of 
reference, a copy of which is available 
on the Company’s website. 
Roles and Responsibilities 
The management of business and 
operational risk is a key success 
factor for the Company, as such 
the Committee will: 
Report signiﬁcant changes to the 
•
operational risk proﬁle of the business 
as necessary; 
Monitor the Company’s risk 
•
assessment procedure and action 
plans for all operational risks; and 
Ensure that the controls to prevent 
•
and mitigate the most signiﬁcant 
operational risks for the business 
are in place and functioning. 
Health, Safety and 
Environment 
The protection of people, the 
environment and our assets are 
central to San Leon Energy’s values 
and principles and as such the 
Committee will: 
Ensure health and safety audits of 
•
each operation and country office are 
carried out at such times that the 
Committee deems appropriate 
considering the scale and nature of 
the operations; and 
Ensure the Company’s Health, Safety 
•
and Environmental Policy (“HSE Policy”) 
meets or exceeds international oil 
and gas practice appropriate to the 
Company’s operations and meets 
the required legal and regulatory 
standards for the jurisdictions in 
which we work.
Ethics and Corporate 
Social Responsibility 
The Company will conduct business with 
the highest ethical values and will be 
socially responsible in the communities 
in which we work. 
The Committee will govern the 
Company’s ethics policy and code 
of ethics to ensure ethical 
business practice. 
Security 
The security of our people and our 
assets is of paramount importance to the 
Company, as such the Committee will: 
Ensure appropriate security controls 
•
and systems are in place and 
operational; and 
Ensure that the Company’s journey 
•
management procedure is adequate 
and functioning. 
An updated health, safety, environment 
and quality management system was 
noted as being required for office 
based activity, inclusive of a journey 
management policy. In the interim, 
standard journey management protocols 
are being followed for travel to Nigeria. 
Anti-Bribery and Corruption, and 
Whistleblowing policies, have been 
circulated to all employees and 
acknowledged. The Ethics and 
Corporate Social Responsibility 
policies are to be reviewed.
Given the importance and increased 
focus on ESG since Covid-19, the ESG 
Committee was formally constituted in 
December 2020. The ESG Committee 
did not meet in 2021 due to the changes 
to the Board composition during the 
year, but will meet in 2022 on at least 
two occasions to develop the 
Committee’s Terms of Reference and 
fully establish the Group’s ESG strategy 
and targets for the years to come. 
 
 
Mutiu Sunmonu 
Health and Safety Committee Chair 
8 July 2022
Overview
Strategic report
Corporate governance
Financial Statements
Other information
 “The Health and Safety Committee is committed 
to ensuring that health and safety is the top priority 
of the Group.”

32       SAN LEON  ANNUAL REPORT 2021
Directors’ report 
for the year ended 31 December 2021
The Directors present their annual 
report together with the audited 
ﬁnancial statements of San Leon Energy 
plc (“the Company”) and its subsidiaries 
(collectively “the Group”) for the year 
ended 31 December 2021. 
Principal activity and 
future developments 
The principal activities of the Company 
are the holding of an initial indirect 
10.58% economic interest in OML 18 
Nigeria, through its investment in MLPL, 
and the exploration and production of 
oil and gas, and a 13.323% interest in 
Energy Link Infrastructure (Malta) Ltd 
(“ELI”). ELI’s sole asset is the proposed 
new Alternative Crude Oil Evacuation 
System (“ACOES”) constructed to provide 
a dedicated oil export route from the 
OML 18 asset to a Floating Storage 
and Offloading (“FSO”) vessel. 
A detailed review of activities for the year 
and future prospects of the Group is 
contained in the Chairman’s Statement 
and CEO’s Statement. 
Results and dividends 
The Group proﬁt/(loss) for the year after 
providing for depreciation and taxation 
amounted to a proﬁt of US$40.7 million 
(2020: loss of US$11.9 million). Net 
assets of the Group at 31 December 
2021 amounted to US$176.2 million 
(2020: US$152.1 million). Exploration & 
evaluation impairments/write off totalled 
US$0.2 million in 2021 (2020: US$0.2 
million). There was no special dividend 
paid in 2021 (2020: US$33.3 million). 
Principal risks and 
uncertainties 
There are a number of potential risks 
and uncertainties that could have a 
material impact on the Group’s 
long-term performance. The Board has 
overall responsibility for managing risk. 
The Group’s principal areas of oil and 
gas exploration and production activity 
are in Nigeria and a Net Proﬁt Interest 
on the Barryroe oil ﬁeld (offshore 
Ireland). The Group has a management 
structure and system of internal controls 
in place designed to identify, evaluate, 
manage and mitigate business risk, 
including health and safety risks. Risks 
are formally identiﬁed and recorded in 
a risk register which is reviewed by the 
Board and appropriate processes are 
in place to implement and monitor 
mitigating controls. 
The Executive Directors are closely 
involved in the day-to-day management 
of the business and have oversight of all 
the controls the business has in place, 
including ﬁnancial, operational (including 
health and safety) and compliance 
controls, as well as overseeing risk 
management. Each Board member 
commits sufficient time to fulﬁl their 
duties and obligations to the Board and 
the Company. 
The Audit and Risk Committee, which is 
comprised of certain Independent 
Non-Executive Directors, monitors and 
promotes high standards of integrity, 
ﬁnancial reporting, risk management and 
internal control. For details of the Audit 
and Risk Committee’s performance refer 
to the Audit and Risk Committee Report 
on page 24. Risks and uncertainties, 
which are not exhaustive, which are 
particularly relevant to the Company 
and the Group’s business activities are 
considered to be the following: 
Going concern and 
Loan Notes repayment 
The Directors have prepared a detailed 
cash ﬂow forecast for the period from 
1 July 2022 to 31 December 2023. The 
principal assumptions underlying the 
base case cash ﬂow forecast and the 
availability of ﬁnance to the Group are 
that the proposed Midwestern 
transaction is completed in Q4 2022, 
Eroton acquires an additional 18% 
interest in OML 18 and a loan of 
US$50 million is secured to ﬁnance 
the Potential Transaction.
Due to the potential Transaction not 
having completed at the date of the 
Annual Report there is an inherent 
material uncertainty that completion will 
occur as anticipated. The Group has 
modelled various other scenarios 
assuming the Potential Transaction does 
not complete and given the Group’s well 
understood cost base, the principal 
uncertainty if the Potential Transaction 
does not complete relates to the 
quantum and timing of receipt of 
interest and capital repayments on the 
Loan Notes with MLPL and ELI. 
Based on its consideration of the Group 
cash ﬂow projections and underlying 
assumptions, the Directors have 
concluded that the combination of 
circumstances underpinned by the 
completion of the Potential Transaction 
represents a material uncertainty which 
may cast signiﬁcant doubt on the Group’s 
ability to continue as a going concern. 
Nevertheless, the Directors have a 
reasonable expectation that the Group 
will have adequate resources to 
continue to discharge its debts as they 
fall due for a period of at least 12 
months from the date of the Annual 
Report. Accordingly, the Directors 
continue to adopt the going concern 
basis of preparation of the ﬁnancial 
statements for the year ended 
31 December 2022. 
Risk Management 
Managing risks in an international oil and 
gas company is essential to stability and 
long-term sustainability. The Company’s 
Board has overall responsibility for risk 
identiﬁcation and control and has 
developed a risk management structure 
to identify risks, evaluate the impact of 
certain risks, assess the likelihood of 
risks occurring and implementing risk 
mitigation measures where possible to 
reduce each risk to an acceptable level 
in accordance with the Group’s 
appetite for risk.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      33
Risks are formally identiﬁed and 
recorded in a risk register which is 
reviewed twice a year by the Board 
and at every Audit and Risk committee 
meeting by the Audit and Risk 
Committee. The Executive Directors 
are closely involved in the day-to-day 
management of the business and 
have oversight of all the controls the 
business has in place, including 
ﬁnancial, operational (including HSE) 
and compliance controls, as well as 
overseeing risk management. 
As part of our overall goal to reduce 
risk across the organisation, a Risk 
Management Policy and Procedure was 
developed and presented to the Audit 
and Risk Committee in February 2020. 
This provides a procedure for the 
management of the Company’s risk. 
As part of the risk management 
procedure, the Company has developed 
a detailed risk register which identiﬁes 
business continuity risks, corporate 
governance risks, security risks, 
ﬁnancial risks and health, safety and 
environment protection risks. 
The Board recognises that risk cannot 
be fully eliminated but it is their 
responsibility to ensure that risk 
assessment and mitigation is as 
thorough and vigorous as possible. 
The following principal risks and 
uncertainties, which are not exhaustive, 
with their mitigation actions are 
particularly relevant to the Company.
Overview
Strategic report
Corporate governance
Financial Statements
Other information
 
Risk
STRATEGIC RISK
 
Detail
 
Mitigation
Year on year 
change
Lack of MLPL 
Loan Notes 
Repayments
The Company will not be able 
•
to fund current operations or 
invest for future expansion.
Strong ﬁnancial discipline. 
•
Maintain sufficient working capital for 12 
•
months look ahead. 
Monitor the situation and maintain 
•
dialogue and good relations with OML 18 
partners and investors, relevant Nigerian 
national and regional authorities. 
Midwestern Oil and Gas Limited Loan Note 
•
guarantee. 
If the Potential Transaction completes later 
•
in 2022, the MLPL Loan Notes will be 
extinguished as part of the consideration.
No change
Partnership risk
Risk of relationship with 
•
partners deteriorating or 
partner having insufficient 
ﬁnancial or technical 
resources.
Partners in joint ventures are reputable 
•
with signiﬁcant experience and ﬁnancial 
resources. Continuous dialogue maintained 
with partners. 
The Company has Board representation 
•
throughout the ownership structure 
allowing a transparent working relationship.
No change
Executive 
ownership
CFO – 
Julian 
Tedder
Potential 
Transaction does 
not complete
The Potential Transactions are 
complex and there is a high 
degree of interaction between 
the various aspects of the 
transactions and a risk that 
they may not complete.
Engage with all the counterparties to 
•
complete all required legal agreements; 
Ensure new loan is drawn down to allow 
•
funding of the further ELI transactions; and 
Work closely with Midwestern to ensure 
•
all conditions to completion are satisﬁed.
New risk
CEO – 
Oisín 
Fanning
CEO – 
Oisín 
Fanning

34       SAN LEON  ANNUAL REPORT 2021
Directors’ report 
Continued
OPERATIONAL RISK
Political 
Instability / OML 
18 operational 
disruption
OML 18 operations are 
•
exposed to the risk of delays 
and interruptions to 
production due to various 
causes including political 
instability, sabotage, pipeline 
losses, operational downtime, 
slow progress caused by 
unexpected downhole 
challenges, operational funding, 
and procedural delays with JV 
partners and authorities. 
Severe operational delays or 
•
disruption could lead to an 
inability to produce oil and 
repay the Eroton RBL debt 
facility, which could lead to the 
loss of OML 18, or an inability 
to pay dividends.
Eroton is a local experienced operator 
•
completely focused on OML 18 regulatory 
requirements and maintaining dialogue 
with local communities. 
San Leon Energy provides Eroton with 
•
technical and ﬁnancial services through an 
Asset Management Agreement.
No change
Geological and 
development 
Risk
The Company depends on 
•
maintaining successful 
development projects to 
achieve revenue and success. 
However, the level of 
production and cash ﬂow from 
OML 18 is an estimated 
value and may not materialise 
as originally expected. This risk 
is speciﬁc to the geological and 
engineering factors involved in 
estimation and projection of 
the expected capacity of new 
or existing projects.
The Group utilises its experience, external 
•
contractors and that of its partners, in 
particular Eroton, to determine the resource 
and development assumptions to ensure 
the Board maintains a realistic view of 
resources and development expectations. 
Annual review of reserves by an 
•
independent consultant. 
Ensure industry best practice regarding 
•
technical estimates and judgements.
No change
CEO – 
Oisín 
Fanning
COO – 
Joel Price
STRATEGIC RISK CONTINUED
 
Risk
 
Detail
 
Mitigation
Year on year 
change
Executive 
ownership
Further 
pandemics
Further lockdowns due to new 
•
pandemics or continued 
Covid-19 escalation creating 
renewed pressure on oil 
pricing. 
Reduced income stream and 
•
repayment of loan notes due 
to this.
Continue to follow government advice and 
•
lockdown measures whilst maintaining and 
minimizing disruption to business. 
Implement suitable safety policy that can 
•
be implemented for staff and visitors 
should there be further pandemics. 
Continued close relationships with partners.
•
Decreased
CEO – 
Oisín 
Fanning

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      35
Overview
Strategic report
Corporate governance
Financial Statements
Other information
Health, Safety & 
Environmental 
risk
The industry faces high risk 
•
operating conditions and HSE 
risks, posing the threat of 
Industrial accidents; natural 
disasters. 
Impact from a pandemic or 
•
epidemic affects the ability of 
the Company or the Joint 
Ventures from being able to 
successfully operate the 
assets. (Such as Covid-19 
virus.)
The Company has a Health and Safety 
•
Committee to ensure risks are managed 
appropriately in accordance with 
international best practice and legislation. 
Promote and facilitate best practice 
•
international standards. 
Embedding a strong HSE culture, with 
•
support at a high level in the Company. 
Adequate insurances to be in place at the 
•
operational level. 
The Company is dependent on its 
•
operating partners to impose and maintain 
required standards to operations. 
Early adoption of guidance based on World 
•
Health Organisation (“WHO”) guidance.
No change
COO – 
Joel Price
OPERATIONAL RISK CONTINUED
FINANCIAL RISK
Cyber risk
Major cyber breach may result 
•
in loss of conﬁdential data and 
business disruption.
Prevention software in place and regularly 
•
monitored. 
Back-up system and business recovery 
•
plan in place.
No change
Commodity 
price risk
Volatility and decreases in oil 
•
or natural gas prices can lead 
to insufficient funds to ﬁnance 
growth plans. This may lead to 
the inability to repay Reserve 
Based Lending facility debt, 
or inability to pay dividends. 
The ﬁeld could become 
uneconomic and there would 
be an inability to fund capital 
development.
The demand for, and price of oil and gas is 
•
dependent on supply and demand, actions 
of governments and general global 
economic and political developments. 
Eroton, as operator of OML 18, have 
hedging requirements under its RBL facility. 
Capital discipline and monitoring.
•
Decreased
Human 
resource risk
Ability to recruit and retain key 
•
senior personnel in key senior 
management positions is 
essential to ensure success.
Compensation packages are discussed at 
•
the Remuneration Committee and approved 
by the full Board, with remuneration for key 
executives being highly competitive. 
Staff packages are validated for 
•
competitiveness. 
Flexible working arrangements allowed. 
•
Creation of a long-term incentive scheme 
•
to align management remuneration with 
creation of Shareholder value.
No change
CFO – 
Julian 
Tedder
CFO – 
Julian 
Tedder
CEO – 
Oisín 
Fanning
 
Risk
 
Detail
 
Mitigation
Year on year 
change
Executive 
ownership

Directors 
The Directors of San Leon Energy plc, all 
of whom served for the full year, except 
where indicated, are as follows: 
Mutiu Sunmonu, Non-Executive 
•
Chairman 
Oisín Fanning, Chief Executive Officer 
•
Joel Price, Chief Operating Officer 
•
Julian Tedder, Chief Financial Officer 
•
(appointed 1 December 2021) 
Alan Campbell, Commercial and 
•
Business Development Director 
(resigned 7 May 2021) 
Lisa Mitchell, Chief Financial Officer 
•
(resigned 29 October 2021) 
Adekolapo Ademola, Non-Executive 
•
Director 
John Brown, Independent Non-Executive 
•
Director (appointed 7 May 2021)
In accordance with the Articles of 
Association, Mutiu Sunmonu and Oisín 
Fanning retire from the Board by 
rotation and, being eligible, offer 
themselves for re-election.
36       SAN LEON  ANNUAL REPORT 2021
Directors’ report 
Continued
FINANCIAL RISK CONTINUED
Bribery & 
corruption
Reputational damage and 
•
exposure to possible criminal 
charges.
The area in which the Company holds its 
•
material asset scores high relatively to 
many countries with regard to bribery and 
corruption issues. The Company has a 
zero-tolerance policy on such matters. 
The Company has an Anti-Bribery & 
Corruption Policy in place that is monitored 
and updated in accordance with UK 
standards. The Company also has a 
Whistleblowing Policy in place to encourage 
conﬁdential reporting of any issues that 
may be illegal or suspicious.
No change
REPUTATIONAL RISK
Availability of 
capital / 
insufficient funds
The Oil and Gas industry is 
•
capital intensive with 
signiﬁcant amounts of capital 
required for development of 
assets. The Group’s business 
partners may require 
signiﬁcant capital expenditure 
and the future expansion and 
development of its business 
could require future debt and 
equity ﬁnancing. The future 
availability of such funding may 
not always be certain, which 
may lead to funding shortages. 
Insufficient funds at the Group 
•
level to ﬁnance growth and 
pay dividends.
Active dialogue maintained with ﬁnancial 
•
institutions and investors. 
There is a signiﬁcant population of 
•
investors who are willing to invest in 
companies like San Leon. 
Management has a strong track record of 
•
successful fundraisings. 
Discretionary spend actively managed. 
•
Continued engagement with partners and 
•
lenders. 
Maintain controls in relation to systems 
•
and processes around spend and 
Delegation of Authority. 
Monthly reporting. 
•
Forecasting. 
•
Maintain ﬁnancial discipline.
•
No change
CEO – 
Oisín 
Fanning
CFO – 
Julian 
Tedder
 
Risk
 
Detail
 
Mitigation
Year on year 
change
Executive 
ownership

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      37
Overview
Strategic report
Corporate governance
Financial Statements
Other information
Signiﬁcant shareholders 
The Company has been informed that, in addition to the interests of the Directors at 31 December 2021 (see Remuneration 
Report), the following shareholders owned 3% or more of the issued share capital of the Company: 
                                                                                                                                                                                                  Percentage of issued share capital 
                                                                                                                                                                                            07/07/22                    31/12/21                    31/12/20 
Funds managed by Toscafund Asset Management LLP                                                            72.62%                 72.62%                 73.47% 
Midwestern Oil & Gas Company Limited                                                                                     13.18%                 13.18%                 13.18% 
The Directors are not aware of any other holding of 3% or more of the share capital of the Company.
Acquisition of own shares 
In 2021 the Company did not 
repurchase any of its own shares 
(2020: The Company completed the 
repurchase of US$2.0 million of its own 
shares between October 2019 and 
January 2020). 
Accounting records 
The Directors are responsible for 
ensuring adequate accounting records, 
as outlined in Section 281 to 285 of the 
Companies Act 2014, are kept by the 
Company. The Directors, through the 
use of appropriate procedures and 
systems and the employment of 
competent persons, have ensured that 
measures are in place to secure 
compliance with these requirements. 
The books and accounting records are 
maintained at 3300 Lake Drive, Citywest 
Business Campus, Dublin 24. 
Group transparency 
Part 26 of the Companies (Accounting) 
Act 2014 came into force on 1 January 
2017. This required companies 
operating in the extractive sector to 
publicly disclose payments made to 
National Governments. The Act 
implements Chapter 10 of EU 
Accounting Directive (2013/34/EU).
The payments disclosed are based on 
where the obligation arose which in our 
case is Ireland and Poland. Payments are 
disclosed by licence where the aggregate 
of the payment in the year exceeds 
US$100,000 otherwise, they are 
combined into a corporate level 
payment which consolidated all the 
smaller payments. 
All of the payments disclosed in 
accordance with the law have been 
made to National Governments, covering 
both direct and indirect payments. 
The payments type covered by this 
disclosure are: 
Licence fees: licence fees cover the 
•
costs associated with holding each 
of our licences. 
                                                              Licence fees 
Licence                                                        US$’000 
2021 
Corporate #                                               – 
Total Poland                                             – 
2020 
Corporate #                                               – 
Total Poland                                             – 
# Corporate is the consolidated total of all our 
Polish licences where the total of each licence 
payment in the year is less than US$100,000.
Relevant audit information 
The Directors believe that they have 
taken all necessary steps to make 
themselves aware of any relevant audit 
information and have established that 
the Company’s statutory auditors are 
aware of this information. In so far as 
they are aware there is no relevant audit 
information of which the Company’s 
statutory auditors are unaware. 
Events since the year end 
Details of signiﬁcant events since the 
year end are included in Note 31 to the 
ﬁnancial statements. 
Group undertakings 
Details of the Company’s subsidiaries 
are set out in Note B (page 114) to the 
ﬁnancial statements. 
Donations 
There were no political donations made 
during the current or prior year. 
Charitable donations were made of 
US$4,285 (2020: US$6,000).

38       SAN LEON  ANNUAL REPORT 2021
Directors’ report 
Continued
Compliance policy statement 
of San Leon Energy plc 
The Directors, in accordance with 
Section 225(2) of the Companies Act 
2014, acknowledge that they are 
responsible for securing the Company’s 
compliance with certain obligations 
speciﬁed in that section (‘relevant 
obligations’). The Directors conﬁrm that: 
a compliance policy statement has 
•
been drawn up setting out the 
Company’s policies that in their opinion 
are appropriate with regard to such 
compliance; 
appropriate arrangements and 
•
structures have been put in place that, 
in their opinion, are designed to 
provide reasonable assurance of 
compliance in all material respects 
with those relevant obligations; and 
a review has been conducted, 
•
during the ﬁnancial year, of those 
arrangements and structures.
Auditor 
The Auditor, KPMG, Chartered 
Accountants, were ﬁrst appointed 
statutory auditor on 9 September 2010 
and have been re-appointed annually 
since that date and pursuant to Section 
282(2) of Companies Act 2014 will 
continue in office. 
 
 
Oisín Fanning 
Chief Executive Officer 
 
 
Julian Tedder 
Chief Financial Officer 
8 July 2022

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      39
Corporate Responsibility
Overview
Strategic report
Corporate governance
Financial Statements
Other information
ESG & Sustainability 
San Leon continues its commitment to 
ensuring that we operate our business 
in a way that is sustainable and beneﬁts 
the local communities in which we have 
a presence. Given the importance and 
increased focus on ESG throughout the 
pandemic, the ESG Committee was 
formally constituted in December 2020, 
and despite the challenges caused by 
the covid pandemic in 2021, the 
Company continued to support and 
deliver many sustainable projects. 
The UN’s Sustainable Development 
Goals (“SDGs”), a collection of 17 goals 
designed to be a ‘blueprint to achieve  
a better and more sustainable future  
for all’ guides how we as a company  
can best contribute to helping the  
world meet these goals by 2030. 
Environmental 
As a company engaged in the 
exploration and development of oil and 
gas resources, care for the environment 
is one of our key responsibilities and an 
integral part of our business. San Leon  
is committed to ensuring that the 
Company complies with all relevant 
environmental legislation, regulations 
and approved practices to ensure that 
our impact on the environment and 
contribution to pollution is minimised.  
In our environmental policy, San Leon 
is committed to: 
Comply with all relevant environmental 
•
legislation, regulations and approved 
codes of practice; 
Protect the environment by striving to 
•
prevent and minimise our contribution 
to pollution of land, air, and water; 
Seek to keep wastage to a minimum 
•
and maximise the efficient use of 
materials and resources; 
Manage and dispose of all waste in 
•
a responsible manner; 
Provide training for our staff so that 
•
we all work in accordance with this 
policy and within an environmentally 
aware culture; 
Regularly communicate our 
•
environmental performance to our 
employees and other signiﬁcant 
stakeholders; 
Develop our management processes 
•
to ensure that environmental factors 
are considered during planning and 
implementation; and 
Monitor and continuously improve 
•
our environmental performance. 
The policy statement is regularly 
reviewed and updated as necessary.  
The management team endorses these 
policy statements and is fully committed 
to their implementation. 
Supporting Health, Education and Communities: Results from 
our Corporate Responsibility policy in action are being seen
Above and right: Food deliveries to Benue, 
Karo, Gwagwalada and Keffi area and also 
to Ugwaka, Ollah, lgwogwo, Ojaji, Okotobo 
areas over Christmas 2021.
San Leon Energy continues to be committed to and takes 
its Corporate Social Responsibility in countries in which we 
have an interest very seriously. The Company contributes 
directly to projects in Nigeria when possible and where we 
trust our contributions can have a direct impact on the 
environment and communities we seek to assist.

40       SAN LEON  ANNUAL REPORT 2021
Corporate Responsibility 
Continued
Continuing on that success, San Leon 
immediately began another school 
project which began in April, 2021 in 
Ikeje in Kogi State. It was completed  
in November 2021, allowing more than 
220 pupils to restart their education  
with uniforms, books and desks. They 
too left behind the inadequacy of 
an open sided hut.  
With the completion and furnishing of 
these two schools, San Leon has built ﬁve 
new schools in Achai, Abayol, Achusa, 
Awo-Ogbagbala and Ikeje which we hope 
lays the foundation for a better tomorrow 
for these children and their communities. 
San Leon also continues to support 
education in other ways by: 
covering tuition fees for third level 
•
students; 
providing the fees, books and school 
•
clothes for orphans and vulnerable 
children in Kojoli, Adamawa State in 
the North-Eastern part of Nigeria; and 
providing school fees, books, and exam 
•
fees for children from poor homes 
mostly in Makurdi and Idah areas.
Social 
San Leon ﬁrmly believes that by enabling 
people through skills development and 
education, all stakeholders in society will 
beneﬁt from growth and prosperity. 
San Leon is committed to supporting 
health, education and community 
projects in countries in which we have a 
presence. The Company wants to meet 
its social responsibilities and contribute 
directly to society when possible and 
where we trust our contributions can 
have a direct impact on the environment 
and communities we seek to assist. 
In Nigeria, for example, San Leon has 
seen the immense beneﬁts derived by 
communities where a medical centre, 
water projects, schools, educational 
support and training have been 
provided. We have witnessed amazing 
people build on the support we have 
been honoured to give – where local 
government and communities 
subsequently staffed and used the new 
facilities built by San Leon, to allow 
society to blossom. We have been 
encouraged to build on our work, 
year-on-year, by seeing how it has 
enabled others to willingly grasp these 
new projects and shape a sustainable 
future for their families and communities. 
The building of projects is in addition to 
our ongoing training and support for 
small women led enterprises and the 
installation of motorised water supply 
stations that can often transform 
people’s daily lives and assist sustainable 
living. San Leon has also helped many 
impoverished and vulnerable families by 
contributing food, shelter, clothing as well 
as direct educational and medical support.
Supporting education 
While immediate daily supports are 
critical for some families, we ﬁrmly 
believe in seeking ways to break the 
cycles of poverty by supporting 
education as a way to underpin hope 
and change in the future. San Leon has 
supported hundreds of young and 
vulnerable people in education through 
direct support and by funding the 
construction of new schools in Nigeria. 
In April 2021, San Leon completed a new 
six classroom block in Awo-Ogbagbala,  
a remote area in Kogi state. Prior to San 
Leon providing almost 300 pupils with  
a new six-classroom school complete, 
with desks, books and school uniforms 
these children had to endure education 
in an open-sided hut, with no desks, 
books or materials. Education for these 
children was limited and almost 
non-existent at times, but we have been 
told the new school, like others built 
through support from San Leon, has 
given children a previously dreamt-of 
learning space. 
We have been encouraged 
to build on our work, 
year-on-year, by seeing 
how it has enabled others 
to willingly grasp new 
projects and shape a 
sustainable future for their 
families and communities.
San Leon has supported 
hundreds of young and 
vulnerable people in 
education through direct 
support and by funding  
the construction of new 
schools in Nigeria.

Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      41
Opposite: The Ogbagbala and Ikeje open-sided huts where children were educated prior to moving 
into the two new schools. 
Top: In April 2021 the new six classroom block in Awo-Ogbagbala, a remote area in Kogi state. Prior  
to San Leon providing almost 300 pupils with the school complete, with desks, books and school 
uniforms the children had to endure education in an open-sided hut, with no desks, books or materials. 
Above:  The second school project in Ikeje, Kogi State, completed in November 2021, allowing more 
than 220 pupils to restart their education with uniforms, books, and desks.
San Leon believes that by enabling people 
through skills development and education, 
all stakeholders in society will beneﬁt from 
growth and prosperity. San Leon has built 
and furnished ﬁve schools which we hope 
lays the foundation for a better tomorrow 
for these children and their communities.
Education  
San Leon ﬁrmly believes in seeking ways to break the 
cycles of poverty by supporting education as a way to 
underpin hope and change in the future. We have built 
ﬁve new schools in Achai, Abayol, Achusa, Awo-Ogbagbala 
and Ikeje which we hope lays the foundation for a better 
tomorrow for these children and their communities.

42       SAN LEON  ANNUAL REPORT 2021
Corporate Responsibility 
Continued
The Company supports the training and establishment  
of women-led enterprises that can provide people with  
a sustainable source of income. San Leon was delighted 
to see 20 more women graduate from catering school in 
2021 through support by the Company. The women who 
were trained in tailoring have also been busy making 
school uniforms for new schools built in 2021. 
Supporting women-led 
enterprise 
The Company also supports the training 
and establishment of small women-led 
enterprises that can provide people  
with a sustainable source of income. 
Following the hugely successful training 
of approximately 60 women from the 
states of Nassarawa, Benue State, 
Enugu, Kogi, and Gwagwalada in tailoring 
and catering, San Leon was delighted to 
see 20 more women graduate from 
catering school in 2021 through support 
by the Company. 
Many of these women have set up their 
own small enterprises and the catering 
graduates can hope to establish small 
businesses like cake making, bakeries 
and food vending. Many of these women 
have been employed in restaurants and 
eateries within and outside the 
communities, while others have set up 
bean cake shops, eateries and food 
stalls. We have also been told some 
now have fruit juice shops, using fruits 
available in the local communities. 
We have been informed this support is 
transforming lives given where many 
women who before now were struggling 
with obtaining the most basic necessity 
of life, food, are today able to afford food 
and educate their children. The women 
who were trained in tailoring have also 
been busy making school uniforms for 
new schools built in 2021. 
Water infrastructure  
projects 
Through our presence in Nigeria, we 
have seen how water supply projects 
have not only relieved the suffering of 
these communities but have given 
dignity, health, time and opportunities  
to people in the villages, particularly to 
young girls and women who are mostly 
burdened with walking long distances in 
search of water in streams and rivers 
that are often unhygienic. 
Following on from our successful water 
projects in Mbalom, Benue State and 
Igwo-gwo in Kogi State in previous years, 
San Leon particularly focused on 
providing other communities with water 
in 2021. Two additional water projects 
were successfully completed in the 
Yaikyo-Kanshio community of Benue 
State and Ochaja, Kogi State, in the  
ﬁrst half of 2021, and a further water 
project was completed in Amuna-Ateodu, 
Kogi State, in October 2021. 
It is often very difficult, and sometimes 
unsuccessful, when trying to drill for 
water sources in communities in Nigeria, 
and San Leon encountered many days 
throughout 2021 when the community of 
Odolu, in Kogi State were wondering if 
water could be found in for their remote 
village. There were times that the project 
could have faltered but with the 
persistence of local people and engineers, 
we were delighted to be told that the 
Odolu water project was completed and 
commissioned on Christmas Eve 2021, 
an event which brought a great sense of 
the joy and hope to this community. 
With the completion of this project,  
San Leon has supported the provision  
of clean water for six communities  
across Benue and Kogi States in Mbalom, 
Igwo-gwo, Yaikyo-Kanshio, Ochaja, 
Amuna-Ateodu and Odolu. 
By providing motorised water boreholes 
and storage tanks, the projects have not 
only relieved the daily toil of getting water 
for these communities and their 
immediate neighbours but time saved 
can be spent on education, work and 
with families. 
Above: Of the 20 women who graduated  
from the Catering School in 2021, many are 
now employed in restaurants and eateries  
in their local communities.

Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      43
Women-led enterprise 
We have funded the training of approximately 50 women 
from the states of Nassarawa, Benue State, Enugu, Kogi, 
and Gwagwalada in tailoring and each woman was 
donated a sewing machine to establish their own 
enterprise, as making traditional African clothing and 
other clothing is a sustainable local business.
Water projects 
Through our presence in Nigeria, it has been brought 
home to us the importance of water infrastructure in 
communities and the onerous task many families face 
each day to gather water. This burden often falls on  
girls and women who have to walk long hard distances 
in search of water in streams and unhygienic rivers.
With the completion of  
these projects, San Leon 
has supported the 
provision of clean water 
and transformed the lives 
of children and families in 
six communities across 
Benue and Kogi States.
By seeking to help people across 
communities, San Leon has been told it 
has transformed the lives of children and 
families. We hope, as part of our Corporate 
Social Responsibility, that we are positively 
beneﬁtting society and giving optimism, 
dignity and strength to people trying to 
rebuild or better their lives and by also 
focusing on infrastructural projects,  
we hope we will leave a positive lasting 
impact on communities.  
Broader responsibility 
San Leon Energy actively seeks 
community involvement, dialogue and 
debate and we seek to maintain high 
standards to ensure we meet our 
broader responsibility towards 
communities and the environments  
we work in. 
We welcome strict regulation and 
monitoring of our activities by authorities. 
We work with regulators and inspectors 
to make sure we meet best practice in 
our operations and implement best 
communication processes. 
We are happy to respond to any 
questions or issues people raise and 
believe dialogue at all levels increases 
understanding and trust. 
We have also been fortunate to provide 
local employment and foster talent 
through the investment we are making 
in local economies. By investing in and 
supporting local business, education, 
health and employment, we believe we 
are investing in all of us. 
Governance 
The Company seeks to maintain high 
standards of corporate governance to 
ensure the business is run effectively. 
We aim to conduct our business in  
an open, honest and ethical manner.  
The Board is accountable to 
shareholders for good corporate 
governance and has adopted the 
principles of the Quoted Companies 
Alliance Corporate Governance Code  
to make sure that focus remains on  
the pursuit of medium to long term 
value for shareholders and company 
stakeholders more broadly.  
As part of this, we seek to behave as  
a responsible employer and make 
positive contributions to the local 
economies in which we have an interest. 
Engagement with local communities  
in which we operate and conducting 
social work has helped them 
understand what we are doing.
Top left and right: The water project in 
Amuna-Ateodu, Kogi State, was completed  
in October 2021. 
Right and below: The Odolu water project 
was completed and commissioned on 
Christmas Eve 2021, bringing a great sense  
of the joy and hope to the community.

44       SAN LEON  ANNUAL REPORT 2021
Statement of Directors’ responsibilities 
in respect of the annual report and the ﬁnancial statements 
The Directors are responsible for 
preparing the annual report and the 
Group and Company ﬁnancial 
statements in accordance with 
applicable law and regulations. 
Company law requires the Directors to 
prepare Group and Company ﬁnancial 
statements for each ﬁnancial year.  As 
required by the AIM Rules, they are 
required to prepare the Group ﬁnancial 
statements in accordance with IFRS as 
adopted by the EU.  The Directors have 
elected to prepare the Company 
ﬁnancial statements in accordance with 
IFRS as adopted by the EU and as 
applied in accordance with the 
Companies Act 2014. 
Under company law the Directors must 
not approve the Group and Company 
ﬁnancial statements unless they are 
satisﬁed that they give a true and fair 
view of the assets, liabilities and 
ﬁnancial position of the Group and 
Company and of the Group’s proﬁt or 
loss for that year. In preparing each 
of the Group and  Company 
ﬁnancial statements, the Directors 
are required to: 
select suitable accounting policies and 
•
then apply them consistently; 
make judgements and estimates that 
•
are reasonable and prudent; 
state whether applicable Accounting 
•
Standards have been followed, 
subject to any material departures 
disclosed and explained in the 
ﬁnancial statements; 
assess the Group and Company’s 
•
ability to continue as a going concern, 
disclosing, as applicable, matters 
related to going concern; and 
use the going concern basis of 
•
accounting unless they either intend to 
liquidate the Group or Company or to 
cease operations, or have no realistic 
alternative but to do so.  
The Directors are responsible for 
keeping adequate accounting records 
which disclose with reasonable accuracy 
at any time the assets, liabilities, ﬁnancial 
position of the Group and Company and 
the proﬁt and loss of the Group and 
which enable them to ensure that the 
ﬁnancial statements comply with the 
provision of the Companies Act 2014. 
The Directors are also responsible for 
taking all reasonable steps to ensure 
such records are kept by its subsidiaries 
which enable them to ensure that the 
ﬁnancial statements of the Group 
comply with the provisions of the 
Companies Act 2014. They are 
responsible for such internal controls as 
they determine is necessary to enable 
the preparation of ﬁnancial statements 
that are free from material misstatement, 
whether due to fraud or error, and have 
a general responsible for safeguarding 
the assets of the Company and the 
Group, and hence for taking reasonable 
steps for the prevention and detection 
of fraud and other irregularities. The 
Directors are also responsible for 
preparing a Directors’ report that 
complies with the requirements of the 
Companies Act 2014. 
The Directors are responsible for the 
maintenance and integrity of the 
corporate and ﬁnancial information 
included on the Company's website.  
Legislation in the Republic of Ireland 
governing the preparation and 
dissemination of ﬁnancial statements 
may differ from legislation in other 
jurisdictions. 
On behalf of the board 
 
 
Oisín Fanning 
Director 
 
 
Julian Tedder 
Director 
8 July 2022 

Financial statements 
46
Independent Auditor’s report 
52
Consolidated income statement 
53
Consolidated statement of other 
comprehensive income 
54
Consolidated statement of changes in equity 
56
Consolidated statement of financial position 
57
Consolidated statement of cash flows 
58
Notes to the financial statements 
Company financial statements 
108 Company statement of financial position 
109 Company statement of changes in equity 
110 Company statement of cash flows 
111 Notes to the Company financial statements 
Other information 
133 Alternative performance measures 
134 Corporate information 
135 Glossary 
136 Conversion
                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      45
Financial statements
Overview
Strategic report
Corporate governance
Financial Statements
Other information

46       SAN LEON  ANNUAL REPORT 2021
Independent Auditor’s report 
to the members of San Leon Energy plc
Report on the audit of the ﬁnancial statements 
Opinion 
We have audited the ﬁnancial statements of San Leon Energy plc (“the Company”) and its consolidated undertakings (“the Group”) 
for the year ended 31 December 2021 set out on pages 52 to 132, which comprise the Consolidated Income Statement, the 
Consolidated Statement of Other Comprehensive Income, the Consolidated and Company Statements of Changes in Equity, the 
Consolidated and Company Statements of Financial Position, Consolidated and Company Statements of Cash Flows and related 
notes, including the summary of signiﬁcant accounting policies set out in Note 1. The ﬁnancial reporting framework that has been 
applied in their preparation is Irish Law and International Financial Reporting Standards (“IFRS”) as adopted by the European Union. 
In our opinion: 
the ﬁnancial statements give a true and fair view of the assets, liabilities and ﬁnancial position of the Group and Company as 
•
at 31 December 2021 and of the Group’s proﬁt for the year then ended; 
the Group ﬁnancial statements have been properly prepared in accordance with IFRS as adopted by the European Union; 
•
the Company ﬁnancial statements have been properly prepared in accordance with IFRS as adopted by the European Union, 
•
as applied in accordance with the provisions of the Companies Act 2014; and 
the Group and Company ﬁnancial statements have been properly prepared in accordance with the requirements of the 
•
Companies Act 2014. 
Basis for opinion 
We conducted our audit in accordance with International Standards on Auditing (Ireland) (ISAs (Ireland)) and applicable law. 
Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the ﬁnancial 
statements section of our report. We have fulﬁlled our ethical responsibilities under, and we remained independent of the Group 
in accordance with ethical requirements that are relevant to our audit of ﬁnancial statements in Ireland, including the Ethical 
Standard issued by the Irish Auditing and Accounting Supervisory Authority (“IAASA”), as applied to listed entities. 
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 
Material uncertainty related to going concern 
We draw attention to Note 1 in the ﬁnancial statements, which indicates that there is an inherent material uncertainty concerning 
the Group’s and Company’s ability to continue as going concerns due to uncertainty associated with the completion of the proposed 
reorganisation transaction, which may not occur, which underpins a number of other related assumptions (outlined below). 
As stated in Note 1, these events or conditions, along with the other matters explained in Note 1, indicate that a material 
uncertainty exists that may cast signiﬁcant doubt on the Group’s and the Company’s ability to continue as a going concern. 
Our opinion is not modiﬁed in respect of this matter. 
In auditing the ﬁnancial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the 
preparation of the ﬁnancial statements is appropriate. 
Our evaluation of the Directors’ assessment of the Group’s and the Company’s ability to continue to adopt the going concern basis 
of accounting included considering the inherent risks to the Group’s and Company’s business model and analysing how those risks 
might affect the Group’s and Company’s ﬁnancial resources or ability to continue operations over the going concern period. 
The sensitivities we considered most likely to adversely affect the Group’s and Company’s future ﬁnancial resources over the 
going concern period is the signiﬁcant uncertainty associated with the completion of the potential reorganisation transaction and 
related assumptions. 
Uncertainty relating to the completion of the proposed reorganisation transaction, to consolidate Midwestern Oil and Gas 
Company Limited’s (“Midwestern”) shareholdings in: i) the Company; and ii) Midwestern Leon Petroleum Limited (“MLPL”) into a 
single shareholding in the Company (the “Potential Transaction”), that it completes in the second half of 2022.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      47
The condition outlined below needs to be met for the transaction to complete: 
Eroton Exploration and Production Company Limited (“Eroton”) to acquire an additional 18% interest in OML 18 from two of the 
•
other partners in OML 18, thereby taking Eroton’s interest in OML 18 to 45%. This is subject, inter alia, to: i) agreeing 
documentation; ii) ﬁnalising bank ﬁnancing; and iii) receiving the relevant regulatory consents in Nigeria. 
The uncertainty of completion of the Potential Transaction is interlinked with the valuation of investment in and Loan Notes from 
Midwestern Leon Petroleum Limited (“MLPL”) and valuation of investment in and Loan Notes from Energy Link Infrastructure 
(Malta) Limited (“ELI”). 
We draw attention to Notes 13(i-ii) and 15(i-ii) to the ﬁnancial statements concerning the assessment of the Group’s investments in 
and related Loan Notes due from MLPL and ELI. 
We considered various downside scenarios over the level of available ﬁnancial resources indicated by the Group’s forecasts. A key 
judgement in the downside scenarios is that there is dependence on cash ﬂows from ﬁnancial Loan Notes within the Group and 
availability of third party funding. 
The Directors have acknowledged that the Group has secured a US$50 million loan for the Potential Transaction. However, while 
working capital requirements of the Group can be met for the 12-month period, the Directors believe the continued viability of the 
Group and Company beyond the 12-month period is dependent on the completion of the Proposed Transaction. This creates 
signiﬁcant uncertainty upon the Group and Company’s ability to continue as a going concern beyond the 12-month period. 
The combination of these circumstances underpinned by the completion of the Potential Transaction, along with the other matters 
explained in Note 1 to the ﬁnancial statements, indicate the existence of material uncertainty which may cast signiﬁcant doubt 
about the Group and Company’s ability to continue as going concerns. 
The ﬁnancial statements do not include adjustments that would result if the Group and Company were unable to continue as 
going concern. 
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections 
of this report. 
Key audit matters: our assessment of risks of material misstatement 
Key audit matters are those matters that, in our professional judgment, were of most signiﬁcance in the audit of the ﬁnancial 
statements and include the most signiﬁcant assessed risks of material misstatement (whether or not due to fraud) identiﬁed by us, 
including those which had the greatest effect on: the overall audit strategy; the allocation of resources in the audit; and directing 
the efforts of the engagement team. These matters were addressed in the context of our audit of the ﬁnancial statements as a 
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. 
We continue to perform procedures over Valuation of 4.5% Net Proﬁt Interest (“NPI”) in the Barryroe oil ﬁeld. However, given that 
there have been no recent developments regarding the asset and the valuation methodology has not changed, we have not 
assessed this as one of the most signiﬁcant risks in our current year audit and, therefore, it is not separately identiﬁed in our 
report this year. 
In addition to the matter described in the Material uncertainty related to going concern section, in arriving at our audit opinion 
above, the key audit matter was as follows:
Overview
Strategic report
Corporate governance
Financial Statements
Other information

Key audit matters: our assessment of risks of material misstatement (continued)
48       SAN LEON  ANNUAL REPORT 2021
Independent Auditor’s report 
Continued
Key audit matter
Valuation of Midwestern Leon Petroleum Limited (“MLPL”) Loan Notes (US$80.3 million) and equity interest (US$58.6 million) 
(refer to pages 62 to 68 (accounting policy) and pages 75 to 77, 79 to 85 and 104 to 105 (ﬁnancial disclosures))
How the matter was addressed in our audit
The OML 18 transaction (the MLPL Loan Notes 
and equity interest) accounts for San Leon’s 
most signiﬁcant asset. 
In line with the relevant accounting standards, 
management have ascertained fair values 
for the Loan Notes US$80.3 million (2020: 
US$68.9 million) and equity interest 
US$58.6 million (2020: US$43.8 million) at 
31 December 2021. 
There are signiﬁcant estimates and judgment 
(forecasted cash ﬂows and discount rate) 
involved in determining the fair value of both 
the Loan Notes and equity interest in MLPL. 
This is both a Group and Company key 
audit matter.
Our audit procedures included, but were not limited to: 
Inspection of management’s fair value assessment models and accounting 
•
papers highlighting the signiﬁcant assumptions (forecasted cash ﬂows and 
discount rate) supporting the carrying amount of the equity interest and 
Loan Notes investment in MLPL; 
Inspection of the historical accuracy of the Group’s cash ﬂow forecast by 
•
comparing the prior period forecasted cash receipts from the MLPL 
Loan Notes to actual receipts in 2021 and to the date of signing the 
ﬁnancial statements; 
Inspection of documentation supporting the amounts received and due 
•
from MLPL under the Loan Notes; 
Comparison of the Group’s forecasted income from the MLPL Loan Note to 
•
MLPL’s own cash ﬂow forecasts to ensure they were consistent; 
Assessment of the arithmetic accuracy of the calculations underpinning the 
•
valuation and accounting for the Loan Notes and equity accounted interests; 
Recalculation of the fair value of the Loan Notes based on management’s 
•
assumptions, including assessment of reasonableness of the methods, 
assumptions and data used by management. 
Inspection of reporting and opinion on MLPL issued to us and discussions 
•
with the MLPL component auditor including consideration of material 
uncertainty related to going concern of the MLPL company in the MLPL 
audited consolidated ﬁnancial statements for the year ended 31 December 
2021; and 
Assessment of the required accounting disclosures of the Loan Notes and 
•
related subsequent events in accordance with IFRS 9 Financial Instruments 
and IFRS 7 Financial Instruments: Disclosures. 
We found no material misstatements arising from our procedures, however 
based on evidence obtained, we note that the recoverability of the Group’s 
investment (Loan Notes and equity investment) in MLPL is dependent on the 
ability of the OML 18 operator, Eroton, to make distributions which remains 
subject to a number of restrictions. 
On completion of the Potential Transaction (which is uncertain), outstanding 
MLPL Loan Notes would be eliminated. 
There is a signiﬁcant uncertainty in relation to the completion of the Potential 
Transaction, which is interlinked with the carrying value of the Group’s 
investment in and Loan Notes from MLPL, which we have set out in detail in the 
Material uncertainty related to going concern section of our audit report above.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      49
Our application of materiality and an overview of the scope of our audit 
Materiality for the Group and Company ﬁnancial statements as a whole was set at US$840,000 (2020: US$800,000) and 
US$740,000 (2020: US$800,000) respectively. This has been calculated using a benchmark of Group and Company total assets 
(of which it represents approximately 0.5% (2020: 0.5%)), which we have determined, in our professional judgement, to be one of 
the principal benchmarks within the ﬁnancial statements relevant to the members of the Company in assessing ﬁnancial performance. 
We report to the Audit and Risk Committee all corrected and uncorrected misstatements we identiﬁed through our audit in excess 
of US$42,000 (2020: US$40,000), in addition to other audit misstatements below that threshold that we believe warranted 
reporting on qualitative grounds. We evaluate any uncorrected misstatements against both the quantitative measures of 
materiality discussed above and in light of other relevant qualitative considerations in forming our opinion. 
The accounting records of the Company and its subsidiaries are maintained in Ireland. The accounting records of the equity 
accounted investment in MLPL are maintained in Nigeria. The accounting records of the equity accounted investment in ELI are 
maintained in Malta.100% of total Group revenue, 100% of the Group’s proﬁt before taxation and 100% of Group total assets were 
subject to audit for group reporting purposes. 
For the three signiﬁcant components in the scope of our audit, the parent Company San Leon Energy plc (audited by the Group 
team), the equity accounted investment MLPL (audited by the component auditor) and the equity accounted investment in ELI 
(audited by component auditor), the Group audit team considered aggregation risk in setting component materiality having regard 
to the size and risk proﬁle of the components across the Group. The Group audit team instructed the component auditors as to 
the signiﬁcant areas to be covered including the relevant risks detailed above and the information to be reported back. 
The Group audit team held a number of video and telephone conference calls with the component auditors of the MLPL and ELI 
components to assess the audit risk and strategy and work undertaken. We reviewed the component auditors’ procedures and 
conclusions over the signiﬁcant risks identiﬁed by us. In our discussions, the matters subject to audit and the ﬁndings reported to 
the Group audit team were discussed in more detail and any further work required by the Group audit team was then performed 
by the component auditors. 
Other information 
The Directors are responsible for the preparation of the other information presented in the Annual Report together with the 
ﬁnancial statements. The other information comprises the information included in the Directors’ report, Overview report, 
Strategic report, Corporate Governance report and other information. 
The ﬁnancial statements and our auditor’s report thereon do not comprise part of the other information. Our opinion on the 
ﬁnancial statements does not cover the other information and, accordingly, we do not express an audit opinion or, except as 
explicitly stated below, any form of assurance conclusion thereon.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

50       SAN LEON  ANNUAL REPORT 2021
Independent Auditor’s report 
Continued
Our responsibility is to read the other information and, in doing so, consider whether, based on our ﬁnancial statements audit 
work, the information therein is materially misstated or inconsistent with the ﬁnancial statements or our audit knowledge. Based 
solely on that work we have not identiﬁed material misstatements in the other information. 
Based solely on our work on the other information undertaken during the course of the audit, we report that: 
we have not identiﬁed material misstatements in the Directors’ report; 
•
in our opinion, the information given in the Directors’ report is consistent with the ﬁnancial statements; and 
•
in our opinion, the Directors’ report has been prepared in accordance with the Companies Act 2014. 
•
Our opinions on other matters prescribed the Companies Act 2014 are unmodiﬁed 
We have obtained all the information and explanations which we consider necessary for the purpose of our audit. 
In our opinion, the accounting records of the Company were sufficient to permit the ﬁnancial statements to be readily and 
properly audited and the Company’s ﬁnancial statements are in agreement with the accounting records. 
We have nothing to report on other matters on which we are required to report by exception 
The Companies Act 2014 requires us to report to you if, in our opinion the disclosures of Directors’ remuneration and transactions 
required by Sections 305 to 312 of the Act are not made. 
We have nothing to report in this regard. 
Respective responsibilities and restrictions on use 
Directors’ responsibilities 
As explained more fully in their statement set out on page 44, the Directors are responsible for: the preparation of the ﬁnancial 
statements including being satisﬁed that they give a true and fair view; such internal control as they determine is necessary to 
enable the preparation of ﬁnancial statements that are free from material misstatement, whether due to fraud or error; assessing 
the Group and Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern; and 
using the going concern basis of accounting unless they either intend to liquidate the Group or the Company or to cease 
operations, or have no realistic alternative but to do so. 
Auditor’s responsibilities for the audit of the ﬁnancial statements 
Our objectives are to obtain reasonable assurance about whether the ﬁnancial statements as a whole are free from material 
misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is 
a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (Ireland) will always detect a 
material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or 
in the aggregate, they could reasonably be expected to inﬂuence the economic decisions of users taken on the basis of these 
ﬁnancial statements. 
A fuller description of our responsibilities is provided on IAASA’s website at 
http://www.iaasa.ie/Publications/Auditing-standards/International-Standards-on-Auditing-for-use-in-Ire/Description-of-the- 
auditor-s-responsibilities-for.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      51
The purpose of our audit work and to whom we owe our responsibilities 
Our report is made solely to the Company’s members, as a body, in accordance with Section 391 of the Companies Act 2014. 
Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state 
to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume 
responsibility to anyone other than the Company and the Company’s members, as a body, for our audit work, for this report, 
or for the opinions we have formed. 
 
 
Niall Savage 
for and on behalf of 
KPMG 
Chartered Accountants, Statutory Audit Firm 
1 Stokes Place 
St. Stephen’s Green 
Dublin 2 
8 July 2022
Overview
Strategic report
Corporate governance
Financial Statements
Other information

52       SAN LEON  ANNUAL REPORT 2021
Consolidated income statement 
for the year ended 31 December 2021
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                  Notes                      US$’000                      US$’000 
Continuing operations 
Revenue from contracts with customers                                                                                                2                    5,747                            – 
Gross proﬁt                                                                                                                                                                       5,747                            – 
Share of proﬁt/(loss) of equity accounted investments                                                                       13                  14,532                   (1,139) 
Administrative expenses                                                                                                                                              (12,867)               (14,918) 
Proﬁt/(loss) on disposal of subsidiaries                                                                                                   4                  16,615                   (1,044) 
Impairment/write off of exploration and evaluation assets                                                                12                      (206)                     (196) 
Other income                                                                                                                                              3                    4,560                            – 
Proﬁt/(loss) from operating activities                                                                                                                       28,381                 (17,297) 
Finance expense                                                                                                                                         6                      (129)                     (131) 
Finance income                                                                                                                                           7                  14,599                  17,442 
Expected credit losses                                                                                                                               8                    1,192                 (13,692) 
Fair value movements in ﬁnancial assets                                                                                              15                   (2,551)                   4,073 
Proﬁt/(loss) before income tax                                                                                                                                  41,492                   (9,605) 
Income tax expense                                                                                                                                 10                      (775)                  (2,248) 
Proﬁt/(loss) for the ﬁnancial year                                                                                                                              40,717                 (11,853) 
Proﬁt/(loss) per share (cent) – total 
Basic proﬁt/(loss) per share                                                                                                                     11                      9.05                     (2.63) 
Diluted proﬁt/(loss) per share                                                                                                                 11                      8.94                     (2.63) 
The accompanying notes on pages 58 to 107 form an integral part of these ﬁnancial statements.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      53
Consolidated statement of other comprehensive income 
for the year ended 31 December 2021
Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                  Notes                      US$’000                      US$’000 
Proﬁt/(loss) for the year                                                                                                                                                 40,717                 (11,853) 
Items that may be reclassiﬁed subsequently to proﬁt or loss 
Currency translation differences – subsidiaries                                                                                   24                         56                         83 
Recycling of currency translation reserve on disposal of subsidiaries                                              24                (16,615)                   1,044 
Fair value movements in ﬁnancial assets                                                                                              15                            –                      (194) 
Total other comprehensive income                                                                                                                        (16,559)                      933 
Total comprehensive proﬁt/(loss) for the year                                                                                                       24,158                 (10,920) 
The accompanying notes on pages 58 to 107 form an integral part of these ﬁnancial statements.

54       SAN LEON  ANNUAL REPORT 2021
Consolidated statement of changes in equity 
for the year ended 31 December 2021
                                                                                                                                                      Other un-                                                              Share                                                   Attributable 
                                                                                                              Share             Share          denom-                                Currency             based                                                        to equity 
                                                                                                            capital       premium             inated           Special     translation        payment       Fair value        Retained          holders 
                                                                                                           reserve          reserve          reserve          reserve          reserve          reserve          reserve        earnings        in Group 
2020                                                                                             US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000 
Balance as at 1 January 2020                            5,172     21,077           623        5,024     24,621     14,292       (2,505)  127,544   195,848 
Total comprehensive income for year 
Loss for the year                                                         –                –                –                –                –                –                –    (11,853)   (11,853) 
Other comprehensive income 
Foreign currency translation 
differences – subsidiaries                                          –                –                –                –             83                –                –                –             83 
Recycling of currency translation 
reserve on disposal of subsidiaries                         –                –                –                –        1,044                –                –                –        1,044 
Fair value movements in ﬁnancial assets                –                –                –                –                –                –          (194)               –          (194) 
Total comprehensive income for year                      –                –                –                –        1,127                –          (194)   (11,853)   (10,920) 
Transactions with owners 
recognised directly in equity 
Contributions by and 
distributions to owners 
Dividend payment (Note 23)                                     –                –                –                –                –                –                –    (33,251)   (33,251) 
Share buybacks (Note 22)                                     (15)               –             15                –                –                –                –          (507)         (507) 
Share-based payment                                               –                –                –                –                –           417                –                –           417 
Effect of share options modiﬁed                              –                –                –                –                –           473                –                –           473 
Effect of options expired                                           –                –                –                –                –            (43)               –             43                – 
Total transactions with owners                         (15)               –             15                –                –           847                –    (33,715)   (32,868) 
Balance at 31 December 2020                        5,157     21,077           638        5,024     25,748     15,139       (2,699)    81,976   152,060 
The accompanying notes on pages 58 to 107 form an integral part of these ﬁnancial statements.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      55
Consolidated statement of changes in equity continued 
for the year ended 31 December 2021
Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                      Other un-                                                              Share                                                   Attributable 
                                                                                                              Share             Share          denom-                                Currency             based                                                        to equity 
                                                                                                            capital       premium             inated           Special     translation        payment       Fair value        Retained          holders 
                                                                                                           reserve          reserve          reserve          reserve          reserve          reserve          reserve        earnings        in Group 
2021                                                                                             US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000 
Balance as at 1 January 2021                            5,157     21,077           638        5,024     25,748     15,139       (2,699)    81,976   152,060 
Total comprehensive income for year 
Proﬁt for the year                                                       –                –                –                –                –                –                –     40,717     40,717 
Other comprehensive income 
Foreign currency translation 
differences – subsidiaries                                          –                –                –                –             56                –                –                –             56 
Recycling of currency translation 
reserve on disposal of subsidiaries                         –                –                –                –    (16,615)               –                –                –    (16,615) 
Fair value movements in ﬁnancial assets                –                –                –                –                –                –                –                –                – 
Total comprehensive income for year                      –                –                –                –    (16,559)               –                –     40,717     24,158 
Transactions with owners 
recognised directly in equity 
Contributions by and 
distributions to owners 
Dividend payment (Note 23)                                     –                –                –                –                –                –                –                –                – 
Share buybacks (Note 22)                                         –                –                –                –                –                –                –                –                – 
Share-based payment                                               –                –                –                –                –                –                –                –                – 
Effect of share options modiﬁed                              –                –                –                –                –                –                –                –                – 
Effect of options expired                                           –                –                –                –                –       (2,230)               –        2,230                – 
Total transactions with owners                             –                –                –                –                –       (2,230)               –        2,230                – 
Balance at 31 December 2021                        5,157      21,077           638        5,024        9,189      12,909       (2,699)  124,923   176,218 
The accompanying notes on pages 58 to 107 form an integral part of these ﬁnancial statements.

56       SAN LEON  ANNUAL REPORT 2021
Consolidated statement of ﬁnancial position 
as at 31 December 2021 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                  Notes                      US$’000                      US$’000 
Assets 
Non-current assets 
Intangible assets                                                                                                                                        12                            –                            – 
Equity accounted investments                                                                                                                13                  58,634                  44,102 
Property, plant and equipment                                                                                                               14                    2,510                    3,294 
Financial assets                                                                                                                                          15                  10,657                  17,846 
                                                                                                                                                                                          71,801                  65,242 
Current assets 
Inventory                                                                                                                                                    16                       168                       183 
Trade and other receivables                                                                                                                    17                  13,642                    1,878 
Financial assets                                                                                                                                          15                  91,159                  72,889 
Cash and cash equivalents                                                                                                                      18                    7,592                  18,510 
                                                                                                                                                                                        112,561                  93,460 
Total assets                                                                                                                                                                  184,362               158,702 
Equity and liabilities 
Equity 
Called up share capital                                                                                                                             22                    5,157                    5,157 
Share premium account                                                                                                                          22                  21,077                  21,077 
Other undenominated reserve                                                                                                                                          638                       638 
Special reserve                                                                                                                                          24                    5,024                    5,024 
Share-based payments reserve                                                                                                         24/25                  12,909                  15,139 
Currency translation reserve                                                                                                                   24                    9,189                  25,748 
Fair value reserve                                                                                                                                      24                   (2,699)                  (2,699) 
Retained earnings                                                                                                                                                        124,923                  81,976 
Total equity attributable to equity shareholders                                                                                                     176,218               152,060 
Non-current liabilities 
Lease liability                                                                                                                                              28                    2,054                    2,428 
Derivative                                                                                                                                                    20                            –                            9 
Deferred tax liabilities                                                                                                                               27                    1,282                       518 
                                                                                                                                                                                            3,336                    2,955 
Current liabilities 
Trade and other payables                                                                                                                        19                    4,752                    3,631 
Provisions                                                                                                                                                   21                         56                         56 
                                                                                                                                                                                            4,808                    3,687 
Total liabilities                                                                                                                                                                  8,144                    6,642 
Total equity and liabilities                                                                                                                                         184,362               158,702 
The accompanying notes on pages 58 to 107 form an integral part of these ﬁnancial statements. 
Oisín Fanning, Director                          Julian Tedder, Director 
8 July 2022

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      57
Consolidated statement of cash ﬂows 
for the year ended 31 December 2021 
Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                  Notes                      US$’000                      US$’000 
Cash ﬂows from operating activities 
Proﬁt/(loss) for the year – continuing operations                                                                                                      40,717                 (11,853) 
Adjustments for: 
Depreciation                                                                                                                                              14                    1,028                    1,028 
Finance expense                                                                                                                                         6                       129                       131 
Finance income                                                                                                                                           7                (14,599)               (17,442) 
Share-based payments charge                                                                                                                                               –                       890 
Foreign exchange                                                                                                                                                                    (9)                      113 
Income tax expense                                                                                                                                 10                       775                    2,248 
Impairment of exploration and evaluation assets – continuing operations                                     12                       206                       196 
Expected credit losses                                                                                                                               8                   (1,192)                13,692 
Proﬁt/(loss) on disposal of subsidiaries                                                                                                   4                (16,615)                   1,044 
Fair value movements in ﬁnancial assets                                                                                              15                    2,551                   (4,073) 
Decrease/(increase) in inventory                                                                                                            16                         15                          (3) 
Increase in trade and other receivables                                                                                                                    (11,765)                     (897) 
Increase/(decrease) in trade and other payables                                                                                                        1,068                   (1,778) 
Share of (proﬁt)/loss of equity-accounted investments                                                                      13                (14,532)                   1,139 
Tax paid                                                                                                                                                                                   35                            – 
Net cash outﬂow from operating activities                                                                                                           (12,188)               (15,565) 
Cash ﬂows from investing activities 
Expenditure on exploration and evaluation assets                                                                             12                      (206)                     (196) 
Lease – prepaid rental                                                                                                                              28                      (244)                           – 
Interest and investment income received                                                                                               7                            –                         47 
Acquisition of ELI Equity Interest                                                                                                        13/15                            –                      (443) 
ELI Loan Notes issued                                                                                                                              15                            –                 (14,557) 
OML 18 Loan Notes principal payments received                                                                               15                            –                  35,285 
OML 18 Loan Notes interest payments received                                                                                 15                    2,150                  11,215 
Net cash inﬂow from investing activities                                                                                                                   1,700                  31,351 
Cash ﬂows from ﬁnancing activities 
Dividends paid                                                                                                                                           23                            –                 (33,251) 
Share buybacks                                                                                                                                                                         –                      (507) 
Repayment of lease liability – principal                                                                                                  28                      (227)                     (211) 
Interest paid                                                                                                                                                 6                      (129)                     (131) 
Net cash outﬂow from ﬁnancing activities                                                                                                                  (356)               (34,100) 
Net decrease in cash and cash equivalents                                                                                                           (10,844)               (18,314) 
Effect of foreign exchange ﬂuctuation on cash and cash equivalents                                                                          (74)                      127 
Cash and cash equivalents at start of year                                                                                        18                  18,510                  36,697 
Cash and cash equivalents at end of year                                                                                         18                    7,592                  18,510 
The accompanying notes on pages 58 to 107 form an integral part of these ﬁnancial statements.

58       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 
1. Accounting policies 
San Leon Energy plc (“the Company”) is a company incorporated and domiciled in the Republic of Ireland. The Company’s ordinary 
shares are admitted to trading on the AIM Market of the London Stock Exchange. The Group ﬁnancial statements consolidate 
those of the Company and its subsidiaries (together referred to as the “Group”). The registered office address is 2 Shelbourne 
Buildings, Crampton Avenue, Shelbourne Road, Ballsbridge, Dublin 4. 
Statement of compliance 
As required by AIM rules and permitted by Company Law, the Group ﬁnancial statements have been prepared in accordance with 
International Financial Reporting Standards (“IFRS”) as adopted by the EU. The IFRS adopted by the EU as applied by the Group in 
the preparation of these ﬁnancial statements are those that were effective for accounting periods commencing on or before 
1 January 2021 or were early adopted as indicated below. 
New standards required by EU companies for the year ended 31 December 2021 
The following new standards and amendments were adopted by the Group for the ﬁrst time in the current ﬁnancial reporting period. 
New standards and interpretations effective that were adopted 
Standard                                                                                                                                                                      IASB effective date                      EU effective date 
Covid-19 Related Rent Concessions (Amendment to IFRS 16)                                           1 June 2020                        1 June 2020 
Interest Rate Benchmark Reform – Phase 2 (Amendments to IFRS 9, 
IAS 39, IFRS 7, IFRS 4 and IFRS 16)                                                                                           1 January 2021                   1 January 2021 
The standards listed above, are effective from 1 January 2021 but they do not have a material effect on the Group’s ﬁnancial statements. 
New standards and amendments issued by the IASB but not yet effective 
There are a number of new standards, amendments to standards and interpretations that are not yet effective and have not been 
applied in preparing these consolidated ﬁnancial statements. These new standards, amendments to standards and interpretations 
are either not expected to have a material impact on the Group ﬁnancial statements or are still under assessment by the Group. 
The principal new standards, amendments to standards and interpretations are as follows: 
Standard                                                                                                                                                                      IASB effective date                      EU effective date 
Covid-19-Related Rent Concessions beyond 30 June 2021 (Amendment to IFRS 16)    1 April 2021                        1 April 2021 
Onerous Contracts – Cost of Fulﬁlling a Contract (Amendments to IAS 37)                     1 January 2022                   1 January 2022 
Annual Improvements to IFRS Standards 2018 – 2020                                                       1 January 2022                   1 January 2022 
Property, Plant and Equipment: Proceeds before Intended Use 
(Amendments to IAS 16)                                                                                                           1 January 2022                   1 January 2022 
Reference to the Conceptual Framework (Amendments to IFRS 3)                                  1 January 2022                   1 January 2022 
Classiﬁcation of Liabilities as Current or Non-current (Amendments to IAS 1)                1 January 2023                   1 January 2023 
IFRS 17 Insurance Contracts and amendments to IFRS 17 Insurance Contracts            1 January 2023                   1 January 2023 
Disclosure of Accounting Policies (Amendments to IAS 1 
and IFRS Practice Statement 2)                                                                                                1 January 2023                   1 January 2023 
Deﬁnition of Accounting Estimate (Amendments to IAS 8)                                                 1 January 2023                   1 January 2023 
Deferred Tax Related to Assets and Liabilities Arising from 
a Single Transaction – Amendments to IAS 12 Income Taxes                                            1 January 2023                   1 January 2023 
Sale or Contribution of Assets between an Investor and its Associate or                         Effective date                     Effective date  
Joint Venture (Amendments to IFRS 10 and IAS 28)                                                             deferred indeﬁnitely          deferred indeﬁnitely 

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      59
1. Accounting policies continued 
New standards that came into effect on 1 January 2022 will be applied in the year ending 31 December 2021 ﬁrst reporting to 
include these will be for the period ending 30 June 2022. The Directors do not believe that any of these standards will have a 
signiﬁcant impact on Group reporting. 
Basis of preparation 
The Group ﬁnancial statements are prepared on the historical cost basis, except for ﬁnancial assets (net proﬁt interests, quoted 
shares and unquoted shares), which are carried at fair value, and equity settled share option awards and warrants which are 
measured at grant date fair value. 
Going concern 
The Directors have prepared a detailed cash ﬂow forecast for the Group for the period from 1 June 2022 to 31 December 2023. 
The principal assumptions underlying the cash ﬂow forecast and the availability of ﬁnance to the Group are as follows: 
The proposed reorganisation to consolidate Midwestern Oil and Gas Company Limited’s (“Midwestern”) shareholdings in: 
•
i) the Company; and ii) Midwestern Leon Petroleum Limited (“MLPL”) into a single shareholding in the Company (the “Potential 
Transaction”) completes in the second half of 2022. The Potential Transaction also comprises, inter alia, a proposed consolidation 
of Midwestern’s indirect debt and equity interests in Energy Link Infrastructure (Malta) Limited (“ELI”) with those of the Company, 
as well as further new debt and new and existing equity investments to be made by San Leon in ELI (“Further ELI Investments”); 
Eroton Exploration and Production Company Limited (“Eroton”) acquires an additional 18% interest in OML 18 from two of the 
•
other partners in OML 18, thereby taking Eroton’s interest in OML 18 to 45%. This is subject, inter alia, to: i) agreeing 
documentation; ii) ﬁnalising bank ﬁnancing; and iii) receiving the relevant regulatory consents in Nigeria; 
A loan of US$50.0 million is secured to ﬁnance the Potential Transaction; 
•
Elimination of the MLPL loan notes on completion of the Potential Transaction; 
•
Under an Asset Management Agreement with Eroton, San Leon receives US$0.5 million per month for technical and ﬁnancial 
•
advisory services following completion of the Potential Transaction; 
Repayments from ELI of loan notes of US$37.6 million during 2022 and 2023;  
•
Repayment from Eroton of a debt from the provision of services under a technical services contract of US$3.0 million during 
•
2022; and 
A further loan of US$2.5 million is given to Decklar Petroleum Limited in relation to its Oza investment as per the option agreement. 
•
Due to the Potential Transaction not having completed at the date of the Annual Report there is an inherent material uncertainty 
that completion will not occur as anticipated.  
The Group has modelled various other scenarios assuming the Potential Transaction does not complete and given the Group’s 
well understood cost base, the principal uncertainty if the Potential Transaction does not complete relates to the quantum and 
timing of receipt of interest and capital repayments on the Loan Notes with MLPL, which would remain in place, and the loan 
Notes with ELI. 
It was originally envisaged that the MLPL Loan Note payments due to the Group would be sourced by MLPL from the receipt of 
dividends through its indirect interest in Eroton via Martwestern. These dividends have not been received to date and consequently 
MLPL has entered into loan arrangements in order to be able to make Loan Note payments to the Company. In the absence of the 
dividend payments, MLPL will be reliant on further advances under the loan arrangement and in turn being able to make Loan Note 
payments to the Company. The Company has no obligation arising from the loan arrangements entered into by MLPL.  
The loan repayments due from ELI were due to start in 2021 but have been delayed due to operational readiness of the FSO 
and ACOES project being delayed. The Directors have a reasonable expectation that ELI will be revenue generating imminently 
with the commencement of barging operations, and while loan repayments have been delayed, they should commence in the 
second half of 2022. 
Due to the uncertainty on timing of future cash ﬂows the MLPL and ELI loan notes have both been credit impaired.  
Overview
Strategic report
Corporate governance
Financial Statements
Other information

60       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
1. Accounting policies continued 
In the ultimate downside scenario where no repayments are received from MLPL and ELI, the US$50.0 million loan secured by the 
Company to fund the Potential Transaction can be drawn to facilitate completion of the further ELI Investments, with the remaining 
balance being used for general corporate purposes. In this scenario the working capital requirements of the Group can be met for 
the 12-month period from the date of approval of the ﬁnancial statements, although a reduction to administrative costs is required 
in 2023, which the Directors believe is achievable and within their control. 
However, while the working capital requirements of the Group can be met for the 12-month period, the Directors believe that the 
continued viability of the Group and Company into the future is dependent on the completion of the Proposed Transaction. As such, 
the completion of the Proposed Transaction creates signiﬁcant uncertainty upon the Group and Company’s ability to continue as a 
going concern beyond the 12-month period. The Directors’ have concluded that this represents a material uncertainty which may 
cast signiﬁcant doubt upon the Group and Company's ability to continue as a going concern and that, therefore, the Group and 
Company may be unable to continue realising its assets and discharging its liabilities in the normal course of business.  
Having taken all the above factors into account, the directors continue to believe it is appropriate to prepare these ﬁnancial 
statements on a going concern basis, noting the material uncertainty that exists on the completion of the Potential Transaction 
and its impact on the Company and Group’s ability to continue as a going concern. The ﬁnancial statements do not include any 
adjustments that would be necessary if the group were unable to continue as a going concern. 
Functional and presentation currency 
Items included in the ﬁnancial statements of each of the Group’s entities are measured using the currency of the primary 
economic environment in which the entity operates (the “functional currency”). These consolidated ﬁnancial statements are 
presented in US Dollars (US$), which is the Group’s presentational currency, rounded to the nearest thousand. 
Use of estimates and judgements 
The preparation of ﬁnancial statements, in conformity with EU IFRS, requires management to make judgements, estimates and 
assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results 
may differ from these estimates. The estimates and associated assumptions are based on historical experience and various other 
factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgements 
about carrying values of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions 
are reviewed on an on-going basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised 
and in any future periods affected. In particular, signiﬁcant areas of estimation uncertainty and critical judgements used in applying 
accounting policies that have the most signiﬁcant effect on the amounts recognised in the ﬁnancial statements include: 
Judgements 
Going concern (Note 1) 
•
Classiﬁcation of ﬁnance income (Note 7) 
•
Impairment of investment in subsidiary (Note B) 
•
Recoverability of equity accounted investments (Note 13) 
•
Recoverability of ﬁnancial assets (Note 15) 
•
Estimates 
Measurement of equity accounted investments (Note 13) 
•
Measurement of ﬁnancial assets (Note 15) 
•
Measurement of share-based payments (Note 25) 
•
Recognition of deferred tax asset for tax losses (Note 27) 
•
Basis of consolidation 
The ﬁnancial information incorporates the ﬁnancial information of the Group. Control is deﬁned as when the Group is exposed to or 
has the rights to variable returns from its investment with the entity and has the ability to affect these returns through its power over 
the entity. The ﬁnancial statements of subsidiaries are included in the consolidated ﬁnancial statements from the date control 
commences until the date that control ceases. Where necessary, adjustments are made to the ﬁnancial information of subsidiaries to 
bring their accounting policies into line with those used by other members of the Group. Intra-group balances and any unrealised gains 
and losses or income or expenses arising from intragroup transactions are eliminated in preparing the Group ﬁnancial statements.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      61
1. Accounting policies continued 
Business combinations and goodwill 
Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which 
control is transferred to the Group. Control is deﬁned as when the Group have the rights to variable returns from its investment 
with the entity and have the ability to affect these returns through its power over the entity. In assessing control, the Group takes 
into consideration potential voting rights that currently are substantive. 
Acquisitions 
The Group measures goodwill at the acquisition date as: 
the fair value of the consideration transferred; plus 
•
the recognised amount of any non-controlling interests in the acquiree; plus, if the business combination is achieved in stages, 
•
the fair value of the existing equity interest in the acquiree; less 
the net recognised amount (generally fair value) of the identiﬁable assets acquired and liabilities assumed. 
•
When the excess is negative, a bargain purchase gain is recognised immediately in proﬁt or loss. 
Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in 
connection with a business combination are expensed as incurred. 
Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration is classiﬁed 
as equity, it is not re-measured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of 
the contingent consideration are recognised in proﬁt or loss. 
Intangible assets – exploration and evaluation assets 
Expenditure incurred prior to obtaining the legal rights to explore an area is recognised in proﬁt or loss as incurred. All other 
expenditure relating to licence acquisition, exploration, evaluation and appraisal of oil and gas interests, including an appropriate 
share of directly attributable overheads, is capitalised on a licence by licence basis. 
Exploration and evaluation assets are carried at cost until the exploration phase is complete or commercial reserves have been 
discovered. The Group regularly review the carrying amount of exploration and evaluation assets for indicators of impairment and 
capitalised costs are written off where the carrying amount of assets may not be recoverable. Where commercial reserves have 
been established and development is approved by the Board, the relevant expenditure is transferred to oil and gas properties 
following assessment of impairment. 
Impairment of non-ﬁnancial assets 
The carrying amounts of the Group’s assets are reviewed at each reporting date and, if there is any indication that an asset may be 
impaired, its recoverable amount is estimated. The recoverable amount is the higher of its fair value less costs to sell and its value in use. 
Estimates of impairment are limited to an assessment by the Directors of any events or changes in circumstance that would 
indicate that the carrying amount of the asset may not be recoverable. 
Any impairment loss arising from the review is recognised in proﬁt or loss to the extent the carrying amount of the asset exceeds 
its recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the 
carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. 
Property, plant and equipment 
Property, plant and equipment are stated at cost less accumulated depreciation. Depreciation is provided at rates calculated to 
write off the cost less residual value of each asset over its expected useful life. The residual value is the estimated amount that 
would currently be obtained from disposal of the asset if the asset were already of the age and in the condition expected at the 
end of its useful life. The annual rate of depreciation for each class of depreciable asset is: 
 
Office equipment                                     25% Straight line 
Motor vehicles                                          20% Reducing balance 
Plant and equipment                               20% – 33% Straight line 
Leased assets                                           Shorter of the term of lease or useful life of the asset as deﬁned under IFRS 16
Overview
Strategic report
Corporate governance
Financial Statements
Other information

62       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
1. Accounting policies continued 
Inventories 
Inventories are valued at the lower of cost and net realisable value. 
Joint ventures 
The Group has also entered into a joint venture arrangement which is operated through a joint venture. The Group accounts for 
its interest in this entity on an equity basis, with Group share of proﬁt or loss after tax recognised in the Income Statement and its 
share of Other Comprehensive Income (“OCI”) of the joint venture recognised in OCI. 
Financial assets and ﬁnancial liabilities 
i. Recognition and initial measurement 
Financial assets are classiﬁed at initial recognition and subsequently measured at amortised cost, Fair Value through Other 
Comprehensive Income (“FVOCI”) or Fair Value Through Proﬁt or Loss (“FVTPL”). The classiﬁcation of ﬁnancial assets is determined 
by the contractual cash ﬂows and where applicable the business model for managing the ﬁnancial assets. 
A ﬁnancial asset or ﬁnancial liability is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are 
directly attributable to its acquisition or issue. 
ii. Classiﬁcation and subsequent measurement 
Financial assets 
On initial recognition, a ﬁnancial asset is classiﬁed as measured at: amortised cost; FVOCI – debt investment; FVOCI – equity 
investment; or FVTPL. Financial assets are not reclassiﬁed subsequent to their initial recognition unless the Group changes its 
business model for managing ﬁnancial assets. 
A ﬁnancial asset is measured at amortised cost if the objective of the business model is to hold the ﬁnancial asset in order to 
collect contractual cash ﬂows and the contractual terms give rise to cash ﬂows that are solely payments of principal and interest. 
Subsequently the ﬁnancial asset is measured using the effective interest method less any impairment. The amortised cost is 
reduced by impairment losses in accordance with Group policy set out below. Interest income, foreign exchange gains and losses 
and impairment are recognised in proﬁt or loss. Any gain or loss on derecognition is recognised in proﬁt or loss. 
The business model in which a ﬁnancial asset is held is assessed at an individual asset level for assets that are individually material, 
and otherwise at a portfolio level. Financial assets that are held as part of a long-term strategic investment are considered within 
a business model to collect contractual cash ﬂows. 
In assessing whether the contractual cash ﬂows are solely payments of principal and interest, the Group considers the contractual 
terms of the instrument. This includes assessing whether the ﬁnancial asset contains a contractual term that could change the 
timing or amount of contractual cash ﬂows such that it would not meet this condition. 
On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent 
changes in the investment’s fair value in OCI (FVOCI – equity investment). This election is made on an investment-by-investment 
basis. These assets are subsequently measured at fair value. Dividends are recognised as income in proﬁt or loss unless the 
dividend clearly represents a recovery of part of the cost of the investment. Other net gains and losses are recognised in OCI and 
are never reclassiﬁed to proﬁt or loss. 
All ﬁnancial assets not classiﬁed as measured at amortised cost or FVOCI as described above are measured at FVTPL. This includes 
all derivative ﬁnancial assets. These assets are subsequently measured at fair value. Net gains and losses, including any interest or 
dividend income, are recognised in proﬁt or loss. 
On initial recognition, the Group may irrevocably designate a ﬁnancial asset that otherwise meets the requirements to be 
measured at amortised cost or at FVOCI as at FVTPL if doing so eliminates or signiﬁcantly reduces an accounting mismatch that 
would otherwise arise.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      63
1. Accounting policies continued 
Financial liabilities 
Financial liabilities are classiﬁed as measured at amortised cost or FVTPL. A ﬁnancial liability is classiﬁed as at FVTPL if it is classiﬁed 
as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at 
fair value and net gains and losses, including any interest expense, are recognised in proﬁt or loss. Other ﬁnancial liabilities are 
subsequently measured at amortised cost using the effective interest method. Interest expense and foreign exchange gains and 
losses are recognised in proﬁt or loss. Any gain or loss on derecognition is also recognised in proﬁt or loss. 
iii. Impairment (including receivables) 
The Group recognises loss allowances for expected credit losses (“ECL’s”) on ﬁnancial assets measured at amortised cost. 
A provision for 12-month ECL is recognised in respect of low risk assets. A provision for the lifetime ECL is recognised in respect of 
higher risk assets that are not credit impaired. If an asset is credit impaired, the carrying amount of the asset is reduced by its 
lifetime ECL. 
The 12-month ECL represents the weighted average of credit losses that result from default events on a ﬁnancial instrument that 
are possible within the 12 months after the reporting date. This requires a number of outcomes to be considered, a probability 
assigned to each, and a resulting credit loss applied to each. ECLs are discounted at the effective interest rate of the ﬁnancial asset. 
12-month ECL is determined based on forward looking analysis where a range of outcomes have been considered taking into 
account the size and timing of the contractual cash ﬂows, the risk of late payment and the risk of default leading to less than full 
recovery of the amounts due. Lifetime ECL is calculated the same way, but over the relevant period. 
At each reporting date, the Group assesses whether ﬁnancial assets carried at amortised cost are credit-impaired. A ﬁnancial asset 
is ‘credit-impaired’ when one or more events that have a detrimental impact on the estimated future cash ﬂows of the ﬁnancial 
asset have occurred. The Group considers a ﬁnancial asset to be in default and presumed credit impaired when contractual 
payments are outstanding 90 days after their due date, unless there is reasonable information that amounts will be recovered; or 
when the borrower is unlikely to pay its credit obligations to the Group in full, without recourse by the Group to actions such as 
realising security including guarantees (if any is held). 
The Group has determined that MLPL is likely to meet its credit obligations as evidenced by the preparation of a Competent 
Persons Report in relation to San Leon’s interest in OML 18, however are uncertain of the timing of when these obligations will 
be met. The Group has therefore credit impaired the asset. 
The Group has determined that ELI is likely to meet its credit obligations as evidenced by recent management information in 
relation to San Leon’s interest in ELI. 
Write-off 
The gross carrying amount of a ﬁnancial asset is written off when the Group has no reasonable expectations of recovering a 
ﬁnancial asset in its entirety or a portion thereof. The Group expects no signiﬁcant recovery from the amount written off. 
However, ﬁnancial assets that are written off could still be subject to enforcement activities in order to comply with the Group’s 
procedures for recovery of amounts due. 
iv. Derecognition 
The Group derecognises a ﬁnancial asset when the contractual rights to the cash ﬂows from the ﬁnancial asset expire. 
The Group derecognises a ﬁnancial liability when its contractual obligations are discharged or cancelled or expire. 
On derecognition of a ﬁnancial asset or ﬁnancial liability, the difference between the carrying amount removed or extinguished 
and the consideration received or paid is recognised in proﬁt or loss.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

64       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
1. Accounting policies continued 
Decommissioning provision 
A provision is made for decommissioning of oil and gas wells. The cost of decommissioning is determined through discounting the 
amounts expected to be payable to their present value at the date the provision is recognised and reassessed at each reporting 
date. This amount is regarded as part of the total investment to gain access to economic beneﬁts and consequently capitalised as 
part of the cost of the asset and the liability is recognised in provisions. Such cost is depleted over the life of the asset on the basis 
of proven and probable reserves and charged to the Income Statement. The unwinding of the discount is reﬂected as a ﬁnance 
cost in the Income Statement over the life of the ﬁeld or well. 
Taxation 
Income tax expense comprises current and deferred tax. Income tax expense is recognised in the Consolidated Income Statement 
except to the extent that it relates to items recognised directly in Other Comprehensive Income or equity, in which case it is 
recognised in Other Comprehensive Income or equity. 
i. Current tax 
Current tax comprises the expected tax payable or receivable on the taxable income or loss for the year and any adjustment to the 
tax payable or receivable in respect of previous years. The amount of current tax payable or receivable is the best estimate of the 
tax amount expected to be paid or received that reﬂects uncertainty relates to income taxes, if any. It is measured using tax rates 
enacted or substantively enacted at the reporting date. Current tax also includes any tax arising from dividends. 
Current tax assets and liabilities are offset only if certain criteria are met. 
ii. Deferred tax 
Deferred tax is recognised using the liability method, providing for temporary differences between the carrying amounts of assets 
and liabilities for ﬁnancial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for the 
following temporary differences: the initial recognition of goodwill, the initial recognition of assets or liabilities in a transaction that 
is not a business combination and that affects neither accounting nor taxable proﬁt, and differences relating to investments in 
subsidiaries to the extent that they are controlled and probably will not reverse in the foreseeable future. Deferred tax is 
measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws 
that have been enacted or substantively enacted by the reporting date. 
A deferred tax asset is recognised to the extent that it is probable that future taxable proﬁts will be available against which the 
temporary differences can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that 
it is no longer probable that the related tax beneﬁt will be realised. 
Unrecognised deferred tax assets are reassessed as each reporting date and recognised to the extent that it has become 
probable that future taxable proﬁts will be available against which they can be used. 
Deferred tax assets and liabilities are offset only if certain criteria are met. 
Foreign currencies 
Transactions in foreign currencies are initially translated to the respective functional currencies of Group entities at the exchange 
rates at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies are retranslated to the 
functional currency at the exchange rates ruling at the reporting date with gains or losses recognised in proﬁt or loss. 
Non-monetary items are translated using the exchange rates ruling as at the date of the initial transaction. 
Foreign currency differences are generally recognised in proﬁt or loss and presented within ﬁnance costs. However, foreign 
currency differences arising from the translation of the following items are recognised in OCI: 
an investment in equity securities designated as at FVOCI (except on impairment, in which case foreign currency differences 
•
that have been recognised in OCI are reclassiﬁed to proﬁt or loss); 
a ﬁnancial liability designated as a hedge of the net investment in a foreign operation to the extent that the hedge is effective; and 
•
qualifying cash ﬂow hedges to the extent that the hedges are effective.
•

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      65
1. Accounting policies continued 
Foreign operations 
The assets and liabilities of foreign operations are translated into US Dollars at the exchange rate at the reporting date and the 
income and expenses of foreign operations are translated at the actual exchange rates at the date of the transaction or at average 
exchange rates for the year where this approximates to the actual rate. Exchange differences arising on translation are recognised 
in Other Comprehensive Income and presented in the foreign currency translation reserve in equity. Details of exchange rates 
used are set out in Note 30. 
Revenue recognition 
For the year ended 31 December 2021 the Group used the ﬁve-step model as prescribed under IFRS 15 on the Group’s revenue 
transactions. This included the identiﬁcation of the contract, identiﬁcation of the performance obligations under same, 
determination of the transaction price, allocation of the transaction price to performance obligations and recognition of revenue. 
The point of recognition arises when the Group satisﬁes a performance obligation by transferring control of promised drilling 
services and royalty income to the customer, which could occur over time. 
Finance income and expenses 
Interest income is accrued on a time basis by reference to the principal on deposit and the effective interest rate applicable. 
The ‘effective interest rate’ is the rate that at initial recognition exactly discounts estimated future cash payments or receipts 
through the expected life of the ﬁnancial instrument to: 
the gross carrying amount of the ﬁnancial asset; or 
•
the amortised cost of the ﬁnancial liability. 
•
In calculating interest income and expense, the effective interest rate is applied to the gross carrying amount of the asset 
(when the asset is not credit-impaired) or to the amortised cost of the liability. However, for ﬁnancial assets that have become 
credit-impaired subsequent to initial recognition, interest income is calculated by applying the effective interest rate to the 
amortised cost of the ﬁnancial asset net of impairment provision. If the asset is no longer credit-impaired, then the calculation 
of interest income reverts to the gross basis. 
Finance expenses comprise interest or ﬁnance costs on borrowings and unwinding of any discount on provisions using the 
effective interest rate. 
Share capital 
Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity. 
Share-based payments 
The Group has applied the requirements of IFRS 2 ‘share-based payments’. The Group issues share options as an incentive to 
certain key management and staff (including Directors), which are classiﬁed as equity settled share-based payment awards. 
The grant date fair value of share options granted to Directors and employees under the Group’s share option scheme is 
recognised as an expense over the vesting period with a corresponding credit to the share-based payments reserve. The fair 
value is measured at grant date and spread over the period during which the awards vest. 
The options issued by the Group are subject to both market-based and non-market based vesting conditions. Market conditions 
are included in the calculation of fair value at the date of the grant. Non-market vesting conditions are not taken into account when 
estimating the fair value of awards as at grant date; such conditions are taken into account through adjusting the number of the 
equity instruments that are expected to vest. 
The proceeds received will be credited to share capital (nominal value) and share premium when options are converted into 
ordinary shares. 
Where the terms of an equity-settled transaction are modiﬁed, an additional expense is recognised for any modiﬁcation that 
increases the total fair value of the share-based payment transaction, or is otherwise beneﬁcial to the employee as measured at 
the date of modiﬁcation.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

66       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
1. Accounting policies continued 
Where an equity-settled award is cancelled, it is treated as if it had vested on the date of cancellation, and any expense not yet 
recognised for the award is recognised immediately. However, if a new award is substituted for the cancelled award, and 
designated as a replacement award on the date that it is granted, the cancelled and new awards are treated as if they were a 
modiﬁcation of the original award, as described in the previous paragraph. 
Dividends 
The Group has elected to classify cash ﬂows from dividends paid as ﬁnancing activities. 
Earnings per share 
The Group present basic and diluted earnings per share (“EPS”) data for its ordinary shares. Basic EPS is calculated by dividing the 
proﬁt or loss attributable to equity shareholders of the Company by the weighted average number of ordinary shares outstanding 
during the period. Diluted EPS is determined by adjusting the proﬁt or loss attributable to ordinary shareholders and the weighted 
average number of ordinary shares outstanding for the effects of all dilutive potential ordinary shares, which comprise convertible 
notes, share options granted to employees and warrants. 
Cash and cash equivalents 
Cash and cash equivalents comprise cash at bank and in hand on demand. 
Leases 
As a lessee 
The Group recognises right-of-use assets representing its right to use the underlying assets and lease liabilities representing its 
obligation to make lease payments at the lease commencement date. The right-of-use assets are initially measured at cost, which 
comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, 
plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the 
underlying asset or to restore the site on which it is located, less any lease incentives received. 
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the end of the 
lease term, unless the lease transfers ownership of the underlying asset to the Group by the end of the lease term or the cost of 
the right-of-use asset reﬂects that the Group will exercise a purchase option. In that case the right-of-use asset will be depreciated 
over the useful life of the underlying asset, which is determined on the same basis as those of property and equipment. In 
addition, the right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of 
the lease liability. 
The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, 
discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Group’s incremental 
borrowing rate. Generally, the Group uses its incremental borrowing rate as the discount rate. 
The Group determines its incremental borrowing rate by obtaining interest rates from various external ﬁnancing sources and 
makes certain adjustments to reﬂect the terms of the lease and type of the asset leased. 
Lease payments included in the measurement of the lease liability comprise the following: 
ﬁxed payments, including in-substance ﬁxed payments; 
•
variable lease payments that depend on an index or rate, initially measured using the index or rate as at the 
•
commencement date; 
amounts expected to be payable under a residual value guarantee; and 
•
the exercise price under a purchase option that the Group is reasonably certain to exercise, lease payments in an optional 
•
renewal period if the Group is reasonably certain to exercise an extension option, and penalties for early termination of a lease 
unless the Group is reasonably certain not to terminate early.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      67
1. Accounting policies continued 
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in the 
Group’s estimate of the amount expected to be payable under a residual value guarantee, if the Group changes its assessment of 
whether it will exercise a purchase, extension or termination option or if there is a revised in-substance ﬁxed lease payment. 
When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use 
asset, or is recorded in proﬁt or loss if the carrying amount of the right-of-use asset has been reduced to zero. 
The Group presents right-of-use assets that do not meet the deﬁnition of investment property in ‘property, plant and equipment’ 
and lease liabilities in ‘loans and borrowings’ in the Statement of Financial Position. 
Short-term leases and leases of low-value assets 
The Group has elected not to recognise right-of-use assets and lease liabilities for leases of low-value assets and short-term leases, 
including IT equipment. The Group recognises the lease payments associated with these leases as an expense on a straight-line 
basis over the lease term. 
Segmental reporting 
A segment is a distinguishable component of the Group that is engaged in business activities from which it may earn revenues and 
incur expenses which is subject to risks and rewards that are different from those of other segments and for which discrete 
ﬁnancial information is available. 
All operating segments and results are regularly reviewed by the Board of Directors to make decisions about resources to be 
allocated to each segment and to assess its performance. 
Full details of the Group’s operating segments all of which are involved in oil and gas exploration and production are set out in 
Note 2 to the ﬁnancial statements. 
Fair value movement 
The Group has an established process with respect to the measurement of fair values. The ﬁnance team regularly reviews 
signiﬁcant unobservable inputs and valuation adjustments. If third party information, such as broker quotes or pricing services, 
is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the 
conclusion that such valuations meet the requirements of IFRS, including the level in the fair value hierarchy in which such 
valuations should be classiﬁed. 
Signiﬁcant valuation issues are reported to the Board. 
Level 1:
quoted prices (unadjusted) in active markets for identical assets or liabilities. 
Level 2:
inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly 
(i.e. as prices) or indirectly (i.e. derived from prices). 
Level 3:
inputs for the asset or liability that are not based on observable market data (unobservable inputs). 
For further detail on assumptions made in measuring Level 3 fair values see the following notes: 
Note 15 Financial Assets 
•
Note 20 Derivative
•
Overview
Strategic report
Corporate governance
Financial Statements
Other information

68       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
1. Accounting policies continued 
Assets and liabilities measured at fair value 
In accordance with IFRS 13, the Group discloses its assets and liabilities held at fair value after initial recognition in the following 
categories: FVOCI – equity instrument and FVTPL. 
With the exception of shares held in quoted entities, which are classiﬁed as Level 1 items under the fair value hierarchy, all assets 
and liabilities held at fair value are measured on the basis of inputs classiﬁed as Level 3 under the fair value hierarchy on the basis 
that the inputs underpinning the valuations are not based on observable market data as deﬁned in IFRS 13. 
Where derivatives are traded either on exchanges or liquid over-the-counter markets, the Group uses the closing price at the 
reporting date. Normally, the derivatives entered into by the Group are not traded in active markets. The fair values of these 
contracts are estimated using a valuation technique that maximises the use of observable market inputs, e.g. market exchange 
and interest rates. All derivatives entered into by the Group are included in Level 3 and consist of share warrants issued. 
2. Revenue and segmental information 
Operating segment information is presented on the basis of the geographical areas as detailed below, which represent the ﬁnancial basis 
by which the Group manages its operations. The Board of Directors, which has been recognised as the Chief Operating Decision Maker 
(“CODM”), regularly receive verbal or written reports at board meetings for each of the segments based on the below criteria which 
management consider to be appropriate in evaluating segment performance relative to other entities that operate in the industry. 
Revenue and Segmental Information 
                                                                         Poland        Morocco           Albania           Nigeria           Ireland  Netherlands              Spain   Unallocated#             Total  
2021                                                            US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000 
Total revenue                                            –                  –                  –          3,000                  –          2,747                  –                  –          5,747 
Impairment of exploration 
and evaluation assets                              –                  –            (206)                 –                  –                  –                  –                  –            (206) 
Segment proﬁt/(loss) 
before income tax                          16,439                  –            (206)      33,314         (2,552)         6,775                  –      (12,278)      41,492 
Property, plant and equipment              4                  –                  –                  –          2,506                  –                  –                  –          2,510 
Equity accounted investments               –                  –                  –       58,634                  –                  –                  –                  –       58,634 
Segment non-current assets                  4                  –                  –       65,000          6,797                  –                  –                  –       71,801 
Segment liabilities                                 (65)             (18)           (804)               (4)        (3,680)                 –            (745)        (2,828)       (8,144) 
# Unallocated expenditure and liabilities include amounts of a corporate nature and not speciﬁcally attributable to a reportable segment. 
Revenue relates to the provision of drilling services in Nigeria. It also relates to the settlement of the TAQA claim, please see 
Other income (Note 3).

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      69
2. Revenue and segmental information continued 
                                                                         Poland        Morocco           Albania           Nigeria           Ireland  Netherlands              Spain   Unallocated#              Total  
2020                                                            US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000 
Total revenue                                            –                  –                  –                  –                  –                  –                  –                  –                  – 
Impairment of exploration 
and evaluation assets                              –                  –            (196)                 –                  –                  –                  –                  –            (196) 
Segment (loss)/proﬁt 
before income tax                           (2,093)                 –            (196)         3,259          4,073                  –              (59)     (14,589)        (9,605) 
Property, plant and equipment            11                  –                  –             575          2,708                  –                  –                  –          3,294 
Equity accounted investments               –                  –                  –       44,102                  –                  –                  –                  –       44,102 
Segment non-current assets                11                  –                  –       55,729          9,502                  –                  –                  –       65,242 
Segment liabilities                                 (83)             (18)           (804)               (4)        (3,279)                 –            (748)        (1,706)        (6,642) 
# Unallocated expenditure and liabilities include amounts of a corporate nature and not speciﬁcally attributable to a reportable segment. 
3. Other income 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
TAQA settlement (i)                                                                                                                                                           4,027                            – 
Other (ii)                                                                                                                                                                                 533                            – 
                                                                                                                                                                                            4,560                            – 
(i) TAQA settlement 
In December 2021, the Group successfully concluded their ongoing legal proceedings with TAQA Offshore B.V. (“TAQA”) in relation 
to its legacy interests in two royalties on Block Q13A, which is located offshore the Netherlands (the “Amstel Oil Field”), including 
an Overriding Royalty Agreement entered into with Encore Oil as part of a sale and purchase agreement entered into in 2007 
(the “Royalty Agreements”). 
TAQA had subsequently purchased the interest from Encore Oil. Production from the Amstel Field started in 2014 but no royalties 
had been received. The Royalty Agreements became the subject of separate legal proceedings in the Netherlands and the UK. 
The royalties will continue to be payable in accordance with the terms and conditions of the Royalty Agreements. The Royalty 
Agreements represent legacy interests and any potential net future beneﬁt to the Group going forward from the Amstel Oil Field 
on a monthly basis is not expected to be particularly material to San Leon. 
The total TAQA settlement amounted to approximately US$6.8 million of which approximately US$2.7 million has been recognised 
as revenue in 2021 as this amount had not been previously provided for by the Company. 
(ii) Other 
Relates to the disposal of property, plant and equipment that had been fully impaired or depreciated to US$Nil in prior periods.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

70       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
4. Proﬁt/(loss) on disposal of subsidiaries 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Other, recycling from equity to income statement (i)                                                                                                16,615                   (1,044) 
                                                                                                                                                                                          16,615                   (1,044) 
(i) Other 
In 2021 the Group liquidated certain foreign operations that held non-core assets. The Group’s investment in the assets held by 
the subsidiaries has been fully impaired in prior periods. The liquidation of the foreign operations has resulted in the realisation of 
cumulative foreign currency gains of US$16.6 million (2020: losses of US$1.0 million), that had previously been recognised in 
equity. The realisation of the cumulative foreign currency gains and losses do not impact the consolidated assets or liabilities. 
5. Statutory information 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
The proﬁt/(loss) for the ﬁnancial year is stated after charging: 
Depreciation of property, plant, machinery and equipment                                                                                      1,028                    1,028 
Gain/(loss) on foreign currencies                                                                                                                                           9                      (113) 
Impairment of exploration and evaluation assets                                                                                                          206                       196 
Share-based payment charge                                                                                                                                                 –                       890 
During the year, the Group (including its overseas subsidiaries) obtained the following services from KPMG, the Group Auditor: 
Auditor’s remuneration 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Fees paid to lead audit ﬁrm: 
Audit of the Group ﬁnancial statements                                                                                                                          260                       238 
Audit of the subsidiary ﬁnancial statements                                                                                                                      69                         69 
Total                                                                                                                                                                                       329                       307 
During the year, the Group (including its equity accounted investment) obtained the following audit services, excluding the 
Group Auditor, KPMG: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Fees paid to other ﬁrms: 
Audit of equity accounted investments                                                                                                                              48                         48 
Total                                                                                                                                                                                         48                         48

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      71
6. Finance expense 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Interest on obligations for leases                                                                                                                                      129                       131 
7. Finance income 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Total ﬁnance income on Loan Notes (Note 15)                                                                                                         14,590                  17,276 
Movement in fair value of derivatives (Note 20)                                                                                                                  9                       119 
Deposit interest received                                                                                                                                                        –                         47 
                                                                                                                                                                                          14,599                  17,442 
All interest income is in respect of assets measured at amortised cost. 
8. Expected credit losses 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
OML 18 Loan Notes – impact of modiﬁcation (Note 15)                                                                                                    –                   (5,857) 
OML 18 Loan Notes – net remeasurement of loss allowance (Note 15)                                                                 1,447                   (7,450) 
ELI Loan Notes – initial recognition (Note 15)                                                                                                                       –                      (385) 
ELI Loan Notes – net remeasurement of loss allowance (Note 15)                                                                            (255)                           – 
                                                                                                                                                                                            1,192                 (13,692)
Overview
Strategic report
Corporate governance
Financial Statements
Other information

72       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
9. Personnel expenses 
Number of employees 
The average monthly number of employees (including the Directors) during the year was: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                 Number                     Number 
Directors                                                                                                                                                                                    6                            8 
Administration                                                                                                                                                                          8                         10 
Technical                                                                                                                                                                                    1                            1 
Seismic crew                                                                                                                                                                              1                            1 
                                                                                                                                                                                                  16                         20 
Employment costs (including Directors) 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Wages and salaries (excluding Directors)                                                                                                                      1,659                    1,437 
Directors’ salaries                                                                                                                                                              2,413                    2,678 
Directors’ bonuses                                                                                                                                                               490                    1,172 
Social welfare costs                                                                                                                                                              381                       428 
Directors’ fees and consultancy costs                                                                                                                               500                       607 
Share-based payment charge for options issued to Directors                                                                                          –                       418 
Employees’ pension                                                                                                                                                             197                         71 
Beneﬁts (including Directors)                                                                                                                                               99                         59 
Directors’ pension                                                                                                                                                                331                         99 
                                                                                                                                                                                            6,070                    6,969 
The Group contributes to a deﬁned contribution pension scheme for certain Executive Directors and employees. The scheme is 
administered by trustees and is independent of the Group ﬁnances. Total contributions by the Group to the pension scheme, 
including contributions for Directors amounted to US$0.5 million (2020: US$0.2 million).

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      73
10. Income tax 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Current tax 
Current year income tax                                                                                                                                                       11                         12 
Deferred tax 
Origination and reversal of temporary differences (Note 27)                                                                                    1,608                       893 
Deferred tax movement in Barryroe NPI (Note 27)                                                                                                       (844)                   1,343 
Total income tax charge                                                                                                                                                      775                    2,248 
Deferred tax relating to items charged/credited to equity 
Deferred tax movement on fair value of other ﬁnancial assets, Unquoted shares                                                        –                            – 
Total income tax charge                                                                                                                                                          –                            – 
The difference between the total tax shown above and the amount calculated by applying the applicable standard rate of Irish 
corporation tax to the loss before tax is as follows: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Proﬁt/(loss) before income tax                                                                                                                                     41,492                   (9,605) 
Tax on proﬁt/(loss) at applicable Irish corporation tax rate of 25% (2020: 25%)                                                  10,373                   (2,401) 
Effects of: 
Tax effect at fair value adjustment                                                                                                                                   (844)                      326 
Prior year adjustment                                                                                                                                                           (57)                           – 
Losses utilised in year                                                                                                                                                     (1,085)                     (690) 
(Income)/expenses not taxable                                                                                                                                   (10,174)                   2,559 
Income tax withheld                                                                                                                                                                 4                         13 
Effect of different tax rates                                                                                                                                                (701)                          2 
Adjustment for difference on overseas proﬁt before tax                                                                                               (23)                           – 
Excess losses carried forward                                                                                                                                         3,282                    2,439 
Tax charge for the year                                                                                                                                                       775                    2,248 
Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at 
the reporting date, and any adjustment to tax payable in respect of previous years. Liabilities for uncertain tax treatments are 
recognised in accordance with IFRIC 23 and are measured using either the most likely amount method or the expected value 
method – whichever better predicts the resolution of the uncertainty.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

74       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
11. Proﬁt/(loss) per share 
Basic proﬁt/(loss) per share 
Basic loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average 
number of ordinary shares in issue during the year as follows: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Proﬁt/(loss) for the year                                                                                                                                                 40,717                 (11,853) 
The weighted average number of shares in issue is calculated as follows: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                 Number                     Number 
                                                                                                                                                                                                                                of shares                    of shares 
In issue at start of year (Note 22)                                                                                                                       449,913,026        451,303,014 
Effect of tender offer and buybacks in the year                                                                                                                   –           (1,332,865) 
Weighted average number of ordinary shares in issue (basic)                                                                      449,913,026        449,970,149 
Basic proﬁt/(loss) per ordinary share (cent)                                                                                                                    9.05                     (2.63) 
Diluted proﬁt/(loss) per share 
Diluted loss per share is calculated by dividing the loss attributable to equity holders of the Company by the weighted average 
number of ordinary shares outstanding after adjustment for effects of all dilutive potential ordinary shares as follows: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Proﬁt/(loss) for the year                                                                                                                                                 40,717                 (11,853) 
The diluted weighted average number of shares in issue is calculated as follows: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                 Number                     Number 
                                                                                                                                                                                                                                of shares                    of shares 
Basic weighted average number of shares in issue during the year                                                            449,913,026        449,970,149 
Effect of share options and warrants in issue                                                                                                      5,700,841                            – 
                                                                                                                                                                                455,613,867        449,970,149 
Diluted proﬁt/(loss) per ordinary share (cent)                                                                                                                 8.94                     (2.63) 
The number of options which are anti-dilutive and have therefore not been included in the above calculations is 21,161,627 
(2020: 41,221,627).

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      75
12. Intangible assets 
                                                                                                                                                                                                                                                                 Exploration 
                                                                                                                                                                                                                                                           and evaluation 
                                                                                                                                                                                                                                                                          assets 
                                                                                                                                                                                                                                                                       US$’000 
Cost and net book value 
At 1 January 2020                                                                                                                                                                                                   – 
Additions (ii)                                                                                                                                                                                                        196 
Write off/impairment of exploration and evaluation assets                                                                                                                       (196) 
At 31 December 2020                                                                                                                                                                                            – 
Additions (ii)                                                                                                                                                                                                        206 
Write off/impairment of exploration and evaluation assets                                                                                                                       (206) 
At 31 December 2021                                                                                                                                                                                           – 
(i) The following geographical exploration areas in the Group were impaired/written off during the year: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Albania                                                                                                                                                                                   206                       196 
                                                                                                                                                                                                206                       196 
(ii) This is the net amount incurred by San Leon Energy and excludes amounts attributable to joint operating partners of US$Nil 
in 2021 (2020: US$Nil). 
The Directors have considered the carrying value at 31 December 2021 of capitalised costs in respect of its exploration and 
evaluation assets. These assets have been assessed for impairment indicators and in particular with regard to remaining licence 
terms, likelihood of licence renewal, likelihood of further expenditures and on-going appraisals for each area. Based on internal 
assessments from the latest information available, the Directors fully impaired the exploration and evaluation assets in 2021. 
13. Equity accounted investments 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Cost and net book value 
At 1 January                                                                                                                                                                     44,102                  44,798 
Additions (ELI)                                                                                                                                                                            –                       443 
Share of proﬁt/(loss) of equity accounted investments                                                                                            14,532                   (1,139) 
At 31 December                                                                                                                                                             58,634                  44,102 
The Group’s only joint venture entities and associates at 31 December 2021 were as follows: 
Name                                                                                                        Registered office                                                                                        Type                        % held 
Midwestern Leon Petroleum Limited                              5th Floor Barkly Wharf, Le Caudan Waterfront,                Joint                     40% 
                                                                                               Port Louis, Republic of Mauritius                                        Venture                       
Energy Link Infrastructure (Malta) Limited                      260 Triq San Albert, Griza, GZR 1150, Malta                     Associate            10%
Overview
Strategic report
Corporate governance
Financial Statements
Other information

76       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
13. Equity accounted investments continued 
2021 
A summary of the ﬁnancial information of the equity investments is detailed below. 
                                                                                                                                                                                        Midwestern                Energy Link  
                                                                                                                                                                                                    Leon            Infrastructure 
                                                                                                                                                                                          Petroleum                         (Malta)  
                                                                                                                                                                                             Limited (i)                  Limited (ii)                         Total 
Equity Interest                                                                                                                                       40%                      10% 
                                                                                                                                                                                              US$’000                      US$’000                      US$’000 
Proﬁt/(loss) from continuing operations                                                                                       37,030                   (9,109)                 27,921 
Total comprehensive proﬁt/(loss)                                                                                               37,030                   (9,109)                 27,921 
Non-current assets                                                                                                                        242,555               191,207               433,762 
Current assets (excluding cash)                                                                                                   316,252                       650               316,902 
Cash                                                                                                                                                              –                  35,102                  35,102 
Non-current liabilities                                                                                                                                 –                 (55,790)               (55,790) 
Current liabilities                                                                                                                            (412,222)             (175,496)             (587,718) 
Net assets/(liabilities)                                                                                                                   146,585                   (4,327)              142,258 
Group’s interest in net assets of investee at 1 January 2021                                                43,822                       280                  44,102 
Additions                                                                                                                                                      –                            –                            – 
Share of proﬁt/(loss)                                                                                                                         14,812                      (280)                 14,532 
Group’s interest in net assets of investee at 31 December 2021                                         58,634                            –                  58,634 
2020 
A summary of the ﬁnancial information of the equity investments is detailed below. 
                                                                                                                                                                                        Midwestern                Energy Link  
                                                                                                                                                                                                    Leon            Infrastructure 
                                                                                                                                                                                          Petroleum                         (Malta)  
                                                                                                                                                                                             Limited (i)                  Limited (ii)                           Total 
Equity Interest                                                                                                                                       40%                      10% 
                                                                                                                                                                                              US$’000                      US$’000                      US$’000 
Loss from continuing operations                                                                                                    (2,440)                  (2,804)                  (5,244) 
Total comprehensive loss                                                                                                               (2,440)                  (2,804)                  (5,244) 
Non-current assets                                                                                                                        198,948               147,922               346,870 
Current assets (excluding cash)                                                                                                   286,687                       167               286,854 
Cash                                                                                                                                                              –                  46,334                  46,334 
Non-current liabilities                                                                                                                                 –              (141,458)             (141,458) 
Current liabilities                                                                                                                            (376,082)                (47,214)             (423,296) 
Net assets                                                                                                                                       109,553                    5,751               115,304 
Group’s interest in net assets of investee at 1 January 2020                                                44,798                            –                  44,798 
Additions                                                                                                                                                      –                       443                       443 
Share of loss                                                                                                                                          (976)                     (163)                  (1,139) 
Group’s interest in net assets of investee at 31 December 2020                                         43,822                       280                  44,102

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      77
13. Equity accounted investments continued 
(i) Midwestern Leon Petroleum Limited 
During 2016 the Company acquired a 40% non-controlling interest in MLPL as part of the OML 18 transaction. Full details of the 
OML 18 transaction are set out in Note 15(i). The movement during 2021 reﬂects a share of the proﬁt of MLPL being administrative 
costs of US$6.4 million (2020: US$9.7 million), other income of US$0.2 million (2020: US$Nil), net ﬁnance income of US$8.0 million 
(2020: US$3.3 million), proﬁt on investment of US$44.0 million (2020: US$12.2 million loss), net proﬁts on ﬁnancial assets of 
US$1.2 million (2020: US$0.3 million losses) and a tax charge of US$10.0 million (2020: US$7.9 million). 
The above interest is accounted for as an equity accounted investment as San Leon does not have control over the entity, which is 
governed under a Joint Venture Agreement requiring the approval of both parties to the Joint Venture Agreement in respect of all 
operating decisions. 
The Group identiﬁed potential impairment indicators, being that MLPL is yet to receive a dividend from Eroton, US$2.9 million of a 
US$10.0 million repayment due on 6 October 2020 was still outstanding at year end, and MLPL has entered into a loan to be able 
to make Loan Note repayments to the Group. To test for a potential impairment the carrying value of the equity interest in MLPL 
was compared against the fair value less cost of sale. This was estimated using a discounted cash ﬂow model of the expected 
future cash ﬂows from MLPL’s share of the underlying OML 18 asset. Future cash ﬂows of OML 18 were estimated using the 
following price assumptions of US$69/bbl in 2023 and a subsequent long-term price of US$66/bbl escalated at 2% annually, with 
the cash ﬂows discounted using a post-tax discount rate of 10%. Assumptions involved in the impairment assessment include 
estimates of commercial reserves, production rates, future oil prices, discount rates and operating and capital expenditure proﬁles, 
all of which are inherently uncertain. This analysis identiﬁed that the carrying value of the equity interest in MLPL is not impaired. 
If the recoverable amount was estimated taking into account a reduction in the oil price of 30% over the same period and an 
increase in the discount rate to 25%, then the carrying value of the equity interest in MLPL would still not be impaired. 
The Directors recognise that the future realisation of the equity accounted investment is dependent on future successful 
exploration and appraisal activities and subsequent production of oil and gas reserves. 
(ii) Energy Link Infrastructure (Malta) Limited 
In August 2020 the Company acquired a 10% non-controlling interest in Energy Link Infrastructure (Malta) Limited (See Note 15(ii)). 
The movement during 2021 reﬂects a share of the loss of ELI being sales income of US$1.4 million (2020: US$5.7 million), other 
income of US$0.1 million (2020: US$0.1 million), cost of sales of US$7.4 million (2020: US$4.9 million) and operating expenses 
including administrative costs of US$3.2 million (2020: US$3.7 million). 
San Leon does not have control over the entity, however it has been determined to have signiﬁcant inﬂuence. On this basis, the 
above interest is recognised as an equity accounted investment. Signiﬁcant inﬂuence has been determined based on the Company 
having 10% of voting rights, a board position and a Shareholder Agreement requiring a majority, and in some instances a super 
majority (meaning 70% of votes are required to pass a resolution), to approve all operating decisions. 
Under the terms of ELI’s senior debt facility, the lender has a charge over all of the company’s assets and, as further security, each 
shareholder (including San Leon Energy) has pledged their shares to the lender. The terms of the pledge are that the shares 
cannot be transferred or otherwise utilised without the lender’s consent. 
The Directors recognise that the future realisation of the equity accounted investment is dependent on completion of the pipeline 
and subsequent throughput of oil from various customers.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

78       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
14. Property, plant and equipment 
                                                                                                                       Leased                       Plant &                         Office                         Motor  
                                                                                                                         assets                equipment                equipment                      vehicles                            Total 
                                                                                                                     US$’000                      US$’000                      US$’000                      US$’000                      US$’000 
Cost 
At 1 January 2020                                                                    3,281                    9,050                    1,203                       495                  14,029 
Disposals                                                                                          –                            –                      (111)                           –                      (111) 
Currency translation adjustment                                                  –                       116                            –                        (15)                      101 
At 31 December 2020                                                            3,281                    9,166                    1,092                       480                  14,019 
Additions                                                                                     244                            –                            –                            –                       244 
Disposals                                                                                    (231)                           –                          (9)                     (124)                     (364) 
Currency translation adjustment                                                  –                      (513)                       (44)                       (72)                     (629) 
At 31 December 2021                                                           3,294                     8,653                     1,039                        284                  13,270 
Depreciation 
At 1 January 2020                                                                       329                    7,803                    1,138                       415                    9,685 
Charge for the year                                                                    378                       622                         12                         16                    1,028 
Disposals                                                                                          –                            –                      (111)                           –                      (111) 
Currency translation adjustment                                                  –                       122                         16                        (15)                      123 
At 31 December 2020                                                               707                    8,547                    1,055                       416                  10,725 
Charge for the year                                                                    370                       619                         22                         17                    1,028 
Disposals                                                                                    (231)                           –                          (9)                     (124)                     (364) 
Currency translation adjustment                                                  –                      (513)                       (44)                       (72)                     (629) 
At 31 December 2021                                                               846                     8,653                     1,024                        237                  10,760 
Net book values 
At 31 December 2021                                                           2,448                             –                          15                          47                     2,510 
At 31 December 2020                                                            2,574                       619                         37                         64                    3,294

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      79
Overview
Strategic report
Corporate governance
Financial Statements
Other information
15. Financial assets 
                                                                                                                                                                                          Barryroe 4.5%  
                                                                                                                                                                                                   net proﬁt              Unquoted  
                                                                                                                               OML 18 (i)                       ELI (ii)              interest (iii)        shares (iv) (viii)                                  
                                                                                                                                  US$’000                  US$’000                  US$’000                  US$’000                                  
                                                                                                                               Amortised              Amortised                                        FVOCI – equity                        Total 
                                                                                                                                          cost                          cost                      FVTPL             instrument                  US$’000 
Cost/Valuation 
At 1 January 2020                                                                          114,254                         –                 2,769                    194             117,217 
Net fair value of acquisition of ELI Loan Notes                                      –               14,557                         –                         –               14,557 
Finance income                                                                                16,480                    796                         –                         –               17,276 
Loan Notes receipts – principal                                                    (35,285)                        –                         –                         –              (35,285) 
Loan Notes receipts – interest                                                     (11,215)                        –                         –                         –              (11,215) 
Lifetime ECL – credit-impaired #                                                   (15,309)                        –                         –                         –              (15,309) 
Impairment of unquoted shares, 
Other comprehensive income                                                                 –                         –                         –                   (194)                  (194) 
Fair value movement, Income statement                                              –                         –                 4,073                         –                 4,073 
At 31 December 2020                                                                    68,925               15,353                 6,842                         –               91,120 
Finance income                                                                                12,122                 2,468                         –                         –               14,590 
Loan Notes receipts – principal                                                               –                         –                         –                         –                         – 
Loan Notes receipts – interest                                                        (2,150)                        –                         –                         –                (2,150) 
Impairment reversal – (credit-impaired assets) #                          1,447                         –                         –                         –                 1,447 
Fair value movement, Income statement                                              –                         –                (2,551)                        –                (2,551) 
At 31 December 2021                                                                    80,344               17,821                  4,291                          –             102,456 
Expected Credit Loss Provision 
At 1 January 2020                                                                                                                  –                         –                         –                         – 
New ﬁnancial asset acquired *                                                                                     (385)                        –                         –                   (385) 
At 31 December 2020                                                                                                    (385)                        –                         –                   (385) 
Net remeasurement of loss allowance                                                                        (255)                        –                         –                   (255) 
At 31 December 2021                                                                                                    (640)                         –                          –                    (640) 
# See OML18 ECL table below. 
* See ELI ECL table below.

80       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
15. Financial assets continued 
                                                                                                                                                                                          Higher risk  
                                                                                                                                                                                          assets not  
                                                                                                                                                    Performing         credit impaired         Credit impaired  
Expected Credit Loss – OML 18                                                                          12-month ECL              Lifetime ECL              Lifetime ECL                            Total 
At 1 January 2020                                                                                                          –                   (2,002)                           –                   (2,002) 
Impact of modiﬁcation                                                                                                 –                   (5,857)                           –                   (5,857) 
Net remeasurement of loss allowance                                                                      –                   (7,450)                           –                   (7,450) 
Transfer to lifetime ECL – credit-impaired                                                                –                  15,309                 (15,309)                           – 
At 31 December 2020                                                                                                  –                            –                 (15,309)                (15,309) 
Impact of modiﬁcation                                                                                                 –                            –                    1,503                    1,503 
Net remeasurement of loss allowance                                                                      –                            –                    1,447                    1,447 
Effective interest on ECL                                                                                              –                            –                   (3,794)                  (3,794) 
At 31 December 2021                                                                                                 –                             –                 (16,153)                (16,153) 
                                                                                                                                                                                          Higher risk  
                                                                                                                                                                                          assets not  
                                                                                                                                                    Performing         credit impaired         Credit impaired  
Expected Credit Loss – ELI                                                                                     12-month ECL              Lifetime ECL              Lifetime ECL                            Total 
At 1 January 2020                                                                                                          –                            –                            –                            – 
New ﬁnancial asset acquired *                                                                             (385)                           –                            –                      (385) 
At 31 December 2020                                                                                            (385)                           –                            –                      (385) 
Transfer to Lifetime ECL                                                                                          385                      (385)                           –                            – 
Net remeasurement of loss allowance                                                                      –                      (255)                           –                      (255) 
At 31 December 2021                                                                                                 –                       (640)                           –                       (640) 
                                                                                                                                                                                          Barryroe 4.5%  
                                                                                                                                                                                                   net proﬁt              Unquoted  
                                                                                                                               OML 18 (i)                       ELI (ii)              interest (iii)        shares (iv) (viii)                                  
                                                                                                                                  US$’000                  US$’000                  US$’000                  US$’000                                  
                                                                                                                               Amortised              Amortised                                        FVOCI – equity                        Total 
                                                                                                                                          cost                          cost                      FVTPL             instrument                  US$’000 
Book value at 31 December 2021                                               80,344               17,181                  4,291                          –             101,816 
Current                                                                                             80,344               10,815                          –                          –               91,159 
Non-current                                                                                               –                  6,366                  4,291                          –               10,657 
Book value at 31 December 2020                                                68,925               14,968                 6,842                         –               90,735 
Current                                                                                              68,925                 3,964                         –                         –               72,889 
Non-current                                                                                                –               11,004                 6,842                         –               17,846 
Net Proﬁt Interests (Poznan, v) (Gora, vi) (Liesa, vii): These NPIs have a nil value from acquisition.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      81
15. Financial assets continued 
(i) OML 18 
In September 2016, the Company secured an indirect economic interest in OML 18, onshore Nigeria. 
The Company undertook a number of steps to effect this purchase. MLPL, a company incorporated in Mauritius of which San Leon 
Nigeria B.V. has a 40% shareholding, was established as a special purpose vehicle to complete the transaction by purchasing all of 
the shares in Martwestern, a company incorporated in Nigeria. Martwestern holds a 50% shareholding in Eroton, a company 
incorporated in Nigeria and the operator of OML 18, and Martwestern also holds an initial 98% economic interest in Eroton. 
The economic effect of this structure is that San Leon has an initial indirect economic interest of 10.584% in OML 18. Shareholders 
will note that this is higher than the percentage interest anticipated by San Leon at the time of the acquisition in 2016. There have 
been no further purchases or payments by San Leon but this revised percentage is based on a reassessment and recalculation 
of the various parties’ interests in OML 18. 
To partly fund the purchase of 100% of the shares of Martwestern, MLPL borrowed US$174.5 million in incremental amounts by 
issuing loan notes with an annual coupon of 17% (“Loan Notes”) and effective interest rate of 25%, as noted below. Midwestern Oil 
and Gas Company Limited (“Midwestern”) is the 60% shareholder of MLPL and transferred its shares in Martwestern to MLPL as part 
of the full transaction. Following its placing in September 2016, San Leon became beneﬁciary and holder of all Loan Notes issued by 
MLPL and the holder of an indirect economic interest in OML 18. San Leon is due to be repaid the full amount of the US$174.5 million 
plus the 17% coupon once certain conditions have been met and using an agreed distribution mechanism. Through its wholly owned 
subsidiary, San Leon Nigeria B.V., the Company is also a beneﬁciary of any dividends that will be paid by MLPL as a 40% shareholder 
in MLPL but the Loan Notes repayments must take priority over any dividend payments made to the MLPL shareholders. 
The fair value assessment of the Loan Notes on acquisition was calculated as follows: 
                                                                                                                                                                                                                                                                             Total 
                                                                                                                                                                                                                                                                       US$’000 
Total consideration                                                                                                                                                                                    188,419 
Fair value of Loan Notes attributable to equity investment #                                                                                                               (30,889) 
Net fair value of Loan Notes                                                                                                                                                                     157,530 
Arrangement fees                                                                                                                                                                                          (5,500) 
Additions to Financial Assets in 2016 including accrued interest at date of acquisition                                                                 152,030 
# The fair value of Loan Notes attributable to the equity investment is calculated using a discount factor of management’s estimate of a market rate of interest 
of 8% above the coupon rate of 17% over the term of the Loan Notes, giving an effective interest rate of 25%. 
The key information relevant to the fair value of the Loan Notes on the date they were initially recognised is as follows: 
                                                                                                                                                                                     Inter-relationships between the unobservable  
Valuation technique                                               Signiﬁcant unobservable inputs*                                          inputs and fair value measurements 
Discounted cash ﬂows                            • Discount rate 25% based on a market            Nil 
                                                                      rate of interest of 8% above the 
                                                                      coupon rate of 17% 
                                                                    • MLPL ability to generate cash ﬂows 
                                                                      for timely repayment 
                                                                    • Loan Notes are repayable in  
                                                                      full by 31 December 2021 
                                                                      (2020: 31 December 2021) 
* On initial recognition. Under the conditional payment waiver the Loan Notes are expected to fall due on 30 June 2022. Other unobservable inputs are 
considered appropriate at 31 December 2021. 
The business model for the MLPL loan is to hold to collect. The Loan Notes are accounted for at amortised cost.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

82       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
15. Financial assets continued 
The credit risk is managed via various undertakings, guarantees, a pledge over shares and the mechanism whereby MLPL 
prioritises payment of sums due under the Loan Notes. These are described further in Note 29. Given the size and quality of the 
OML 18 oil and gas asset the main credit risk is regarded as the timing of payments by MLPL which is dependent on dividend 
distributions by Eroton rather than being unable to pay the total quantum due under the Loan Notes. To date Eroton have been 
unable to make a dividend distribution. Consequently, MLPL had to enter into a loan in 2017 and subsequently, in order to be 
able to meet its obligations under the Loan Notes and make payments to San Leon. 
On 6 April 2020, the Company entered into an Agreement with MLPL, amending the timing of the remaining payment of the 
Loan Notes Instrument. At the date of the Agreement, the remaining outstanding balance on the par value was US$82.1 million 
(accounted for as US$79.5 million under IFRS). Under the terms of the Agreement, US$10.0 million was due to be repaid on or 
before 6 October 2020, with the balance of the Loan Notes receivable payable in three quarterly instalments, commencing in July 
2021 and completing by December 2021. Following the Agreement the outstanding loan continued to have an annual coupon 
rate of 17% and an effective interest rate of 25% per annum. All other material terms of the Loan Notes Instrument remained 
unchanged. The Agreement with MLPL was accounted for as a modiﬁcation of the ﬁnancial asset which did not give rise to 
derecognition. A loss of US$2.5 million was recognised in respect of the change in present value of the revised cash ﬂows 
discounted at the original effective interest rate. 
On 24 June 2021 the Company announced that it had entered into preliminary discussions with Midwestern in connection with the 
potential acquisition of the shares of MLPL owned by Midwestern (the “Potential Transaction”). The Company expects that the 
Potential Transaction, if agreed, would include the elimination of the Loan Notes. In connection with these discussions, on 6 July 
2021 the Company agreed a conditional payment waiver in respect of the amounts under the Agreement that fell due in July 2021 
and within 30 days of expiry of the conditional payment waiver. Under the terms of the conditional payment waiver amounts 
payable under the Agreement would fall due 90 days following expiry. Interest continued to accrue on the outstanding principal of 
the Loan Notes at 17%. 
The conditional payment waiver was originally due to expire on the earlier of 31 August 2021 or the date an agreement was 
reached with Midwestern to effect the Potential Transaction. The conditional payment waiver was subsequently extended to 
include payments due up to December 2021. 
The conditional payment waiver was accounted for as a modiﬁcation of the ﬁnancial asset which did not give rise to derecognition. 
The amortised cost of the Loan Notes immediately prior to the modiﬁcation was US$74.8 million (being a gross asset of US$92.6 
million and expected credit loss provision of US$17.8 million. A net modiﬁcation loss of US$3.2 million was recognised in respect 
of the change in present value of the revised cash ﬂows discounted at the original effective interest rate. 
During 2021 San Leon received total payments under the Loan Notes of US$2.2 million (2020: US$46.5 million). The payments 
received during 2021 represent principal of US$Nil (2020: US$35.3 million) and interest of US$2.2 million (2020: US$11.2 million) 
on the Loan Notes repaid. As at 31 December 2021 there was US$96.5 million in principal and interest (2020: US$84.2 million) due 
under the Loan Notes. As at 31 December 2021, US$2.9 million was outstanding from the US$10.0 million due to be repaid on 
6 October 2020. 
The Directors of San Leon have considered the credit risk of the Loan Notes at 31 December 2021 and 31 December 2020. 
Due to the inability of MLPL to make dividend distributions, the Directors continue to consider that the credit risk has signiﬁcantly 
increased since initial recognition. At 31 December 2019 and subsequently a provision for the lifetime expected 
credit loss of the Loan Notes had been recognised. 
In addition, the Directors have reviewed the counterparty credit risk associated with measurement of the expected credit loss. 
This was assessed as having increased signiﬁcantly since initial recognition. 
Management are still conﬁdent in the operational potential of OML 18 and ultimately recovering the full amount of the outstanding 
Loan Notes, however due to the above issues management are unable to determine the timing of future cash ﬂows and for this 
reason the Loan Notes are now considered credit impaired.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      83
15. Financial assets continued 
The Loan Notes are unique assets for which there is no directly comparable market data. Repayments of the Loan Notes are 
expected to be made from the underlying cash ﬂows that support MLPL or, if the Potential Transaction is agreed, the Loan Notes 
will be taken into account and eliminated as part of the overall structure agreed. The Directors have considered the credit risk of 
MLPL, in particular in light of the Covid-19 pandemic and the resultant impact on the oil price and demand, as well as ongoing 
short term production issues. The Loan Notes continue to be considered to be impaired. An impairment has been estimated 
based on a forward-looking analysis where a range of outcomes has been considered taking into account the size and timing of 
the contractual cash ﬂows, the risk of the Potential Transaction being delayed or not agreed, risk of late payments and the risk of 
default leading to less than full recovery of the amounts due in respect of the Loan Notes. The Directors have considered the 
possible scenarios and used their judgement to estimate a weighted average outcome of these scenarios. The impairment is 
calculated as the difference between the present value of the weighted average of possible outcomes (discounted at the effective 
interest rate of the Loan Notes) and the present value of the contractual cash ﬂows. 
As at 31 December 2021 the Loan Notes are considered credit impaired. The expected credit loss of US$16.2 million 
(2020: US$15.3 million) has been presented net as part of the amortised cost of the Loan Notes. The expected credit loss has 
been calculated with a very high probability that the Potential Transaction will complete, and therefore the Loan Notes will 
extinguish, and the Company believes that the value of the Potential Transaction is worth at least the value of the Loan Notes. 
See Subsequent events (Note 31) for further information on the discussions with Midwestern about acquiring Midwestern’s 
indirect interest in the OML 18. 
*Refer to Alternate Performance Measures on Page 133 for full reconciliation of IFRS numbers and Alternative Performance Measures. 
(ii) Energy Link Infrastructure (Malta) Limited 
In August 2020, the Company acquired an indirect economic interest in the Alternate Crude Oil Evacuation System (“ACOES”) project. 
The initial interest was acquired through the direct investment in Energy Link Infrastructure (Malta) Limited (“ELI” or “ELI Malta”), 
a company incorporated in Malta, which owns the ACOES project through its 100% owned subsidiary Energy Link Infrastructure 
(Nigeria) Limited, a company incorporated in Nigeria (“ELI Nigeria”). 
The investment comprises a 10% equity interest in ELI together with a US$15.0 million shareholder loan at a coupon of 14% per 
annum over 4 years, and repayable quarterly following a one year moratorium from the date of investment (the “ELI Loan Notes”). 
Funds were provided to ELI in two tranches with the ﬁrst US$10.0 million tranche being paid in August, and the second tranche of 
US$5.0 million on 6 October 2020, being half of the funds due from Midwestern Leon Petroleum Limited as part of the repayment 
of the MLPL Loan Notes. 
The fair value assessment of the Loan Notes on acquisition was calculated as follows: 
                                                                                                                                                                                                                                                                             Total 
                                                                                                                                                                                                                                                                       US$’000 
Total consideration                                                                                                                                                                                       15,000 
Fair value of Loan Notes attributable to equity investment #                                                                                                                     (443) 
Net fair value of Loan Notes                                                                                                                                                                       14,557 
# The fair value of Loan Notes attributable to the equity investment is calculated using a discount factor of management’s estimate of a market rate of interest 
of 2% above the coupon rate of 14% over the term of the Loan Notes, giving an effective interest rate of 16%.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

84       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
15. Financial assets continued 
The key information relevant to the fair value of the Loan Notes on the date they were initially recognised is as follows: 
                                                                                                                                                                                     Inter-relationships between the unobservable  
Valuation technique                                               Signiﬁcant unobservable inputs*                                          inputs and fair value measurements 
Discounted cash ﬂows                            • Discount rate 16% based on a market            Nil 
                                                                      rate of interest of 2% above the 
                                                                      coupon rate of 14%. 
                                                                    • ELI ability to generate cash ﬂows 
                                                                      for timely repayment. 
                                                                    • Loan Notes are repayable in full  
                                                                      by 6 October 2024. 
* Day 1 and considered appropriate at 31 December 2021 and 31 December 2020. 
The business model applicable to the ELI loan is to hold to collect. 
The credit risk is managed via various undertakings, such as representations, warranties and covenants and the ability for a 
preferential distribution should some warranties be breached. These are described further in Note 29. Given the nature and stage 
of the asset the main credit risk is regarded as the timing of payments by ELI Malta which is dependent on dividend distributions 
by ELI Nigeria rather than being unable to pay the total quantum due under the ELI Loan Notes. 
The Directors of San Leon have considered the credit risk of the ELI Loan Notes at 31 December 2021 and 31 December 2020. 
Both tranches of the ELI Loan Notes were issued in H2 2020, with a one-year repayment holiday. Quarterly repayments were due 
from 31 July 2021 (for the ﬁrst tranche) and 6 October 2021 (second tranche). As at 31 December 2021 no repayments had been 
received. As at 31 December 2021 there was US$17.8 million in principal and interest due under the ELI Loan Notes. 
San Leon announced on 24 June 2021 that it is considering making further debt and equity investments in ELI and reaffirmed 
that intention in subsequent announcements. The Company has agreed with ELI that, should these further investments be made, 
then the First Instalment will be offset from any investment monies payable to ELI by San Leon under certain of these new 
arrangements. Pending any further investment in ELI, the First Instalment will continue to accrue interest at 14% per annum. 
Project delays have impacted the ability of ELI to make ELI Loan Note repayments, with current projections indicating that debt 
will start to be serviced in the second half of 2022 when barging operations commence. It is the Directors opinion that ELI will 
make full repayment of the outstanding loan notes.  
The Directors have considered the credit risk of the ELI Loan Notes and the counterparty credit risk as at 31 December 2021. 
A guarantee from ELI Nigeria, who guarantee all payment obligations of ELI Malta, has also been taken into account. As a result of 
the delay in operations and ELI Loan Notes being overdue, the Directors have determined that there has been a signiﬁcant 
increase in credit risk since initial recognition of the ELI Loan Notes, and a provision for the lifetime expected credit loss of the ELI 
Loan Notes has been recognised. The ELI Loan Notes are not considered to be credit impaired on the basis of the delays in ELI 
commencing repayment of the loan notes. 
An expected credit loss provision has been estimated based on a forward-looking analysis where a range of outcomes has been 
considered taking into account the size and timing of the contractual cash ﬂows, the risk of late payment and the risk of default 
leading to less than full recovery of the amounts due in respect of the ELI Loan Notes. The Directors have considered the possible 
scenarios and used their judgement to estimate a weighted average outcome of these scenarios. The ECL provision is calculated 
as the difference between the present value of the weighted average of possible outcomes (discounted at the effective interest 
rate of the ELI Loan Notes) and the present value of the contractual cash ﬂows. This has then been compared to publicly 
available macroeconomic data of default rates by geography, industry and rating. 
The Company determined that the expected credit loss provision of US$0.6 million (2020: US$0.4 million), being 3.6% 
(2020: 2.5%) of the outstanding balance was appropriate.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      85
15. Financial assets continued 
(iii) Barryroe – 4.5% Net Proﬁt Interest 
SLE holds a 4.5% Net Proﬁt Interest in the Barryroe (“Barryroe NPI”) oil ﬁeld at fair value through proﬁt and loss under IFRS 9. 
In 2019 a market-based valuation approach was adopted, using the price of the publicly listed shares of Providence Resources plc 
(“Providence”) (operator and holder of an 80% interest in the Barryroe oil ﬁeld) as its basis. The Directors believe the markets 
assessment of the current risks and uncertainties of the project have been reﬂected within the share price of Providence at year 
end, and it is therefore appropriate to use this to update their valuation. 
Given the latest announcements, the Directors have reviewed the modelling assumptions and consider it reasonable and appropriate 
to continue to use a market based approach to decrease the Barryroe carrying value by US$2.6 million (2020: gain of US$4.0 million) 
to US$4.2 million to reﬂect their estimate of the impact of these risks to the future cash ﬂows on the value of the asset. 
The key information relevant to the fair value of the Barryroe 4.5% net proﬁt interest is as follows: 
                                                                                                                                                                                     Inter-relationships between the unobservable  
Valuation technique                                               Signiﬁcant unobservable inputs                                            inputs and fair value measurements 
Market based approach using               • Estimated value of NPI as                                  The estimated fair value would  
share price of Operator                             percentage of total ﬁeld NPV 9.5%                  increase/(decrease) if: 
(Providence)                                                 (2020: 9.5%) 
                                                                                                                                                     • US Dollar exchange rate 
                                                                                                                                                        increased/(decreased) 
(iv) Ardilaun Energy Limited 
As part of the consideration for the sale of Island Oil & Gas Limited to Ardilaun Energy Limited (“Ardilaun”) in 2014 Ardilaun agreed 
to issue shares equivalent to 15% of the issued share capital of Ardilaun to San Leon. The original fair value of the 15% interest in 
Ardilaun was based on a market transaction in Ardilaun shares. 
The Directors have considered the carrying value of this interest at 31 December 2021 and given the length of time to obtain Irish 
government approval for the transaction, the Directors feel it is prudent to continue to carry the 15% of Ardilaun shares still to be 
issued to San Leon at a value of US$Nil (2020: US$Nil). 
(v) Poznan 10% Net Proﬁt Interest 
In 2016, San Leon sold its 35% interest in the Poznan assets for a consideration of €1 plus a 10% NPI. Until active development 
commences a nil value has been placed on the NPI. There has been no change in 2021. 
(vi) Gora 5% Net Proﬁt Interest 
In 2018, San Leon sold its interest in the Gora assets for a consideration of €1 plus a 5% NPI. Until active development commences 
a nil value has been placed on the NPI. There has been no change in 2021. 
(vii) Liesa 5% Net Proﬁt Interest 
In 2018, San Leon sold its interest in the Liesa assets for a consideration of €1 plus a 5% Net Proﬁt Interest (“NPI”). Until active 
development commences a nil value has been placed on the NPI. There has been no change in 2021. 
(viii) Gemini Resources Limited 
In 2019, San Leon converted a debtor of US$192,607 due from Gemini Resources Limited (“Gemini”) into 54,818 fully paid ordinary 
shares in Gemini. 
The Directors considered the carrying value of this interest at 31 December 2021 to be US$Nil. 
(ix) Amedeo Resources plc 
At 31 December 2021, the Company holds 213,512 ordinary shares at a market value of US$Nil (2020: US$Nil). The value of the 
investment was written down to nil in 2018 due to the shares of Amedeo Resources plc being de-listed.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

86       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
16. Inventory 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Spare parts and consumables                                                                                                                                           168                       183 
Spare parts include drilling equipment and consumables utilised by the Group’s seismic services company. 
17. Trade and other receivables 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Amounts falling due within one year: 
Trade receivables                                                                                                                                                              9,860                            2 
Corporation tax refundable                                                                                                                                                    –                         39 
VAT and other taxes refundable                                                                                                                                          80                         88 
Other debtors (i)                                                                                                                                                               4,429                    4,264 
Expected credit loss on other debtors (i)                                                                                                                     (3,630)                  (3,532) 
Prepayments (ii)                                                                                                                                                                2,903                    1,017 
                                                                                                                                                                                          13,642                    1,878 
(i) In 2017, other debtors included US$3.6 million due from NSP Investments Holdings Ltd for the disposal of equity accounted 
investments. During 2018, the Directors fully provided for the amount. 
In September 2021, Gemini Energy B.V. concluded transactions to gain 100% ownership of these equity accounted investments. 
To accommodate and agree to the transfer of the shares in the equity accounted investments from NSP to Gemini, Gemini offered 
and agreed to pay San Leon: 
(a) a payment of US$1.5 million by no later than the ﬁrst anniversary of the transfer of the equity accounted investments shares 
to Gemini; and 
(b) make an additional payment of US$2.1 million under the terms of a net proﬁts interest agreement.  
The Gemini obligations replace the amounts due from NSP and the expected credit loss for the total amount remains. 
See Related party transactions (Note 29) for further details. 
The remaining other debtors consists of rent deposits and similar receivables. 
(ii) Prepayments includes an amount of US$0.8 million (2020: US$0.8 million) in relation to the Oza deal and US$2.0 million 
(2020: US$Nil) in relation to the ELI conditional investment, detailed in Subsequent Events (Note 31).

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      87
18. Cash and cash equivalents 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Cash and cash equivalents                                                                                                                                                 839                  11,757 
Solicitor client account (i)                                                                                                                                                 6,753                    6,753 
                                                                                                                                                                                            7,592                  18,510 
(i) Solicitor client account at 31 December 2021 represents monies held on behalf of the Company by Dentons ACAS-Law in 
relation to the Oza deal, detailed in Subsequent Events (Note 31). 
19. Trade and other payables 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Current 
Trade payables                                                                                                                                                                  1,286                       719 
PAYE/PRSI                                                                                                                                                                              223                       295 
Corporation tax                                                                                                                                                                                    6                              – 
Payroll and pensions                                                                                                                                                           750                            – 
Other creditors                                                                                                                                                                       67                         36 
Accruals                                                                                                                                                                              2,080                    2,248 
Current portion of lease                                                                                                                                                      340                       333 
                                                                                                                                                                                            4,752                    3,631 
20. Derivative 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Non-current 
Derivative                                                                                                                                                                                   –                            9 
                                                                                                                                                                                                    –                            9
Overview
Strategic report
Corporate governance
Financial Statements
Other information

88       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
20. Derivative continued 
The key inputs into the valuation model are as follows: 
                                                                                                                                                                                     Inter-relationships between the unobservable  
Valuation technique                                               Signiﬁcant unobservable inputs                                            inputs and fair value measurement 
Black-Scholes model                                Option strike price: £0.30 to £0.45 up                The estimated fair value would  
                                                                    to date options expired in the year                    increase/(decrease) if: 
                                                                    (2020: £0.30 to £0.45)                                            
                                                                    Average maturity: 0 to 1 year up to                    The share price increased/ 
                                                                    date options expired in the year                         (decreased) 
                                                                    (2020: 0 to 1 year)                                                   
                                                                    Risk-free interest rate: 0.055% up to                  Sterling exchange rate increased/ 
                                                                    date options expired in the year                         (decreased) 
                                                                    (2020: 0.055%)                                                        
                                                                    Share price volatility: 62% up to                          The risk free interest rate increased/ 
                                                                    date options expired in the year                         (decreased) 
                                                                    (2020: 62%)                                                              
The derivative was in relation to options and warrants that were issued in connection with ﬁnancing provided to the Company 
between 2016 and 2018. 
21. Provisions for liabilities 
                                                                                                                                                                                                                                                      Decommissioning 
                                                                                                                                                                                                                                                                       US$’000 
At 1 January 2020                                                                                                                                                                                                 56 
At 31 December 2020                                                                                                                                                                                         56 
At 31 December 2021                                                                                                                                                                                         56 
Current                                                                                                                                                                                                                  56 
Non-current                                                                                                                                                                                                            – 
Decommissioning 
The provision for decommissioning costs is recorded at the value of the expenditures expected to be required to settle the 
Group’s future obligations on decommissioning of previously drilled wells.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      89
Overview
Strategic report
Corporate governance
Financial Statements
Other information
22. Share capital 
Rights and obligations attaching to the Ordinary Shares 
The Company has no securities in issue conferring special rights with regards control of the Company. All Ordinary Shares rank 
pari passu, and the rights attaching to the Ordinary Shares (including as to voting and transfer) are as set out in the Company’s 
Articles of Association (“Articles”). 
                                                                                                                                                                         Number of                              Number of 
                                                                                                                                                                   New Ordinary                                 Deferred                    Authorised 
                                                                                                                                                                                shares                     Ordinary shares                             Equity 
                                                                                                                                                                         €0.01 each                         €0.0001 each                         US$’000 
Authorised equity 
At 1 January 2020                                                                                                   2,847,406,025                                       –                  177,475 
At 31 December 2020                                                                                           2,847,406,025                                       –                  177,475 
At 31 December 2021                                                                                          2,847,406,025                                        –                   177,475 
Issued, called up and fully paid: 
                                                                                                                                    Number of                                 Number of  
                                                                                                                               New Ordinary                                    Deferred                          Share                          Share  
                                                                                                                                            shares                        Ordinary shares                        capital                    premium 
                                                                                                                                    €0.01 each                             €0.0001 each                      US$’000                      US$’000 
At 1 January 2020                                                                        451,303,014                                         –                    5,172                  21,077 
Share buybacks                                                                               (1,389,988)                                        –                        (15)                           – 
At 31 December 2020                                                                449,913,026                                         –                    5,157                  21,077 
At 31 December 2021                                                                449,913,026                                           –                     5,157                  21,077 
See Consolidated Statements of Changes in Equity on pages 54 to 55. 
Share buyback programme 
On 22 January 2020 the Company announced that it had completed the buyback programme. Under the Buyback Programme, 
the Company repurchased 5,709,101 Ordinary Shares at an aggregate value of £1,570,085.49. Following cancellation of the ﬁnal 
shares repurchased, the total number of Ordinary Shares in issue with voting rights was 449,913,026. 
23. Dividends paid 
No dividends were declared in 2021. In May 2020, the Company returned a special dividend to its shareholders of £0.06 per share, 
totalling US$33.3 million (£27.0 million).

90       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
24. Reserves 
The Statement of Changes in Equity outlines the movement in reserves during the year. Further details of these reserves are 
set out below: 
Currency translation reserve 
The currency translation reserve comprises all foreign currency differences arising from the translation of the ﬁnancial statements 
of foreign operations. 
The recycling of the currency translation reserve of US$16.6 million (2020: US$1.0 million) relates to the realisation of the 
cumulative foreign currency gains and losses on the disposal or liquidation of non-core assets. 
Share-based payments reserve 
The share-based payments reserve comprises the fair value of all share options which have been charged over the vesting period, 
net of the amount relating to share options which have expired, been cancelled and have vested. 
Fair value reserve 
The fair value reserve comprises the cumulative net change in the fair value of ﬁnancial assets measured at Fair Value through 
Other Comprehensive Income until the assets are derecognised. 
Special reserve 
Pursuant to a capital reduction in 2019 the Company undertook to credit US$5,024,260 to a special reserve. This special reserve 
is not a distributable reserve and must remain in place until such time as obligations in respect of certain guarantees given by 
the company have lapsed or become unenforceable. 
25. Share-based payments 
Prior to 31 December 2012, the Group had one share-based payment scheme for executives and senior employees of the Group. 
In accordance with the provisions of the plan, as approved by shareholders at a previous general meeting, executives and senior 
employees may be granted options to purchase ordinary shares. 
Each share option converts into one ordinary share of San Leon Energy plc on exercise and options do not carry rights to 
dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. The options 
vest in tranches subject to the achievement of certain service and non-market performance conditions. Market conditions in 
relation to the achievement of share price trading levels also apply in the case of certain options granted to the Directors, further 
details of which are set out in the Directors’ Report. 
During the ﬁrst quarter of 2013, this scheme was replaced by a more formal Share Option Plan, which governs all future awards of 
share options made by San Leon. All employees, and certain Directors and consultants, may from time to time be eligible to receive 
a discretionary bonus to be awarded in the form of options over San Leon Ordinary shares. Historic options in respect of San Leon 
shares will continue to be governed by the terms and conditions set out in the historic share-based payments scheme. 
The Group’s equity share options are equity settled share-based payments as deﬁned in IFRS 2: Share-based payments. The total 
share-based payment charge for the year has been calculated based on grant date fair value obtained using an option pricing 
model with a discount for market conditions applied based on a Monte Carlo simulator analysis where appropriate. The charge for 
the year is US$Nil (2020: US$891,263) includes the charge for options issued to the Directors of US$Nil (2020: US$418,048) and 
shares to be issued to Directors of US$Nil (2020: US$Nil).

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      91
Overview
Strategic report
Corporate governance
Financial Statements
Other information
25. Share-based payments continued 
The movement on outstanding share options and warrants during the year was as follows: 
                                                                                                                                                                         2021                                                                2020 
                                                                                                                                                                                          Weighted                                                        Weighted  
                                                                                                                                                        Number                      average                     Number                      average 
                                                                                                                                                  of options /                     exercise                of options /                     exercise  
                                                                                                                                                       warrants                            price                     warrants                           price 
Balance at beginning of the ﬁnancial year                                               41,221,627                  £0.397          40,559,075                  £0.400 
Granted during the ﬁnancial year                                                                              –                             –            1,000,000                  £0.450 
Modiﬁed during the ﬁnancial year *                                                                          –                             –                            –                  £0.393 
Expired or cancelled during the ﬁnancial year                                        (8,560,000)                 £0.445              (337,448)                £0.592 
Exercised during the ﬁnancial year                                                                            –                             –                            –                            – 
Balance at end of the ﬁnancial year                                                         32,661,627                  £0.412          41,221,627                  £0.397 
Exercisable at end of the ﬁnancial year                                                   32,661,627                  £0.412          41,221,627                  £0.397 
The range of exercise prices of outstanding options/warrants at year end is £0.25 to £0.45 (2020: £0.25 to £0.45). 
* On 26 February 2020 the Company repriced 1,500,000 options from £0.45 to £0.35, the expiry date of these options was also 
extended from 26 February 2020 by 4 years to 26 February 2024. The resulting charge for the year was US$326,581. 
* On 2 October 2020 the Company extended the expiry date of 2,222,222 options by 5 years to 2 October 2025. This resulted 
in a charge for the year of US$146,635. 
The weighted average remaining contractual life for options/warrants outstanding at 31 December 2021 is 1.79 years 
(2020: 2.94 years). 
During the current year no options were exercised (2020: Nil). 
The following table illustrates the number, exercise price and expiry date of share options and warrants remaining at year end. 
Type                                                                                                                                                           Number                         Exercise price                  Year of expiration 
Options                                                                                                                   6,250,000                               £0.45                                2022 
Options                                                                                                                   6,625,000                               £0.45                                2023 
Warrants                                                                                                               10,000,000                               £0.25                                2023 
Warrants                                                                                                                 4,939,405                               £0.45                                2023 
Options                                                                                                                   1,500,000                               £0.35                                2024 
Options                                                                                                                      125,000                               £0.45                                2024 
Options                                                                                                                   2,222,222                               £0.45                                2025 
Options                                                                                                                   1,000,000                               £0.45                                2028 
Total                                                                                                                         32,661,627

92       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
25. Share-based payments continued 
The following table lists the fair value of options granted and the inputs to the models used to calculate the grant date fair values 
of awards granted in 2021 and 2020: 
                                                                                                                                                                                                                                        2021                           2020 
Weighted average fair value of options granted during year                                                                                        N/a                    £0.25 
Weighted average share price of options at date of grant                                                                                            N/a                    £0.39 
Dividend yield                                                                                                                                                                       N/a                   0.00% 
Exercise price                                                                                                                                                                       N/a                    £0.45 
Expected volatility                                                                                                                                                                N/a                      72% 
Risk-free interest rate                                                                                                                                                          N/a                   0.55% 
Expected option life                                                                                                                                                             N/a                 7 years 
Expected early exercise %                                                                                                                                                  N/a                        0% 
Model used                                                                                                                                                                           N/a      Black-Scholes 
The expected life used in the model is based on the expectation of management attaching to the option and behavioural 
considerations and is not necessarily indicative of exercise patterns that may occur. Expected volatility is based on an analysis of 
the historical volatility of San Leon Energy plc shares and comparable listed entities. The fair value is measured at the date of grant. 
There are no conditions attached to the options. 
26. Commitments and contingencies 
(a) Lease obligation commitments 
Cash commitments under lease obligations as a lessee (Note 28) are as follows: 
                                                                                                                                                                                                                                       Total                            Total 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Payable: 
Within one year                                                                                                                                                                    340                       369 
Between one and ﬁve years                                                                                                                                            1,359                    1,472 
Over ﬁve years                                                                                                                                                                   1,246                    1,718 
                                                                                                                                                                                            2,945                    3,559 
(b) Decklar Petroleum Limited 
On 1 September 2020, the Company announced that it had conditionally agreed to invest US$7.5 million by way of a loan to 
Decklar Petroleum Limited, who is the holder of a Risk Service Agreement with Millenium Oil and Gas Company Limited on the 
Oza marginal ﬁeld, carved out of OML 11, onshore Nigeria. Under the agreements, if completed, the Company will also receive 
a 15% interest in Decklar for a nominal amount paid. This transaction is still awaiting ﬁnal conditions precedents to complete. 
See Note 31 for further detail. 
(c) Exploration, evaluation and development activities 
The Group has commitments of US$Nil (2020: US$Nil) in the year ended 31 December 2021 to contribute to its share of 
exploration and evaluation expenditure in respect of exploration licences and concessions held.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      93
26. Commitments and contingencies continued 
(d) Horizon Petroleum Ltd 
The Group has a contingent asset, the consideration is in aggregate of US$2.0 million in relation to the sale completed in August 
2019 to Horizon Petroleum Ltd. 
The Group will receive the aggregate consideration when certain concessions are transformed and granted to Horizon. 
(e) Island Oil & Gas Limited Guarantee 
The Company has a Guarantee in respect of the decommissioning liabilities of Island (Seven Heads) Limited, a subsidiary of Island 
Oil & Gas Limited (“Island”). In the event that Island are unable to pay the decommissioning liabilities, under the Guarantee, the 
Company could be liable for any amounts Island does not pay. 
27. Deferred tax 
Recognised deferred tax assets and liabilities 
Deferred tax assets and liabilities are attributable to the following: 
                                                                                                                Assets                                                    Liabilities                                                       Net 
                                                                                                       2021                        2020                        2021                        2020                        2021                        2020 
                                                                                                 US$’000                  US$’000                  US$’000                  US$’000                  US$’000                  US$’000 
Financial assets – IFRS 9                                                –                         –                   (572)               (1,416)                  (572)               (1,416) 
Financial assets – other                                             175                    175                         –                         –                    175                    175 
Unrealised exchange difference                                  –                         –                     (22)                      (4)                    (22)                      (4) 
Interest not taxable until received                               –                         –                   (863)                  (199)                  (863)                  (199) 
Tax losses recognised                                                    –                    926                         –                         –                         –                    926 
                                                                                     175                 1,101                (1,457)               (1,619)               (1,282)                  (518) 
                                                                                                                                                                                                                                            2021                        2020 
                                                                                                                                                                                                                                      US$’000                  US$’000 
At 1 January                                                                                                                                                                            (518)                1,718 
Deferred tax on fair value movements in ﬁnancial assets IFRS 9, Barryroe NPI (Note 10)                                          844                (1,343) 
Origination and reversal of temporary differences (Note 10)                                                                                     (1,608)                  (893) 
At 31 December                                                                                                                                                                 (1,282)                  (518) 
Unrecognised deferred tax assets 
                                                                                                                                                                                                                                            2021                        2020 
                                                                                                                                                                                                                                      US$’000                  US$’000 
Tax losses                                                                                                                                                                             5,036                 8,631 
Capitalised expenditure                                                                                                                                                         358               33,101 
                                                                                                                                                                                               5,394               41,732 
Deferred tax assets have not been recognised in respect of the above items because it is not probable that future taxable proﬁts 
will be available against which the Group can utilise these losses.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

94       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
28. Leases 
Statement of Financial Position 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Right of use asset (included within Property, plant and equipment) 
Property leases 
At 1 January                                                                                                                                                                        2,574                    2,952 
Additions                                                                                                                                                                               244                            – 
Depreciation charge for the period                                                                                                                                 (370)                     (378) 
Closing net carrying amount                                                                                                                                        2,448                    2,574 
Lease liability 
Property leases 
At 1 January                                                                                                                                                                        2,761                    2,834 
Payments – principal                                                                                                                                                          (227)                     (211) 
Payments – interest                                                                                                                                                            (129)                     (131) 
Currency translation adjustment                                                                                                                                      (140)                      138 
Interest                                                                                                                                                                                  129                       131 
Closing net carrying amount                                                                                                                                        2,394                    2,761 
Current                                                                                                                                                                                  340                       333 
Non-current                                                                                                                                                                      2,054                    2,428 
Income Statement 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Right of use asset (included within Property, plant and equipment) 
Property leases 
Depreciation charge                                                                                                                                                            139                       378 
Interest expense                                                                                                                                                                  129                       131 
Total                                                                                                                                                                                       268                       509 
29. Related party transactions 
The Group has related party transactions with: i) Directors, ii) shareholders, iii) subsidiaries and iv) other entities with which it has 
entered into business arrangements. Due to the inﬂuence or material interest that these parties have in transactions with the 
Group they are required to be disclosed and are detailed below. 
Red Cedar Energy DMCC 
San Leon Energy plc and Red Cedar Energy DMCC have a common Director, Mr Oisín Fanning. San Leon has a consultancy 
agreement with Red Cedar Energy DMCC which was paid US$1,679,494 for amounts due for 2021 (2020: US$Nil). Please see the 
Director’s emolument table on page 27 which includes the amount paid to Red Cedar Energy DMCC.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      95
29. Related party transactions continued 
Property 
The Company holds an option to acquire a property at market value from Mr Fanning. The option is due to expire in 2026 and 
the option fee of US$409,000 is included in other debtors (Note 17) and is refundable when the Company either exercises or 
terminates the option. Mr Fanning was paid US$323,395 (2020: US$215,999) rent for the use of this property during the year 
by the Company. 
The property is available for use by all staff and consultants requiring overnight accommodation while conducting business on 
behalf of the Company up to it being used for office space in June 2021, see below. 
In June 2021, the Company signed a licence with Mr. Oisín Fanning to use the property for office space. 
Director change in Shareholding 
On 11 May 2020 the Company was notiﬁed that Mr Fanning, Chief Executive Officer of the Company, acquired 98,000,000 ordinary 
shares in the Company. Following the notiﬁcation, Mr Fanning had an interest of 107,495,864 ordinary shares, representing 
23.89% of the issued share capital of the Company. 
On 23 December 2020 the Company announced that it had been informed that Mr Fanning had been unable to secure the 
necessary funding for the above share purchase. Consequently, settlement of the share purchase did not occur. Following this, 
Mr Fanning owns 9,495,864 ordinary shares in the Company, representing 2.1% of the issued share capital of the Company. 
Greenbay Energy Resources Limited 
San Leon Energy plc and Greenbay Energy Limited have a common Director, Mr Mutiu Sunmonu. San Leon has a consultancy 
agreement with Greenbay Energy Limited which was paid US$95,629 for amounts due for 2021 (2020: US$95,181). Please see 
the Director’s emolument table on page 27 which includes the amount paid to Greenbay Energy Limited. 
In June 2019, San Leon Energy plc entered into an agreement with Caledonian Properties Nigeria Limited (“Caledonian”), a 
company owned by Mr Mutiu Sunmonu, for the use of two properties in Lagos, Nigeria, and was extended for a further 2 years 
in June 2021. Caledonian was paid US$231,000 for the period 1 July 2019 to 30 June 2021 of which US$57,750 relates to 2021. 
Caledonian was also paid US$244,444 for the period 1 July 2021 to 30 June 2023 of which US$61,111 related to the period 
1 July 2021 to 31 December 2021. It is common practice to pay such sums up-front in Nigeria. 
The properties are being provided at a competitive rate and it is an arm’s length transaction. 
One of the properties is used as an office and the other property is available for use by all staff and consultants requiring 
accommodation while conducting business on behalf of the Company. 
Gemini Energy B.V./Palomar Natural Resources (Netherlands) B.V./NSP Investments Holdings Ltd 
On 18 November 2016, the Company announced the sale of its (i) 35% interest in TSH Energy Joint Venture B.V. (TSH) and (ii) 35% 
interest in Poznan Energy B.V. (Poznan) to Palomar Natural Resources (Palomar). This divested the Company’s interest in the 
Rawicz and Siekierki ﬁelds respectively. A 10% net proﬁt interest was retained in the Poznan assets. Palomar was regarded as a 
related party as it already held the remaining interest in both TSH and Poznan. 
The total cash consideration due to the Company for the sale of its 35% interest in TSH was US$9.0 million, of which US$4.5 million 
was received in November 2016. The balance of US$4.5 million plus accrued interest (the “Amount Due”) was due to paid to San Leon 
on or before 1 October 2017. As announced on 2 January 2018 under a novation agreement and extension agreement dated 22 
December 2017, the Amount Due was the full responsibility of NSP Investments Holdings Ltd, a BVI registered company that holds a 
35% interest in TSH. San Leon also announced that it had received a further US$1.5 million payment of the Amount Due. The 
Company was due to receive a further US$3.6 million, including an extension fee plus any further accrued interest on or before 
1 September 2018. The Company had not received the US$3.6 million by 31 December 2018 and, provided for expected credit losses 
of US$3.4 million and reversed accrued interest receivable in 2018 of US$0.2 million. No further payments were received from NSP. 
In September 2021, Gemini Energy B.V. concluded transactions to gain 100% ownership of both TSH and Poznan. To accommodate 
and agree to the transfer of the TSH and Poznan shares from NSP to Gemini, Gemini offered and agreed to pay San Leon: 
(a) a payment of US$1.5 million by no later than the ﬁrst anniversary of the transfer of the TSH Shares to Gemini; and 
(b) make an additional payment of US$2.1 million under the terms of a net proﬁts interest agreement. The Gemini obligations 
replace the amounts due from NSP.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

96       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
29. Related party transactions continued 
Toscafund Asset Management LLP 
Toscafund Asset Management LLP (Toscafund) is a related party on the basis that funds managed by Toscafund hold a substantial 
shareholding in San Leon Energy plc and the substantive transactions which the parties entered into during 2016 and as more fully 
described below detailing the purchase of the indirect interest in OML 18. 
On 11 May 2020 the Company was informed that funds managed by Tosca Asset Management LLP had sold 98,000,000 ordinary 
shares in the Company on 7 May 2020. On completion of the sale funds managed by Tosca Asset Management LLP held 
228,771,927 ordinary shares, representing 50.85% of the issued share capital of the Company. This sale was not completed and 
on 22 December 2020 the Company was informed that funds managed by Tosca Asset Management LLP held 330,570,719 
ordinary shares in the Company at that date. 
OML 18 
In September 2016, the Company secured an indirect economic interest in Oil Mining Lease 18 (“OML 18”), onshore Nigeria. 
The Company undertook a number of steps to effect this purchase. MLPL, a company incorporated in Mauritius of which San Leon 
Nigeria B.V. has a 40% shareholding, was established as a special purpose vehicle to complete the transaction by purchasing all of 
the shares in Martwestern, a company incorporated in Nigeria. 
Martwestern holds a 50% shareholding in Eroton, a company incorporated in Nigeria and the operator of OML 18, and it also holds 
an initial 98% economic interest in Eroton. To partly fund the purchase of 100% of the shares of Martwestern, MLPL borrowed 
US$174.5 million in incremental amounts by issuing loan notes with a coupon of 17% (“Loan Notes”). Midwestern is the 60% 
shareholder of MLPL and transferred its shares in Martwestern to MLPL as part of the full transaction. Following its placing in 
September 2016, San Leon became beneﬁciary and holder of all Loan Notes issued by MLPL and the holder of an indirect economic 
interest in OML 18. San Leon is also a beneﬁciary of any dividends that will be paid by MLPL as a 40% shareholder in MLPL but the 
Loan Notes repayments and any other debt take priority over any dividend payments made to the MLPL shareholders. The 
economic effect of this structure is that San Leon has an initial indirect economic interest of 10.584%. in OML 18. Shareholders will 
note this is higher than the percentage interest anticipated by San Leon at the time of the acquisition. There have been no further 
purchases or payments by San Leon but this revised percentage is based on a reassessment and recalculation of the various 
parties’ interests in OML 18 which has resulted in Martwestern’s economic interest in Eroton now standing at 98%. 
To date, San Leon has received aggregate payments under the Loan Notes totalling US$198.0 million. An expected credit loss of 
US$2.0 million was recognised at 31 December 2019. Due to uncertainty around the timing of repayments, the Company has 
impaired the Loan Notes, netting the expected credit loss of US$2.0 million against the gross amortised value and recognising an 
impairment charge of US$15.3 million at 31 December 2020. At 31 December 2021 the impairment charge was increased by 
US$0.9 million to US$16.2 million. 
To make payment of principal and interest due under the Loan Notes, MLPL is dependent on Eroton making dividend payments 
to Martwestern which in turn makes dividend payments to MLPL. MLPL will use the receipt of dividends to make Loan Notes 
payments to San Leon. There are various undertakings, guarantees and security in place with Eroton, Martwestern and 
Midwestern with regard to the Loan Notes, as more fully described below, in the event that MLPL is not in a position to pay the 
Loan Notes from dividends received. 
The Loan Notes have been secured with undertakings by both Eroton and Martwestern, including not to take any action within 
their control which would result in default by MLPL, and to act honestly and in good faith. In addition, to the extent practicable and 
subject to law, use commercially reasonable efforts to declare dividends in order that MLPL can satisfy its obligations under the 
Loan Notes instrument. 
The shares held by MLPL in Martwestern have also been pledged as security to the obligations under the Loan Notes. 
Midwestern and Mart Resources Limited jointly and severally guaranteed the payment of the Loan Notes following a default 
and to make immediate payment and performance of all obligations to holders of the Loan Notes. 
While San Leon is also a beneﬁciary of any dividends that will be paid by MLPL as a 40% shareholder in MLPL, the Loan Notes 
repayments must take priority over dividend payments made by MLPL to shareholders with a minimum 65% cash sweep of 
available funds for a period of four years in order to redeem the Loan Notes.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      97
29. Related party transactions continued 
There are shareholders agreements which govern the relationship between Midwestern and San Leon, and Bilton and 
Martwestern regulating the rights and obligations with respect to MLPL, Martwestern and Eroton. These agreements cover the 
appointment of Directors and unanimous approval for major decisions. 
A Master Services Agreement exists which entitles San Leon Energy Nigeria B.V. to provide rig-related services to Eroton and 
Midwestern for their activities. 
Separately in 2018 San Leon entered into an agreement with Eroton for the provision of subsurface technical and management 
services with estimated consideration for the services of US$6.0 million until the end of 2022. 
Further extensive details can be found on the Company’s website which contains a copy of the Admission Document at: 
http://www.sanleonenergy.com/media/2491705/admission_document_2016.pdf 
2017 
As a consequence of MLPL not being in receipt of dividends in 2017, MLPL had to enter into a loan during 2017 and subsequently 
in order to be able to meet its obligations under the Loan Notes and make payments to San Leon. During 2017 San Leon received 
total payments under the Loan Notes totalling US$39.6 million. All payments during 2017 were received by the due date and in 
accordance with the terms of the Loan Notes. 
2018 
During 2018 San Leon received total payments under the Loan Notes totalling US$66.2 million. MLPL also entered into loan 
agreements with third parties to enable it to make the repayments during 2018. 
2019 
During 2019 San Leon received total payments under the Loan Notes totalling US$43.2 million. MLPL used loan agreements 
similar to those entered into in 2018 to continue to make the repayments during 2019. 
2020 
During 2020 San Leon received total payments under the Loan Notes totalling US$46.5 million. MLPL used loan agreements 
similar to those entered into in 2018 to continue to make the repayments during 2020. 
2021 
During 2021 San Leon received total payments under the Loan Notes totalling US$2.2 million. MLPL used loan agreements similar 
to those entered into in 2018 to continue to make the repayments during 2021. 
Key management 
Key management is deemed to comprise the Board of Directors. The total remuneration paid to key management was as follows: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Salary and emoluments                                                                                                                                                   2,413                    2,678 
Bonuses                                                                                                                                                                                 490                    1,172 
Social welfare costs                                                                                                                                                              205                       282 
Fees and consulting services                                                                                                                                              500                       607 
Pension                                                                                                                                                                                  331                         99 
Beneﬁts                                                                                                                                                                                    50                         44 
Share-based payment expense                                                                                                                                              –                       418 
                                                                                                                                                                                            3,989                    5,300
Overview
Strategic report
Corporate governance
Financial Statements
Other information

98       SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
30. Financial instruments and ﬁnancial risk management 
The Group’s principal ﬁnancial instruments comprise trade receivables, other ﬁnancial assets, trade payables and cash and cash 
equivalents. 
The main purpose of these ﬁnancial instruments is to provide ﬁnance for the Group’s operations. 
The Group’s ﬁnancial assets and liabilities are classiﬁed as: 
Financial liabilities: Amortised costs – trade and other payables as described in Note 19; 
•
Financial assets: Amortised cost – Financial assets as described in Note 15 and Trade and other receivables as described in Note 17; 
•
Financial assets: FVTPL – net proﬁt interest as described in Note 15; 
•
Financial assets: FVOCI – equity instrument – unquoted investments as described in Note 15; 
•
The main risks arising from the Group’s ﬁnancial instruments are foreign currency risk, credit risk, liquidity risk, interest rate risk 
and capital management. Management reviews and agrees policies for managing each of these risks in a non-speculative manner 
which are summarised below. 
(a) Currency risk 
The Group is exposed to foreign currency risk on transactions denominated in a currency other than the relevant functional 
currency of the entities of the Group which consist of US Dollars, Euro, Sterling and Polish Zloty. The US Dollar is the presentation 
currency for ﬁnancial reporting and budgeting. The Group manages its exposure by matching receipts and payments in the same 
currency and monitoring the residual net cash position. During the years ended 31 December 2021 and 2020, the Group did not 
utilise either forward currency contracts or other derivatives to manage foreign currency risk. 
At 31 December 2021, the Group’s principal exposure to foreign currency risk was as follows: 
                                                                                                                                                                                         Denominated          Denominated          Denominated 
                                                                                                                                                                                                     in GBP£                       in EUR€                         in PLN 
                                                                                                                                                                                                     US$’000                      US$’000                      US$’000 
Trade and other receivables                                                                                                                597                     7,226                          49 
Trade and other payables                                                                                                                (1,266)                  (2,243)                        (10) 
Provisions                                                                                                                                                     –                         (56)                           – 
Cash and cash equivalents                                                                                                                   672                          50                        102 
Total 2021                                                                                                                                                   3                     4,977                        141 
At 31 December 2020, the Group’s principal exposure to foreign currency risk was as follows: 
                                                                                                                                                                                    Denominated            Denominated            Denominated 
                                                                                                                                                                                              in GBP£                      in EUR€                         in PLN 
                                                                                                                                                                                              US$’000                      US$’000                      US$’000 
Trade and other receivables                                                                                                                810                       261                         30 
Trade and other payables                                                                                                                   (427)                  (1,861)                       (27) 
Provisions                                                                                                                                                     –                        (56)                           – 
Cash and cash equivalents                                                                                                                1,332                       208                       115 
Total 2020                                                                                                                                            1,715                   (1,448)                      118

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021      99
30. Financial instruments and ﬁnancial risk management continued 
The US Dollar exchange rates used in the preparation of the ﬁnancial statements were as follows: 
                                                                                                                                                                         2021                                                                2020 
                                                                                                                                                Average rate              Closing rate              Average rate               Closing rate 
Sterling                                                                                                             0.727078              0.741904             0.778085             0.732646 
Euro                                                                                                                  0.845794              0.882924             0.873668             0.814930 
Polish Zloty                                                                                                      3.862468              4.058714             3.887568             3.715834 
Sensitivity analysis 
If the US Dollar increased by 1% in value against the above currencies, the Group’s proﬁt for the year would decrease and equity at 
year end would decrease by US$50,668. If the US Dollar decreased by 1% in value against the above currencies, the Group’s proﬁt 
for the year would increase and equity at year end would increase by US$51,175. 
(b) Credit risk 
Credit risk refers to the risk that any counter-party will default on its contractual obligations resulting in ﬁnancial loss to the Group. 
The Group’s ﬁnancial assets excluding ‘Financial assets – Net Proﬁt Interest’, see (f) ‘Fair values’ comprise trade and other 
receivables, cash and cash equivalents, OML 18 and ELI. 
The maximum ﬁnancial exposure due to credit risk on the Group’s ﬁnancial assets not subject to impairment of IFRS 9, 
representing the sum of cash and cash equivalents, trade and other receivables and other current assets, as at 31 December 2021 
was US$21.2 million (2020: US$20.4 million). 
Trade and other receivables 
Within trade and other receivables there is no signiﬁcant exposure to credit risk. The credit risk on amounts receivable from joint 
operating partners is managed by agreeing budgets in advance with partners and where appropriate collecting any material share 
of exploration costs from partners in advance of completing the exploration work programme. Amounts in trade and other 
receivables impaired during 2021 are explained in Note 17 and management believes that the existing sums are still collectable. 
OML 18 
The OML 18 transaction comprised the US$174.5 million Loan Notes as detailed in Note 15. The credit risk is managed via various 
undertakings, guarantees, a pledge over shares and the mechanism whereby MLPL prioritises payment of sums due under the Loan 
Notes. Given the size and quality of the OML 18 oil and gas asset the main credit risk is regarded as the timing of payments by MLPL 
which is dependent on dividend distributions by Eroton rather than being unable to pay the total quantum due under the Loan 
Notes. To date Eroton have been unable to make a dividend distribution. Consequently, MLPL had to enter into a loan in 2017 and 
further loan subsequently, in order to be able to meet its obligations under the Loan Notes and make payments to San Leon. 
The credit risk associated with the MLPL Loan Notes is regarded as high and despite quarterly payments being largely received 
previously to date, however not always on time, and given other considerations, this has led the Company to determine that 
providing for a loss over the lifetime of the loan is appropriate. The expected credit loss has been calculated with a very high 
probability that the Potential Transaction will complete, and therefore the Loan Notes will extinguish, and the Company believes 
that the value of the Potential Transaction is worth at least the value of the Loan Notes. Establishing an expected credit loss over 
the lifetime of the loan for a single receivable requires signiﬁcant judgement, as there is limited relevant historical data in the 
Company, and no obvious reliable market data to benchmark. The factors that were considered in coming to the conclusion of a 
lifetime expected credit loss provision are explained as follows. 
The credit risk of the instrument needs to be evaluated without consideration of collateral. Financial instruments are not 
considered to have low credit risk because that risk is mitigated by collateral.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

100     SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
30. Financial instruments and ﬁnancial risk management continued 
MLPL is expected to repay all interest and principal due under the loan agreement, however it is currently experiencing short term 
cash ﬂow issues which makes it challenging to predict when repayments will be made. The increase in credit risk is due to the 
uncertainty in timing of when Loan Note repayments are received. It does not change the prevailing expectation that the loan will 
be recovered in full. 
In addition, the Directors have reviewed the counterparty credit risk associated with measurement of the credit impairment. 
This risk has previously been assessed as having increased signiﬁcantly since initial recognition, and is considered to have 
increased further during the year ended 31 December 2020 and continued at this level of risk in 2021. 
As the asset is determined to be credit-impaired, the lifetime expected credit loss has been presented net against the gross 
carrying value of the Loan Notes balance on the Statement of Financial Position and remeasured at each reporting date. The MLPL 
loan asset will continue to be held using the effective interest rate method. 
The consideration of credit impairment for this asset is set out in Note 15. 
The Directors have considered the impact of Covid-19, the impact on oil price and demand and short term production issues on 
the Loan Notes and associated credit risk, all of which are tied to the performance of the OML 18 asset. The short term production 
issues are expected to delay Eroton’s ability to return to full production and beneﬁt from the recovery in the oil price, with the 
overall effect likely to be short term cash ﬂow issues resulting in a delay in receiving distributions from Eroton via MLPL. The 
Directors have therefore concluded that the risk proﬁle of the Loan Notes has increased. 
In the opinion of the Directors there is currently no difference between the carrying amount of the MLPL loan net of the provision 
and its fair value. 
The following table provides information about the exposure to credit risk and expected credit losses of the OML 18 Loan Notes 
as at 31 December 2021. 
                                                                                                                                                                                                         Gross             Impairment  
                                                                                                                                                            Weighted                     carrying                              loss  
                                                                                                                                                               average                      amount                 allowance                         Credit  
Equivalent to Moody’s credit rating                                                                          loss rate                       US$000                       US$000                    impaired 
Lower than BBB                                                                                                 16.74%                  96,497                  16,153                        Yes 
The following table provides information about the exposure to credit risk and expected credit losses of the OML 18 Loan Notes 
as at 31 December 2020. 
                                                                                                                                                                                                  Gross               Impairment  
                                                                                                                                                       Weighted                      carrying                             loss  
                                                                                                                                                          average                      amount                   allowance                          Credit  
Equivalent to Moody’s credit rating                                                                           loss rate                      US$000                      US$000                    impaired 
Lower than BBB                                                                                                 18.17%                  84,234                  15,309                        Yes 
ELI 
The ELI transaction comprises a US$15.0 million shareholder loan as detailed in Note 15. The credit risk is managed via various 
undertakings, such as representations, warranties and covenants and the ability for a preferential distribution should some 
warranties be breached. Given the nature and stage of the asset the main credit risk is regarded as the timing of payments by ELI 
Malta which is dependent on dividend distributions by ELI Nigeria rather than being unable to pay the total quantum due under 
the Loan Notes. Currently the Loan Notes are in good standing with the ﬁrst repayment due before 30 June 2022. 

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    101
30. Financial instruments and ﬁnancial risk management continued 
As a result of the delay in operations and ELI Loan Notes being overdue, the Directors have determined that there has been a 
signiﬁcant increase in credit risk since initial recognition of the ELI Loan Notes, and a provision for the lifetime expected credit loss 
of the ELI Loan Notes has been recognised. The ELI Loan Notes are not considered to be credit impaired on the basis of the delays 
in ELI commencing repayment of the loan notes. Establishing an expected credit loss over the lifetime of the loan for a single 
receivable requires signiﬁcant judgement, as there is limited relevant historical data in the Company, and no obvious reliable 
market data to benchmark. The factors that were considered in coming to the conclusion of a lifetime expected credit loss 
provision are explained as follows. 
The credit risk of the instrument needs to be evaluated without consideration of collateral. Financial instruments are not 
considered to have low credit risk because that risk is mitigated by collateral. 
ELI is not considered to be in ﬁnancial difficulty and is expected to repay all interest and principal due under the loan agreement. 
In addition, the Directors have reviewed the counterparty credit risk associated with measurement of the expected credit loss and, 
this has been assessed as having not increased signiﬁcantly since initial recognition. 
As the asset is not credit-impaired, a lifetime expected credit loss is recorded as a separate provision on the Statement of Financial 
Position and remeasured at each reporting date. The ELI loan asset will continue to be held using the effective interest rate method. 
The consideration of expected credit losses for this asset is set out in Note 15. 
The Directors have considered the impact of Covid-19 on the Loan Notes and associated credit risk, and although this has slightly 
delayed the completion of the pipeline, the Directors do not expect a material effect on the risk proﬁle of the Loan Notes. 
In the opinion of the Directors there is no difference between the carrying amount of the MLPL loan and its fair value. 
The following table provides information about the exposure to credit risk and expected credit losses of the ELI Loan Notes as at 
31 December 2021. 
                                                                                                                                                                                                         Gross             Impairment  
                                                                                                                                                            Weighted                     carrying                              loss  
                                                                                                                                                               average                      amount                 allowance                         Credit  
Equivalent to Moody’s credit rating                                                                          loss rate                       US$000                       US$000                    impaired 
Lower than BBB                                                                                                   3.59%                  17,821                        640                         No 
The following table provides information about the exposure to credit risk and expected credit losses of the ELI Loan Notes as at 
31 December 2020. 
                                                                                                                                                                                                  Gross               Impairment  
                                                                                                                                                       Weighted                      carrying                             loss  
                                                                                                                                                          average                      amount                   allowance                          Credit  
Equivalent to Moody’s credit rating                                                                           loss rate                      US$000                      US$000                    impaired 
Lower than BBB                                                                                                   2.51%                  15,353                       385                         No
Overview
Strategic report
Corporate governance
Financial Statements
Other information

102     SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
30. Financial instruments and ﬁnancial risk management continued 
Cash and cash equivalents 
The credit risk on cash and cash equivalents held in the Group’s bank accounts is considered limited because the counterparties 
are banks with high credit-ratings assigned by international credit rating agencies. The Group also holds limited funds for day to 
day operational purposes with Irish banking institutions which are subject to guarantee by the Irish government. The Group’s 
maximum exposure to credit risk is equal to the carrying amount of cash and cash equivalents in its consolidated statement of 
ﬁnancial position. The Group does not expect any counterparty to fail to meet its obligations. 
Details of the Group’s cash deposits, which are all for terms of one month or less are as follows: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Euro                                                                                                                                                                                          50                       208 
Sterling                                                                                                                                                                                   672                    1,332 
US Dollar                                                                                                                                                                            6,767                  16,855 
Polish Zloty                                                                                                                                                                            102                       114 
Others                                                                                                                                                                                        1                            1 
                                                                                                                                                                                            7,592                  18,510 
(c) Liquidity risk management 
Liquidity risk is the risk that the Group will not have sufficient funds to meet liabilities as they fall due. The Group manages liquidity 
risk by maintaining adequate cash reserves and by continuously monitoring forecast and actual cash ﬂows and matching the 
maturity proﬁles of ﬁnancial assets and liabilities. Cash forecasts are produced to identify the liquidity requirements of the Group. 
Surplus cash is placed on deposit in accordance with limits and counterparties agreed by the Board, with the objective to maximise 
return on funds whilst ensuring that the short-term cash requirements of the Group are maintained. 
All cash and cash equivalents held in the Group’s bank accounts are due on demand. All trade and other receivables and trade 
and other payables are due within one month. 
The Group’s ﬁnancial liabilities at 31 December 2021 are as follows: 
                                                                                                                                    Less than                     One to                     Two to        Greater than 
                                                                                                                                     one year               two years               ﬁve years               ﬁve years                        Total 
                                                                                                                                       US$’000                   US$’000                   US$’000                   US$’000                   US$’000 
Trade and other payables, excluding leases (Note 19)                4,412                          –                          –                          –                  4,412 
Lease liability (Note 26)                                                                        340                     340                  1,019                  1,246                  2,945 
Derivative (Note 20)                                                                                   –                          –                          –                          –                          – 
                                                                                                             4,752                     340                  1,019                  1,246                  7,357 
The Group’s ﬁnancial liabilities at 31 December 2020 are as follows: 
                                                                                                                                Less than                     One to                     Two to          Greater than 
                                                                                                                                  one year                two years                ﬁve years                ﬁve years                        Total 
                                                                                                                                  US$’000                  US$’000                  US$’000                  US$’000                  US$’000 
Trade and other payables, excluding leases (Note 19)                3,298                         –                         –                         –                 3,298 
Lease liability (Note 26)                                                                        369                    369                 1,103                 1,718                 3,559 
Derivative (Note 20)                                                                                   9                         –                         –                         –                         9 
                                                                                                             3,676                    369                 1,103                 1,718                 6,866 
The contractual cash ﬂows are equal to the carrying value for trade and other payables. Contractual cash ﬂows from lease liabilities 
once discounted at the incremental borrowing rate (Note 28) will then equate to the carrying value. 

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    103
30. Financial instruments and ﬁnancial risk management continued 
The impact of the Covid-19 pandemic, the volatility in oil prices and demand, OPEC quotas, and recent operational challenges 
being experienced by OML 18 could potentially have an impact on the Company’s indirect interest in OML 18 and receipt of Loan 
Note repayments. However, San Leon is still conﬁdent in the operational potential of OML 18 and ultimately recovering the full 
amount of the outstanding Loan Notes. Any impact on the Company’s liquidity risk is expected to be short term and mitigated by 
the receipt of cash from other sources, such as Loan Note repayments from ELI and services income. 
(d) Interest rate risk 
The Group and Company’s exposure to the risk of changes in market interest rates relates primarily to the Group and Company’s 
holdings of cash and short-term deposits. 
It is the Group’s policy to place surplus funds on short term deposit in order to maximise interest earned whilst maintaining 
adequate short-term liquidity for operational requirements. 
The OML 18 Loan Notes attract a 17% ﬁxed rate of contractual interest and the ELI Loan Notes attract a 14% ﬁxed rate of 
contractual interest, both referred to in Note 15, and as a consequence there is no interest rate exposure. 
(e) Capital management risk 
The Group manage its capital to ensure that entities in the Group will be able to continue as a going concern while maximising the 
return to shareholders through the optimisation of the debt and equity balance. The Group manages its capital structure and 
makes adjustments to it, in light of changes in economic conditions. To maintain or adjust its capital structure, the Group may 
adjust or issue new shares or raise debt. The capital structure of the Group consists of equity attributable to equity holders of the 
parent, comprising issued capital, reserves and retained earnings as disclosed in the consolidated statement of changes in equity. 
The Group net debt and equity, and the net debt to equity ratio at 31 December 2021 was as follows: 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Total liabilities                                                                                                                                                                    8,144                    6,642 
Less: cash and cash equivalents                                                                                                                                     7,592                  18,510 
Adjusted net debt                                                                                                                                                               552                 (11,868) 
Total equity                                                                                                                                                                    176,218               152,060 
Adjusted net debt to equity ratio                                                                                                                                        –                     (0.08)
Overview
Strategic report
Corporate governance
Financial Statements
Other information

104     SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
30. Financial instruments and ﬁnancial risk management continued 
(f) Financial assets and liabilities by category 
The following table sets out the carrying value of all the ﬁnancial assets and liabilities held at 31 December 2021: 
                                                                                                                                                              Carrying 
                                                                                                                     Fair value                      amount                        Level 1                        Level 2                      Level 3^ 
                                                                                                               31 December            31 December            31 December            31 December            31 December 
                                                                                                                                2021                            2021                            2021                            2021                            2021 
                                                                                                                     US$’000                      US$’000                      US$’000                      US$’000                      US$’000 
Financial assets 
OML 18# (Note 15)                                                               80,344                  80,344                             –                             –                  80,344 
ELI (Note 15)                                                                          17,181                  17,181                             –                             –                  17,181 
Barryroe NPI (Note 15)                                                           4,291                     4,291                             –                             –                     4,291 
Unquoted shares (Note 15)                                                           –                             –                             –                             –                             – 
Trade receivables * (Note 17)                                                9,860                     9,860                             –                             –                             – 
Cash and cash equivalents (Note 18)                                   7,592                     7,592                             –                             –                             – 
Other debtors * (Note 17)                                                         799                        799                             –                             –                             – 
Financial liabilities 
Trade payables * (Note 19)                                                   (1,286)                  (1,286)                           –                             –                             – 
Other creditors * (Note 19)                                                        (67)                        (67)                           –                             –                             – 
Derivative (Note 20)                                                                        –                             –                             –                             –                             – 
At 31 December 2021                                                       118,714                118,714                             –                             –                101,816 
# The credit risk of the OML 18 loan has been assessed as having signiﬁcantly increased since initial recognition, affecting the underlying determination of the fair 
value. Therefore, the carrying amount arising from the application of the effective interest rate method is greater than the fair value. 
* The Group has not disclosed the fair value of ﬁnancial instruments such as short-term receivables and payables, as it is considered that their carrying amounts 
are a reasonable approximation of their fair values. 
^ For detailed disclosures on the valuation techniques of level 3 disclosures see the note referenced above.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    105
30. Financial instruments and ﬁnancial risk management continued 
During the period ended 31 December 2021, there were no signiﬁcant changes in the business or economic circumstances that 
affect the fair value of ﬁnancial assets and liabilities, no reclassiﬁcations and no transfers between levels of the fair value hierarchy 
used in measuring the fair value of the ﬁnancial instruments. 
The following table sets out the carrying value of all the ﬁnancial assets and liabilities held at 31 December 2020: 
                                                                                                                                                                Carrying 
                                                                                                                        Fair value                        amount                         Level 1                         Level 2                       Level 3^ 
                                                                                                                31 December             31 December             31 December             31 December             31 December 
                                                                                                                                2020                            2020                            2020                            2020                            2020 
                                                                                                                      US$’000                       US$’000                       US$’000                       US$’000                       US$’000 
Financial assets 
OML 18 (Note 15)                                                                 68,925                  68,925                            –                            –                  68,925 
Barryroe NPI (Note 15)                                                         14,968                  14,968                            –                            –                  14,968 
Unquoted shares (Note 15)                                                   6,842                    6,842                            –                            –                    6,842 
Trade receivables* (Note 17)                                                        2                            2                            –                            –                            – 
Cash and cash equivalents (Note 18)                                18,510                  18,510                            –                            –                            – 
Other debtors* (Note 17)                                                         732                       732                            –                            –                            – 
Financial liabilities 
Trade payables* (Note 19)                                                      (719)                     (719)                           –                            –                            – 
Other creditors* (Note 19)                                                        (36)                       (36)                           –                            –                            – 
Derivative (Note 20)                                                                       (9)                         (9)                           –                            –                          (9) 
At 31 December 2020                                                       109,215               109,215                            –                            –                  90,726 
* The Group has not disclosed the fair value of ﬁnancial instruments such as short-term receivables and payables, as it is considered that their carrying amounts 
are a reasonable approximation of their fair values. 
^ For detailed disclosures on the valuation techniques of level 3 disclosures see the note referenced above. 
During the period ended 31 December 2020, there were no signiﬁcant changes in the business or economic circumstances that 
affect the fair value of ﬁnancial assets and liabilities, no reclassiﬁcations and no transfers between levels of the fair value hierarchy 
used in measuring the fair value of the ﬁnancial instruments. 
(g) Hedging 
At 31 December 2021 and 31 December 2020, the Group had no outstanding contracts designated as hedges.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

106     SAN LEON  ANNUAL REPORT 2021
Notes to the ﬁnancial statements 
for the year ended 31 December 2021 – continued
31. Subsequent events 
Change of advisor 
On 31 January 2022, it was announced that Brandon Hill is no longer acting as the Company’s broker. 
Amendment to investment in the Oza ﬁeld, Nigeria 
On 1 September 2020, the Company announced that it had conditionally agreed to provide a US$7.5 million loan to Decklar 
Resources Limited (“Decklar”), via 10% per annum unsecured subordinated loan notes of Decklar. Decklar is the holder of a Risk 
Service Agreement with Millenium Oil and Gas Company Limited in relation to Oza. The Company also announced that it would 
conditionally subscribe for a 15% equity interest in Decklar at nominal value. 
San Leon’s proposed investment (US$6.75 million) remained in escrow and was to be released upon satisfaction (or waiver) of 
certain conditions precedent. Despite delays to concluding the transaction documents, Decklar has performed the workover of the 
Oza-1 well, the results of which have already been announced by San Leon. In summary, the Oza-1 well test has indicated positive 
oil results from the lowermost zone, encountered gas in the middle zone and oil in the uppermost zone. San Leon has evaluated 
these results and the San Leon Board has recommended that it proceeds with an investment in Oza. Decklar is in agreement with 
that strategy and also to fully involve San Leon in future development planning and determining the location of the ﬁrst new well 
to be drilled on the Oza Oil Field. 
On 27 January 2022, the Company announced it had entered into an amendment to its original agreement with Decklar, the 
principal terms of which are: 
1)
San Leon has agreed to proceed with its investment in Oza, waiving the remaining conditions precedent. 
2)
Of the US$6.75 million of funds held in escrow, US$4.75 million has now been released to Decklar and US$2.0 million has 
been returned to San Leon pending ﬁnal completion. San Leon is obliged to either provide a further loan of US$2.0 million 
to Decklar by 30 April 2022 or, alternatively, accept a pro rata reduction in its shareholding in Decklar. 
3)
San Leon has agreed to waive its option to invest an additional US$7.5 million in Decklar. 
The transactions contemplated by the Subscription Agreement and Binding LOI are subject to ﬁnal approval by the 
TSX Venture Exchange. 
The Company has previously advanced US$750,000 to Decklar as an initial deposit. As a consequence of the above transactions, 
upon completion San Leon will be interested in US$5,500,000 of 10% unsecured subordinated Decklar loan notes and a 11.5% 
equity interest in Decklar, which will be subscribed for at a nominal value of 1,294,118 Nigerian Naira (approximately US$3,400). 
The key terms of the loan notes remain unchanged from those described in the Company’s announcement of 1 September 2020. 
In its audited accounts for the year ended 31 December 2020, Decklar reported a loss before tax of US$5.1 million and total assets 
of US$6.0 million. San Leon will be entitled to one seat on the board of Decklar. 
ELI – additional loan 
On 15 February 2022, the Company provided further loan of US$2.0 million (the “Loan”) to Energy Link Infrastructure (Malta) 
Limited (“ELI”), the company which owns the Alternative Crude Oil Evacuation System (“ACOES”) project. As previously announced, 
the ACOES is being constructed to provide a dedicated oil export route from the OML 18 oil and gas block located onshore in 
Nigeria (“OML 18”), comprising a new pipeline from OML 18 and a ﬂoating storage and offloading vessel (“FSO”). Once 
commissioned, the system is expected by the operator of OML 18, Eroton Exploration and Production Company Limited (“Eroton”), 
to reduce the downtime and allocated pipeline losses currently associated with the Nembe Creek Trunk Line. In addition, it is 
anticipated that the FSO project will improve overall well uptime at OML 18. 
The Loan is a US$2.0 million shareholder loan at a coupon of 14% per annum over four years which is repayable quarterly 
following a one-year moratorium from the date of investment. The Loan will be accompanied by a transfer to San Leon by 
Walstrand (Malta) Limited, ELI’s largest shareholder, of shares in ELI representing a 2.0% equity interest (the “ELI Equity Interest”), 
which San Leon will acquire at nominal value, representing a consideration payable of approximately US$91.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    107
31. Subsequent events continued 
The Loan will be used by ELI to facilitate a recent funding requirement to allow for completion of the mooring for the ﬂoating 
storage and offloading vessel, which the Board considers to be a critical step in the progression of the ACOES project. Providing 
loans to Nigerian oil and gas related projects, which are often accompanied by associated equity interests, has been a key part of 
San Leon’s business and strategy in recent years. San Leon has had debt and equity interests in ELI since August 2020 and, given 
the longer-term ongoing strategic importance of ELI’s ACOES project to OML 18, the Board believes that it is important for San 
Leon to assist ELI with the funding requirements for achieving its key project milestones on a timely basis. 
Taken together with San Leon’s existing investment in ELI and its conditional purchase of 1.32% of ELI (calculated prior to the 
newly-issued shares of today’s announcement), as announced last year, following completion of the conditional purchase, San 
Leon’s holding in ELI will be 13.32%. 
San Leon has now lent a total of US$17.0 million to ELI with a coupon of 14% per annum and from which repayment instalments 
totalling US$6.0 million are now due. As announced on 9 August 2021, the Company has previously agreed with ELI that, should 
new investments in ELI be made, then loan repayment instalments would be offset from any investment monies payable to ELI by 
San Leon under these new arrangements. The Company has elected not to enforce this provision on this occasion, in recognition 
of the fact that ELI’s development is critical to the success of OML 18 and ELI’s cash balances at this time are required to progress 
the overall ACOES project. San Leon will continue to waive repayment instalments due on its loans until the ACOES project has 
been further progressed and outstanding instalments will continue to accrue interest at 14% per annum. 
Under the terms of ELI’s senior debt facility, the lender has a charge over all of ELI’s assets and, as further security, each 
shareholder (including San Leon) has pledged their shares to the lender. The ELI shares comprising the ELI Equity Interest will be 
subject to this pledge. The terms of the pledge are that the ELI shares cannot be transferred or otherwise utilised without the 
lender’s consent. 
Proposed transactions and suspension of San Leon shares 
On 24 June 2021, the Company announced that it was is in preliminary discussions with Midwestern about acquiring Midwestern’s 
interest in the OML 18 oil and gas block located onshore in Nigeria. At this date, heads of terms for the transaction had not been 
agreed. The transaction would involve San Leon acquiring the outstanding shares not already owned by San Leon in relation to 
MLPL. San Leon is not contemplating acquiring Midwestern. San Leon currently owns 40% of MLPL with Midwestern owning the 
other 60%. In addition, the Company was considering making further debt and equity investments in ELI. 
On 8 July 2022, the Company issued an Admission document describing the proposed transaction that will increase its indirect 
economic interest in Eroton from 39.2% to 98.0% and, taking into account the completion of the Eroton Transaction with Sahara 
and Bilton, San Leon’s initial indirect economic interest in OML 18 would increase from the current 10.58% to 44.1%. In addition to 
the MLPL transaction, the Company will increase its interest in ELI to c.50% and the loans to ELI from the Company will increase to 
c.US$48 million. The transactions described in the Admission Document are expected to complete in September 2022 after 
Nigerian consents for the transactions have been received. 
Related party 
Midwestern currently holds more than 10% of the Company’s ordinary shares. Accordingly, Midwestern is classiﬁed as a related 
party under the AIM Rules and the transactions above in which Midwestern has an interest will therefore be treated as 
transactions with a related party pursuant to rule 13 of the AIM Rules. 
Overview
Strategic report
Corporate governance
Financial Statements
Other information

108     SAN LEON  ANNUAL REPORT 2021
Company statement of ﬁnancial position 
as at 31 December 2021
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                   Notes                      US$’000                      US$’000 
Assets 
Property, plant and equipment                                                                                                                A                    2,276                    2,612 
Financial assets – investment in subsidiaries                                                                                         B                  31,539                  31,539 
Financial assets                                                                                                                                           C                    4,291                    6,842 
                                                                                                                                                                                          38,106                  40,993 
Current assets 
Trade and other receivables                                                                                                                     D                  24,630                  19,992 
Financial assets                                                                                                                                           C                  80,344                  68,925 
Cash and cash equivalents                                                                                                                        E                    7,426                  18,145 
                                                                                                                                                                                        112,400               107,062 
Total assets                                                                                                                                                                  150,506               148,055 
Equity and liabilities 
Equity 
Called up share capital                                                                                                                              H                    5,157                    5,157 
Share premium account                                                                                                                            H                  21,077                  21,077 
Other undenominated reserve                                                                                                                                          638                       638 
Special reserve                                                                                                                                             J                    5,024                    5,024 
Share-based payments reserve                                                                                                             J/K                  12,909                  15,139 
Fair value reserve                                                                                                                                         J                   (2,505)                  (2,505) 
Retained earnings                                                                                                                                                        100,476                  97,206 
Attributable to equity shareholders                                                                                                                          142,776               141,736 
Non-current liabilities 
Lease liability                                                                                                                                               N                    2,054                    2,428 
Derivative                                                                                                                                                     G                            –                            9 
Deferred tax liabilities                                                                                                                                M                       445                       245 
                                                                                                                                                                                            2,499                    2,682 
Current liabilities 
Trade and other payables                                                                                                                          F                    5,231                    3,637 
                                                                                                                                                                                            5,231                    3,637 
Total liabilities                                                                                                                                                                  7,730                    6,319 
Total equity and liabilities                                                                                                                                         150,506               148,055 
The accompanying notes on pages 111 to 132 form an integral part of these ﬁnancial statements. 
Oisín Fanning, Director                          Julian Tedder, Director 
8 July 2022

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    109
Company statement of changes in equity 
for the year ended 31 December 2021
Overview
Strategic report
Corporate governance
Financial Statements
Other information
                                                                                                                                                      Other un-                                                              Share                                                                         
                                                                                                              Share             Share          denom-                                Currency             based                                                                         
                                                                                                            capital       premium             inated           Special     translation        payment       Fair value        Retained               Total 
                                                                                                           reserve          reserve          reserve          reserve          reserve          reserve          reserve        earnings             equity 
2020                                                                                             US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000 
Balance as at 1 January 2020                            5,172     21,077           623        5,024                –     14,292       (2,505)  140,867   184,550 
Total comprehensive income 
Loss for the year                                                         –                –                –                –                –                –                –       (9,946)      (9,946) 
Total comprehensive income for the year              –                –                –                –                –                –                –       (9,946)      (9,946) 
Transactions with owners 
recognised directly in equity 
Contributions by and 
distributions to owners 
Dividend payment (Note I)                                        –                –                –                –                –                –                –    (33,251)   (33,251) 
Share buybacks (Note H)                                       (15)               –             15                –                –                –                –          (507)         (507) 
Share-based payment                                               –                –                –                –                –           417                –                –           417 
Effect of share options modiﬁed                              –                –                –                –                –           473                –                –           473 
Effect of options expired                                           –                –                –                –                –            (43)               –             43                – 
Total transactions with owners                         (15)               –             15                –                –           847                –    (33,715)   (32,868) 
Balance at 31 December 2020                        5,157     21,077           638        5,024                –     15,139       (2,505)    97,206   141,736 
                                                                                                                                                      Other un-                                                              Share                                                                         
                                                                                                              Share             Share          denom-                                Currency             based                                                                         
                                                                                                            capital       premium             inated           Special     translation        payment       Fair value        Retained               Total 
                                                                                                           reserve          reserve          reserve          reserve          reserve          reserve          reserve        earnings             equity 
2021                                                                                             US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000         US$’000 
Balance as at 1 January 2021                            5,157     21,077           638        5,024                –     15,139       (2,505)    97,206   141,736 
Total comprehensive income 
Proﬁt for the year                                                       –                –                –                –                –                –                –        1,040        1,040 
Total comprehensive income for the year              –                –                –                –                –                –                –        1,040        1,040 
Transactions with owners 
recognised directly in equity 
Contributions by and 
distributions to owners 
Dividend payment (Note I)                                        –                –                –                –                –                –                –                –                – 
Share buybacks (Note H)                                           –                –                –                –                –                –                –                –                – 
Share-based payment                                               –                –                –                –                –                –                –                –                – 
Effect of share options modiﬁed                              –                –                –                –                –                –                –                –                – 
Effect of options expired                                           –                –                –                –                –       (2,230)               –        2,230                – 
Total transactions with owners                             –                –                –                –                –       (2,230)               –        2,230                – 
Balance at 31 December 2021                        5,157      21,077           638        5,024                –      12,909       (2,505)  100,476   142,776 
The accompanying notes on pages 111 to 132 form an integral part of these ﬁnancial statements.

110     SAN LEON  ANNUAL REPORT 2021
Company statement of cash ﬂows 
for the year ended 31 December 2021
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                   Notes                      US$’000                      US$’000 
Cash ﬂows from operating activities 
Proﬁt/(loss) for the year                                                                                                                                                   1,040                   (9,946) 
Adjustments for: 
Depreciation                                                                                                                                                A                       274                       358 
Finance income                                                                                                                                                             (12,131)               (16,646) 
Finance expense                                                                                                                                                                  129                       131 
Share-based payments charge                                                                                                                                               –                       890 
Impairment/(reversal of impairment) of investment in subsidiaries 
and amounts due from Group undertakings                                                                                                                 (704)                   4,020 
Fair value movements in ﬁnancial assets                                                                                                C                    2,551                   (4,073) 
Expected credit losses                                                                                                                               C                   (1,447)                13,307 
Foreign exchange                                                                                                                                                                  (71)                        76 
Income tax expense                                                                                                                                                            204                    1,937 
Decrease/(increase) in trade and other receivables                                                                                                       105                      (926) 
Increase/(decrease) in trade and other payables                                                                                                        1,610                      (968) 
Tax paid                                                                                                                                                                                   45                            – 
Net cash outﬂow from operating activities                                                                                                             (8,395)               (11,840) 
Cash ﬂows from investing activities 
Advances to subsidiary companies                                                                                                                               (4,049)               (19,010) 
OML 18 Loan Notes principal payments received                                                                                 C                            –                  35,285 
OML 18 Loan Notes interest payments received                                                                                  C                    2,150                  11,215 
Interest and investment income received                                                                                                                            –                         47 
Lease – prepaid rental                                                                                                                               N                            –                         96 
Net cash inﬂow from investing activities                                                                                                                 (1,899)                27,633 
Cash ﬂows from ﬁnancing activities 
Dividends paid                                                                                                                                              I                            –                 (33,251) 
Share buybacks                                                                                                                                                                         –                      (507) 
Repayment of lease liability – principal                                                                                                    N                      (227)                     (211) 
Interest paid                                                                                                                                                N                      (129)                     (131) 
Net cash outﬂow from ﬁnancing activities                                                                                                                  (356)               (34,100) 
Net decrease in cash and cash equivalents                                                                                                           (10,650)               (18,307) 
Effect of foreign exchange ﬂuctuation on cash and cash equivalents                                                                          (69)                        64 
Cash and cash equivalents at start of year                                                                                          E                  18,145                  36,388 
Cash and cash equivalents at end of year                                                                                           E                    7,426                  18,145 
The accompanying notes on pages 111 to 132 form an integral part of these ﬁnancial statements.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    111
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021
General information and basis of preparation 
San Leon Energy plc (“the Company”) is a company incorporated and domiciled in the Republic of Ireland. The Company’s ordinary 
shares are admitted to trading on the AIM Market of the London Stock Exchange. The registered office address is 2 Shelbourne 
Buildings, Crampton Avenue, Shelbourne Road, Ballsbridge, Dublin 4. 
Statement of compliance 
The individual ﬁnancial statements of the Company (Company ﬁnancial statements) have been prepared in accordance with IFRS 
as adopted by the EU and as applied in accordance with the Companies Act 2014 which permits a Company that publishes its 
Company and Group ﬁnancial statements together, to take advantage of the exemption in Section 304 of the Companies Act 2014, 
from presenting to its members its Company statement of comprehensive income and related notes that form part of the 
approved Company ﬁnancial statements. The IFRS adopted by the EU as applied by the Company and the Group in the 
preparation of these ﬁnancial statements are those that were effective for accounting periods commencing on or before 
1 January 2021 or were early adopted as indicated below.  
Basis of preparation 
The Company ﬁnancial statements are prepared on the historical cost basis, except for ﬁnancial assets (net proﬁt interests, quoted 
shares and unquoted shares), which are carried at fair value, and equity settled share option awards and warrants which are 
measured at grant date fair value. 
Going concern 
The Directors have prepared a detailed cash ﬂow forecast for the Group for the period from 1 June 2022 to 31 December 2023. 
The principal assumptions underlying the cash ﬂow forecast and the availability of ﬁnance to the Group are as follows: 
The proposed reorganisation to consolidate Midwestern Oil and Gas Company Limited’s (“Midwestern”) shareholdings in: i) the 
•
Company; and ii) Midwestern Leon Petroleum Limited (“MLPL”) into a single shareholding in the Company (the “Potential 
Transaction”) completes in the second half of 2022. The Potential Transaction also comprises, inter alia, a proposed consolidation 
of Midwestern’s indirect debt and equity interests in Energy Link Infrastructure (Malta) Limited (“ELI”) with those of the Company, 
as well as further new debt and new and existing equity investments to be made by San Leon in ELI (“Further ELI Investments”); 
Eroton Exploration and Production Company Limited (“Eroton”) acquires an additional 18% interest in OML 18 from two of the 
•
other partners in OML 18, thereby taking Eroton’s interest in OML 18 to 45%. This is subject, inter alia, to: i) agreeing 
documentation; ii) ﬁnalising bank ﬁnancing; and iii) receiving the relevant regulatory consents in Nigeria; 
A loan of US$50.0 million is secured to ﬁnance the Potential Transaction; 
•
Elimination of the MLPL loan notes on completion of the Potential Transaction; 
•
Under an Asset Management Agreement with Eroton, San Leon receives US$0.5 million per month for technical and ﬁnancial 
•
advisory services following completion of the Potential Transaction; 
Repayments from ELI of loan notes of US$37.6 million during 2022 and 2023;  
•
Repayment from Eroton of a debt from the provision of services under a technical services contract of US$3.0 million during 
•
2022; and 
A further loan of US$2.5 million is given to Decklar Petroleum Limited in relation to its Oza investment as per the option 
•
agreement. 
Due to the Potential Transaction not having completed at the date of the Annual Report there is an inherent material uncertainty 
that completion will not occur as anticipated.  
The Group has modelled various other scenarios assuming the Potential Transaction does not complete and given the Group’s well 
understood cost base, the principal uncertainty if the Potential Transaction does not complete relates to the quantum and timing of 
receipt of interest and capital repayments on the Loan Notes with MLPL, which would remain in place, and the loan Notes with ELI.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

112     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
General information and basis of preparation continued 
It was originally envisaged that the MLPL Loan Note payments due to the Group would be sourced by MLPL from the receipt of 
dividends through its indirect interest in Eroton via Martwestern. These dividends have not been received to date and consequently 
MLPL has entered into loan arrangements in order to be able to make Loan Note payments to the Company. In the absence of the 
dividend payments, MLPL will be reliant on further advances under the loan arrangement and in turn being able to make Loan Note 
payments to the Company. The Company has no obligation arising from the loan arrangements entered into by MLPL.  
The loan repayments due from ELI were due to start in 2021 but have been delayed due to operational readiness of the FSO 
and ACOES project being delayed. The Directors have a reasonable expectation that ELI will be revenue generating imminently 
with the commencement of barging operations, and while loan repayments have been delayed, they should commence in the 
second half of 2022. 
Due to the uncertainty on timing of future cash ﬂows the MLPL and ELI loan notes have both been credit impaired.  
In the ultimate downside scenario where no repayments are received from MLPL and ELI, the US$50.0 million loan secured by the 
Company to fund the Potential Transaction can be drawn to facilitate completion of the further ELI Investments, with the remaining 
balance being used for general corporate purposes. In this scenario the working capital requirements of the Group can be met for 
the 12-month period from the date of approval of the ﬁnancial statements, although a reduction to administrative costs is required 
in 2023, which the Directors believe is achievable and within their control. 
However, while the working capital requirements of the Group can be met for the 12-month period, the Directors believe that 
the continued viability of the Group and Company into the future is dependent on the completion of the Proposed Transaction. 
As such, the completion of the Proposed Transaction creates signiﬁcant uncertainty upon the Group and Company’s ability to 
continue as a going concern beyond the 12-month period. The Directors’ have concluded that this represents a material 
uncertainty which may cast signiﬁcant doubt upon the Group and Company’s ability to continue as a going concern and that, 
therefore, the Group and Company may be unable to continue realising its assets and discharging its liabilities in the normal 
course of business.  
Having taken all the above factors into account, the directors continue to believe it is appropriate to prepare these ﬁnancial 
statements on a going concern basis, noting the material uncertainty that exists on the completion of the Potential Transaction 
and its impact on the Company and Group’s ability to continue as a going concern. The ﬁnancial statements do not include any 
adjustments that would be necessary if the group were unable to continue as a going concern. 
Accounting policies 
The Company’s accounting policies are aligned with the Group accounting policies as set out within the Group Financial 
Statements, with the addition of the following: 
Financial ﬁxed assets – Investment in subsidiaries are held at cost less any accumulated provision for impairment losses. 
Critical accounting judgements and key sources of estimation uncertainty 
The critical accounting judgements and key sources of estimation uncertainty used in applying the Company’s accounting 
policies are the presumption of going concern and recoverability of investments and amounts due from subsidiaries (Notes B 
and D below). 

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    113
A. Property, plant and equipment 
                                                                                                                                                           Leased                          Office                         Motor 
                                                                                                                                                             assets                 equipment                      vehicles                            Total 
Company                                                                                                                                   US$’000                      US$’000                      US$’000                      US$’000 
Cost 
At 1 January 2020                                                                                                  3,281                       548                         82                    3,911 
Transfer to other company within the Group                                                    (231)                           –                            –                      (231) 
At 31 December 2020                                                                                         3,050                       548                         82                    3,680 
Transfer to other company within the Group                                                          –                            –                        (82)                       (82) 
At 31 December 2021                                                                                         3,050                        548                             –                     3,598 
Depreciation 
At 1 January 2020                                                                                                     329                       514                            2                       845 
Charge for the year                                                                                                  330                         12                         16                       358 
Transfer to other company within the Group                                                    (135)                           –                            –                      (135) 
At 31 December 2020                                                                                            524                       526                         18                    1,068 
Charge for the year                                                                                                  261                         11                            2                       274 
Transfer to other company within the Group                                                          –                            –                        (20)                       (20) 
At 31 December 2021                                                                                             785                        537                             –                     1,322 
Net book values 
At 31 December 2021                                                                                         2,265                          11                             –                     2,276 
At 31 December 2020                                                                                          2,526                         22                         64                    2,612
Overview
Strategic report
Corporate governance
Financial Statements
Other information

114     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
B. Financial assets – investments in subsidiaries 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Investments in subsidiary undertakings at cost: 
Balance at beginning and end of year                                                                                                                         31,539                  31,539 
San Leon Energy Nigeria B.V. holds the equity interest in MLPL. As per Note 13(i), the Group identiﬁed potential impairment 
indicators with respect to the equity interest. These same indicators are also impairment indicators for the Company’s holding in 
San Leon Energy B.V. The same tests as detailed in Note 13(i) were carried out to assess the carrying value of the Company’s 
investment in its subsidiary and the analysis identiﬁed that the carrying value of the investment in MLPL is not impaired. 
At 31 December 2021, the Company had the following principal subsidiaries, all of which are wholly owned through holding all of 
the issued ordinary shares of the entities: 
Name                                                                                  Registered office                                                  Principal activities                       Country of incorporation 
Directly held: 
San Leon Energy B.V.                                       de Ronge 16                                           Holding company              Netherlands 
                                                                            1852 XB Heiloo 
                                                                            The Netherlands 
San Leon Services Limited                              12 Castle Street                                     Service company               Jersey 
                                                                            St. Helier, Jersey JE2 3RT 
San Leon Energy Nigeria B.V.                         de Ronge 16                                           Holding company              Netherlands 
                                                                            1852 XB Heiloo 
                                                                            The Netherlands 
San Leon Energy Financing Limited               2 Shelbourne Buildings                        Financing company           Ireland 
                                                                            Crampton Avenue 
                                                                            Shelbourne Road 
                                                                            Ballsbridge, Dublin 4 
San Leon Holdings Limited                             27/28 Eastcastle Street                         Holding company              England 
                                                                            London, England W1W 8DH 
Indirectly held: 
San Leon Nigeria Limited                                No. 801, Eden Heights                          Service company               Nigeria 
                                                                            6 Elsie Femi Pearse Street 
                                                                            Victoria Island, Lagos, Nigeria 
San Leon Energy (UK) Limited                        27/28 Eastcastle Street                         Service company               England 
                                                                            London, England W1W 8DH 
San Leon Energy Eli Limited                           27/28 Eastcastle Street                         Holding company              England 
                                                                            London, England W1W 8DH 
San Leon Energy Oza Limited                        27/28 Eastcastle Street                         Holding company              England 
                                                                            London, England W1W 8DH 
A full list of subsidiaries will be annexed to the Annual Report of the Company to be ﬁled with the Irish Registrar of Companies.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    115
Overview
Strategic report
Corporate governance
Financial Statements
Other information
C. Financial assets 
                                                                                                                                                                                                                        Barryroe 4.5% 
                                                                                                                                                                                                                                 net proﬁt 
                                                                                                                                                                                            OML 18 (i)                  interest (ii) 
                                                                                                                                                                                              US$’000                      US$’000 
                                                                                                                                                                                          Amortised                                                                Total 
                                                                                                                                                                                                     cost                         FVTPL                      US$’000 
Cost/valuation 
At 1 January 2020                                                                                                                           114,254                    2,769               117,023 
Finance income                                                                                                                                 16,480                            –                  16,480 
Loan Notes receipts – principal                                                                                                     (35,285)                           –                 (35,285) 
Loan Notes receipts – interest                                                                                                      (11,215)                           –                 (11,215) 
Lifetime ECL – credit-impaired #                                                                                                   (15,309)                           –                 (15,309) 
Fair value movement, Income statement                                                                                               –                    4,073                    4,073 
At 31 December 2020                                                                                                                     68,925                    6,842                  75,767 
Finance income                                                                                                                                 12,122                            –                  12,122 
Loan Notes receipts – principal                                                                                                                –                            –                            – 
Loan Notes receipts – interest                                                                                                         (2,150)                           –                   (2,150) 
Impairment reversal – (credit-impaired assets) #                                                                          1,447                            –                    1,447 
Fair value movement, Income statement                                                                                               –                   (2,551)                  (2,551) 
At 31 December 2021                                                                                                                     80,344                     4,291                  84,635 
# See OML18 ECL table below 
Expected Credit Loss – OML 18 
                                                                                                                                                                                          Higher risk  
                                                                                                                                                                                          assets not  
                                                                                                                                                    Performing         credit impaired         Credit impaired  
                                                                                                                                               12-month ECL              Lifetime ECL              Lifetime ECL                            Total 
At 1 January 2020                                                                                                          –                   (2,002)                           –                   (2,002) 
Impact of modiﬁcation                                                                                                 –                   (5,857)                           –                   (5,857) 
Net remeasurement of loss allowance                                                                      –                   (7,450)                           –                   (7,450) 
Transfer to lifetime ECL – credit-impaired                                                                –                  15,309                 (15,309)                           – 
At 31 December 2020                                                                                                 –                            –                 (15,309)                (15,309) 
Impact of modiﬁcation                                                                                                 –                            –                    1,503                    1,503 
Net remeasurement of loss allowance                                                                      –                            –                    1,447                    1,447 
Effective interest on ECL                                                                                              –                            –                   (3,794)                  (3,794) 
At 31 December 2021                                                                                                 –                             –                 (16,153)                (16,153)

116     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
C. Financial assets continued 
                                                                                                                                                                                                                        Barryroe 4.5% 
                                                                                                                                                                                                                                 net proﬁt 
                                                                                                                                                                                            OML 18 (i)                  interest (ii) 
                                                                                                                                                                                              US$’000                      US$’000 
                                                                                                                                                                                          Amortised                                                                Total 
                                                                                                                                                                                                     cost                         FVTPL                      US$’000 
Book value at 31 December 2021                                                                                                80,344                     4,291                  84,635 
Current                                                                                                                                              80,344                            –                  80,344 
Non-current                                                                                                                                                –                    4,291                    4,291 
Book value at 31 December 2020                                                                                                 68,925                    6,842                  75,767 
Current                                                                                                                                               68,925                            –                  68,925 
Non-current                                                                                                                                                 –                    6,842                    6,842 
Unquoted shares: Ardilaun Energy Limited (iii) and Amedeo Resources Limited (iv) have a US$Nil value. 
(i) OML 18 
In September 2016, the Company secured an indirect economic interest in OML 18, onshore Nigeria. 
The Company undertook a number of steps to effect this purchase. MLPL, a company incorporated in Mauritius of which San Leon 
Nigeria B.V. has a 40% shareholding, was established as a special purpose vehicle to complete the transaction by purchasing all of 
the shares in Martwestern, a company incorporated in Nigeria. Martwestern holds a 50% shareholding in Eroton, a company 
incorporated in Nigeria and the operator of OML 18, and Martwestern also holds an initial 98% economic interest in Eroton. 
The economic effect of this structure is that San Leon has an initial indirect economic interest of 10.584% in OML 18. Shareholders 
will note that this is higher than the percentage interest anticipated by San Leon at the time of the acquisition in 2016. There have 
been no further purchases or payments by San Leon but this revised percentage is based on a reassessment and recalculation 
of the various parties’ interests in OML 18. 
To partly fund the purchase of 100% of the shares of Martwestern, MLPL borrowed US$174.5 million in incremental amounts by 
issuing loan notes with an annual coupon of 17% (“Loan Notes”) and effective interest rate of 25%, as noted below. Midwestern Oil 
and Gas Company Limited (“Midwestern”) is the 60% shareholder of MLPL and transferred its shares in Martwestern to MLPL as 
part of the full transaction. Following its placing in September 2016, San Leon became beneﬁciary and holder of all Loan Notes 
issued by MLPL and the holder of an indirect economic interest in OML 18. San Leon is due to be repaid the full amount of the 
US$174.5 million plus the 17% coupon once certain conditions have been met and using an agreed distribution mechanism. 
Through its wholly owned subsidiary, San Leon Nigeria B.V., the Company is also a beneﬁciary of any dividends that will be paid by 
MLPL as a 40% shareholder in MLPL but the Loan Notes repayments must take priority over any dividend payments made to the 
MLPL shareholders. 
The fair value assessment of the Loan Notes on acquisition was calculated as follows: 
                                                                                                                                                                                                                                                                             Total 
                                                                                                                                                                                                                                                                       US$’000 
Total consideration                                                                                                                                                                                    188,419 
Fair value of Loan Notes attributable to equity investment #                                                                                                              (30,889) 
Net fair value of Loan Notes                                                                                                                                                                     157,530 
Arrangement fees                                                                                                                                                                                         (5,500) 
Additions to Financial Assets in 2016 including accrued interest at date of acquisition                                                                 152,030 
# The fair value of Loan Notes attributable to the equity investment is calculated using a discount factor of management’s estimate of a market rate of interest of 8% 
above the coupon rate of 17% over the term of the Loan Notes, giving an effective interest rate of 25%.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    117
C. Financial assets continued 
The key information relevant to the fair value of the Loan Notes on the date they were initially recognised is as follows: 
                                                                                                                                                                                     Inter-relationships between the unobservable 
Valuation technique                                               Signiﬁcant unobservable inputs*                                          inputs and fair value measurements 
Discounted cash ﬂows                            • Discount rate 25% based on a market            Nil 
                                                                      rate of interest of 8% above the 
                                                                      coupon rate of 17% 
                                                                    • MLPL ability to generate cash ﬂows 
                                                                      for timely repayment 
                                                                    • Loan Notes are repayable in full 
                                                                      by 31 December 2021 
                                                                      (2020: 31 December 2021) 
* On initial recognition. Under the conditional payment waiver the Loan Notes are expected to fall due on 30 June 2022. Other unobservable inputs are considered 
appropriate at 31 December 2021. 
The business model for the MLPL loan is to hold to collect. The Loan Notes are accounted for at amortised cost. 
The credit risk is managed via various undertakings, guarantees, a pledge over shares and the mechanism whereby MLPL 
prioritises payment of sums due under the Loan Notes. These are described further in Note 29 of the Group Financial Statements. 
Given the size and quality of the OML 18 oil and gas asset the main credit risk is regarded as the timing of payments by MLPL 
which is dependent on dividend distributions by Eroton rather than being unable to pay the total quantum due under the Loan 
Notes. To date Eroton have been unable to make a dividend distribution. Consequently, MLPL had to enter into a loan in 2017 
and subsequently, in order to be able to meet its obligations under the Loan Notes and make payments to San Leon. 
On 6 April 2020, the Company entered into an Agreement with MLPL, amending the timing of the remaining payment of the Loan 
Notes Instrument. At the date of the Agreement, the remaining outstanding balance on the par value was US$82.1 million 
(accounted for as US$79.5 million under IFRS). Under the terms of the Agreement, US$10.0 million was due to be repaid on or 
before 6 October 2020, with the balance of the Loan Notes receivable payable in three quarterly instalments, commencing in 
July 2021 and completing by December 2021. Following the Agreement the outstanding loan continued to have an annual coupon 
rate of 17% and an effective interest rate of 25% per annum. All other material terms of the Loan Notes Instrument remained 
unchanged. The Agreement with MLPL was accounted for as a modiﬁcation of the ﬁnancial asset which did not give rise to 
derecognition. A loss of US$2.5 million was recognised in respect of the change in present value of the revised cash ﬂows 
discounted at the original effective interest rate. 
On 24 June 2021 the Company announced that it had entered into preliminary discussions with Midwestern in connection with the 
potential acquisition of the shares of MLPL owned by Midwestern (the “Potential Transaction”). The Company expects that the Potential 
Transaction, if agreed, would include the elimination of the Loan Notes. In connection with these discussions, on 6 July 2021 the 
Company agreed a conditional payment waiver in respect of the amounts under the Agreement that fell due in July 2021 and within 
30 days of expiry of the conditional payment waiver. Under the terms of the conditional payment waiver amounts payable under the 
Agreement would fall due 90 days following expiry. Interest continued to accrue on the outstanding principal of the Loan Notes at 17%. 
The conditional payment waiver was originally due to expire on the earlier of 31 August 2021 or the date an agreement was 
reached with Midwestern to effect the Potential Transaction. The conditional payment waiver was subsequently extended to 
include payments due up to December 2021. 
The conditional payment waiver was accounted for as a modiﬁcation of the ﬁnancial asset which did not give rise to derecognition. 
The amortised cost of the Loan Notes immediately prior to the modiﬁcation was US$74.8 million (being a gross asset of US$92.6 
million and expected credit loss provision of US$17.8 million. A net modiﬁcation loss of US$3.2 million was recognised in respect of 
the change in present value of the revised cash ﬂows discounted at the original effective interest rate. 
During 2021 San Leon received total payments under the Loan Notes of US$2.2 million (2020: US$46.5 million). The payments received 
during 2021 represent principal of US$Nil (2020: US$35.3 million) and interest of US$2.2 million (2020: US$11.2 million) on the Loan 
Notes repaid. As at 31 December 2021 there was US$96.5 million in principal and interest (2020: US$84.2 million) due under the Loan 
Notes. As at 31 December 2021, US$2.9 million was outstanding from the US$10.0 million due to be repaid on 6 October 2020.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

118     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
C. Financial assets continued 
The Directors of San Leon have considered the credit risk of the Loan Notes at 31 December 2021 and 31 December 2020. 
Due to the inability of MLPL to make dividend distributions, the Directors continue to consider that the credit risk has signiﬁcantly 
increased since initial recognition. At 31 December 2019 and subsequently a provision for the lifetime expected credit loss of the 
Loan Notes had been recognised. 
In addition, the Directors have reviewed the counterparty credit risk associated with measurement of the expected credit loss. 
This was assessed as having increased signiﬁcantly since initial recognition. 
Management are still conﬁdent in the operational potential of OML 18 and ultimately recovering the full amount of the outstanding 
Loan Notes, however due to the above issues management are unable to determine the timing of future cash ﬂows and for this 
reason the Loan Notes are now considered credit impaired. 
The Loan Notes are unique assets for which there is no directly comparable market data. Repayments of the Loan Notes are 
expected to be made from the underlying cash ﬂows that support MLPL or, if the Potential Transaction is agreed, the Loan Notes 
will be taken into account and eliminated as part of the overall structure agreed. The Directors have considered the credit risk of 
MLPL, in particular in light of the Covid-19 pandemic and the resultant impact on the oil price and demand, as well as ongoing 
short term production issues. The Loan Notes continue to be considered to be impaired. An impairment has been estimated 
based on a forward-looking analysis where a range of outcomes has been considered taking into account the size and timing of 
the contractual cash ﬂows, the risk of the Potential Transaction being delayed or not agreed, risk of late payments and the risk of 
default leading to less than full recovery of the amounts due in respect of the Loan Notes. The Directors have considered the 
possible scenarios and used their judgement to estimate a weighted average outcome of these scenarios. The impairment is 
calculated as the difference between the present value of the weighted average of possible outcomes (discounted at the effective 
interest rate of the Loan Notes) and the present value of the contractual cash ﬂows. 
As at 31 December 2021 the Loan Notes are considered credit impaired. The expected credit loss of US$16.2 million (2020: 
US$15.3 million) has been presented net as part of the amortised cost of the Loan Notes. The expected credit loss has been 
calculated with a very high probability that the Potential Transaction will complete, and therefore the Loan Notes will extinguish, 
and the Company believes that the value of the Potential Transaction is worth at least the value of the Loan Notes. 
See Subsequent events (Note 31 of the Group Financial Statements) for further information on the discussions with Midwestern 
about acquiring Midwestern’s indirect interest in the OML 18. 
*Refer to Alternate Performance Measures on page 133 for full reconciliation of IFRS numbers and Alternative Performance Measures. 
(ii) Barryroe – 4.5% Net Proﬁt Interest 
SLE holds a 4.5% Net Proﬁt Interest in the Barryroe (“Barryroe NPI”) oil ﬁeld at fair value through proﬁt and loss under IFRS 9. In 
2019 a market-based valuation approach was adopted, using the price of the publicly listed shares of Providence Resources plc 
(“Providence”) (operator and holder of an 80% interest in the Barryroe oil ﬁeld) as its basis. The Directors believe the markets 
assessment of the current risks and uncertainties of the project have been reﬂected within the share price of Providence at year 
end, and it is therefore appropriate to use this to update their valuation. 
Given the latest announcements, the Directors have reviewed the modelling assumptions and consider it reasonable and appropriate 
to continue to use a market based approach to decrease the Barryroe carrying value by US$2.6 million (2020: gain of US$4.0 million) 
to US$4.2 million to reﬂect their estimate of the impact of these risks to the future cash ﬂows on the value of the asset. 
The key information relevant to the fair value of the Barryroe 4.5% net proﬁt interest is as follows: 
                                                                                                                                                                                     Inter-relationships between the unobservable 
Valuation technique                                               Signiﬁcant unobservable inputs                                            inputs and fair value measurements 
Market based approach using               • Estimated value of NPI as percentage             The estimated fair value would increase/ 
share price of Operator (Providence)      of total ﬁeld NPV 9.5% (2020: 9.5%)                 (decrease) if: 
                                                                                                                                                     • US Dollar exchange rate  
                                                                                                                                                         increased/(decreased) 

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    119
C. Financial assets continued 
(iii) Ardilaun Energy Limited 
As part of the consideration for the sale of Island Oil & Gas Limited to Ardilaun Energy Limited (“Ardilaun”) in 2014 Ardilaun agreed 
to issue shares equivalent to 15% of the issued share capital of Ardilaun to San Leon. The original fair value of the 15% interest in 
Ardilaun was based on a market transaction in Ardilaun shares. 
The Directors have considered the carrying value of this interest at 31 December 2021 and given the length of time to obtain Irish 
government approval for the transaction, the Directors feel it is prudent to continue to carry the 15% of Ardilaun shares still to be 
issued to San Leon at a value of US$Nil (2020: US$Nil). 
(iv) Amedeo Resources Limited 
At 31 December 2021, the Company holds 213,512 ordinary shares at a market value of US$Nil (2020: US$Nil). The value of the 
investment was written down to nil in 2018 due to the shares of Amedeo Resources plc being de-listed. 
D. Trade and other receivables 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Amounts falling due within one year: 
Amounts owed by group undertakings (i)                                                                                                                125,658               122,417 
Expected credit loss on amounts owed by group undertakings (i)                                                                     (102,750)             (104,240) 
Net amounts owed by group undertakings                                                                                                                22,908                  18,177 
Corporation tax refundable                                                                                                                                                    –                         48 
VAT and other taxes refundable                                                                                                                                          45                         28 
Other debtors                                                                                                                                                                       793                       726 
Prepayments                                                                                                                                                                         884                    1,013 
                                                                                                                                                                                          24,630                  19,992 
(i) At 31 December 2021, the Company is owed US$125.7 million (2020: US$122.4 million) by its subsidiaries in respect of funds 
advanced to them and expenses discharged by the Company on their behalf. An impairment provision of US$102.8 million (2020: 
US$104.2 million) against these debts has been provided as at the year end. The credit-impaired balances relate to the funding of 
historical investments in subsidiaries to hold assets and businesses which have been abandoned or discontinued in prior periods and 
from which no economic value is expected. The expected credit loss on remaining loans to subsidiaries is not considered material. 
E. Cash and cash equivalents 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Cash and cash equivalents                                                                                                                                                 673                  11,392 
Solicitor client account (i)                                                                                                                                                 6,753                    6,753 
                                                                                                                                                                                            7,426                  18,145 
(i) Solicitor client account at 31 December 2021 represents monies held on behalf of the Company by Dentons ACAS-Law in 
relation to the Oza deal, detailed in Subsequent Events (Note 31).
Overview
Strategic report
Corporate governance
Financial Statements
Other information

120     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
F. Trade and other payables 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Current 
Trade payables                                                                                                                                                                  1,264                       187 
Amounts owed to group undertakings (i)                                                                                                                     2,390                    2,413 
PAYE/PRSI                                                                                                                                                                                88                       136 
Payroll and pensions                                                                                                                                                           629                            – 
Other creditors                                                                                                                                                                          –                            2 
Accruals                                                                                                                                                                                 520                       566 
Current portion of lease                                                                                                                                                      340                       333 
                                                                                                                                                                                            5,231                    3,637 
(i) Amounts owed to Group undertakings are interest free and repayable on demand (Note O). 
G. Derivative 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Non-current 
Derivative                                                                                                                                                                                   –                            9 
                                                                                                                                                                                                    –                            9 
The key inputs into the valuation model are as follows: 
                                                                                                                                                                                     Inter-relationships between the unobservable  
Valuation technique                                               Signiﬁcant unobservable inputs                                            inputs and fair value measurement 
Black-Scholes model                                Option strike price of £0.30 to £0.45                  The estimated fair value would  
                                                                    up to date options expired in the year               increase/(decrease) if: 
                                                                    (2020: £0.30 to £0.45)                                            
                                                                    Average maturity of 0 to 1 year up to                 The share price increased/  
                                                                    date options expired in the year                         (decreased) 
                                                                    (2020: 0 to 1 year)                                                   
                                                                    Risk-free interest rate of 0.055%                         Sterling exchange rate  
                                                                    up to date options expired in the year               increased/(decreased) 
                                                                    (2020: 0.055%)                                                        
                                                                    Share price volatility of 62% up to                       The risk free interest rate  
                                                                    date options expired in the year                         increased/(decreased) 
                                                                    (2020: 62%)                                                              
The derivative was in relation to options and warrants that were issued in connection with ﬁnancing provided to the Company 
between 2016 and 2018.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    121
Overview
Strategic report
Corporate governance
Financial Statements
Other information
H. Share capital 
Rights and obligations attaching to the Ordinary Shares 
The Company has no securities in issue conferring special rights with regards control of the Company. All Ordinary Shares rank 
pari passu, and the rights attaching to the Ordinary Shares (including as to voting and transfer) are as set out in the Company’s 
Articles of Association (“Articles”). 
                                                                                                                                                                                         Number of                 Number of 
                                                                                                                                                                                    New Ordinary                    Deferred                 Authorised 
                                                                                                                                                                                                 shares        Ordinary shares                         Equity 
                                                                                                                                                                                         €0.01 each            €0.0001 each                      US$’000 
Authorised equity 
At 1 January 2020                                                                                                                2,847,406,025                            –               177,475 
At 31 December 2020                                                                                                         2,847,406,025                            –               177,475 
At 31 December 2021                                                                                                        2,847,406,025                             –                177,475 
Issued, called up and fully paid: 
                                                                                                                                                     Number of                 Number of 
                                                                                                                                                New Ordinary                    Deferred                          Share                          Share 
                                                                                                                                                            shares        Ordinary shares                         capital                    premium 
                                                                                                                                                     €0.01 each            €0.0001 each                      US$’000                      US$’000 
At 1 January 2020                                                                                     451,303,014                            –                    5,172                  21,077 
Share buybacks                                                                                            (1,389,988)                           –                        (15)                           – 
At 31 December 2020                                                                              449,913,026                            –                    5,157                  21,077 
At 31 December 2021                                                                             449,913,026                             –                     5,157                  21,077 
See Consolidated Statements of Changes in Equity on pages 54 to 55. 
Share buyback programme 
On 22 January 2020 the Company announced that it had completed the Buyback Programme. Under the Buyback Programme, 
the Company repurchased 5,709,101 Ordinary Shares at an aggregate value of £1,570,085.49. Following cancellation of the ﬁnal 
shares repurchased, the total number of Ordinary Shares in issue with voting rights was 449,913,026. 
I. Dividends paid 
No dividends were declared in 2021. In May 2020, the Company returned a special dividend to its shareholders of £0.06 per share, 
totalling US$33.3 million (£27.0 million).

122     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
J. Reserves 
The Statement of Changes in Equity outlines the movement in reserves during the year. Further details of these reserves are set 
out below: 
Share based payments reserve 
The share-based payments reserve comprises the fair value of all share options which have been charged over the vesting period, 
net of the amount relating to share options which have expired, been cancelled and have vested. 
Fair value reserve 
The fair value reserve comprises the cumulative net change in the fair value of ﬁnancial assets measured at Fair Value through 
Other Comprehensive Income until the assets are derecognised. 
Special reserve 
Pursuant to a capital reduction in 2019 the Company undertook to credit US$5,024,260 to a special reserve. This special reserve is 
not a distributable reserve and must remain in place until such time as obligations in respect of certain guarantees given by the 
company have lapsed or become unenforceable. 
K. Share-based payments 
Prior to 31 December 2012, the Group had one share-based payment scheme for executives and senior employees of the Group. 
In accordance with the provisions of the plan, as approved by shareholders at a previous general meeting, executives and senior 
employees may be granted options to purchase ordinary shares. 
Each share option converts into one ordinary share of San Leon Energy plc on exercise and options do not carry rights to 
dividends nor voting rights. Options may be exercised at any time from the date of vesting to the date of their expiry. The options 
vest in tranches subject to the achievement of certain service and non-market performance conditions. Market conditions in 
relation to the achievement of share price trading levels also apply in the case of certain options granted to the Directors, further 
details of which are set out in the Directors’ Report. 
During the ﬁrst quarter of 2013, this scheme was replaced by a more formal Share Option Plan, which governs all future awards of 
share options made by San Leon. All employees, and certain Directors and consultants, may from time to time be eligible to receive 
a discretionary bonus to be awarded in the form of options over San Leon Ordinary shares. Historic options in respect of San Leon 
shares will continue to be governed by the terms and conditions set out in the historic share-based payments scheme. 
The Group’s equity share options are equity settled share-based payments as deﬁned in IFRS 2: Share Based Payments. The total 
share-based payment charge for the year has been calculated based on grant date fair value obtained using an option pricing 
model with a discount for market conditions applied based on a Monte Carlo simulator analysis where appropriate. The charge for 
the year is US$Nil (2020: US$891,263) includes the charge for options issued to the Directors of US$Nil (2020: US$418,048) and 
shares to be issued to Directors of US$Nil (2020: US$Nil).

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    123
Overview
Strategic report
Corporate governance
Financial Statements
Other information
K. Share-based payments continued 
The movement on outstanding share options and warrants during the year was as follows: 
                                                                                                                                                                         2021                                                                2020 
                                                                                                                                                                                          Weighted                                                        Weighted 
                                                                                                                                                        Number                      average                     Number                      average 
                                                                                                                                                   of options/                     exercise                 of options/                      exercise 
                                                                                                                                                       warrants                            price                     warrants                           price 
Balance at beginning of the ﬁnancial year                                               41,221,627                  £0.397          40,559,075                  £0.400 
Granted during the ﬁnancial year                                                                              –                             –            1,000,000                  £0.450 
Modiﬁed during the ﬁnancial year *                                                                          –                             –                            –                  £0.393 
Expired or cancelled during the ﬁnancial year                                        (8,560,000)                 £0.445              (337,448)                £0.592 
Exercised during the ﬁnancial year                                                                            –                             –                            –                            – 
Balance at end of the ﬁnancial year                                                         32,661,627                  £0.412          41,221,627                  £0.397 
Exercisable at end of the ﬁnancial year                                                   32,661,627                  £0.412          41,221,627                  £0.397 
The range of exercise prices of outstanding options/warrants at year end is £0.25 to £0.45 (2020: £0.25 to £0.45). 
* On 26 February 2020 the Company repriced 1,500,000 options from £0.45 to £0.35, the expiry date of these options was also 
extended from 26 February 2020 by 4 years to 26 February 2024. The resulting charge for the year was US$326,581. 
* On 2 October 2020 the Company extended the expiry date of 2,222,222 options by 5 years to 2 October 2025. This resulted 
in a charge for the year of US$146,635. 
The weighted average remaining contractual life for options/warrants outstanding at 31 December 2021 is 1.79 years 
(2020: 2.94 years). 
During the current year no options were exercised (2020: Nil). 
The following table illustrates the number, exercise price and expiry date of share options and warrants remaining at year end. 
Type                                                                                                                                                                                      Number            Exercise price     Year of expiration 
Options                                                                                                                                         6,250,000                    £0.45                     2022 
Options                                                                                                                                         6,625,000                    £0.45                     2023 
Warrants                                                                                                                                     10,000,000                    £0.25                     2023 
Warrants                                                                                                                                       4,939,405                    £0.45                     2023 
Options                                                                                                                                         1,500,000                    £0.35                     2024 
Options                                                                                                                                            125,000                    £0.45                     2024 
Options                                                                                                                                         2,222,222                    £0.45                     2025 
Options                                                                                                                                         1,000,000                    £0.45                     2028 
Total                                                                                                                                            32,661,627

124     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
K. Share-based payments continued 
The following table lists the fair value of options granted and the inputs to the models used to calculate the grant date fair values 
of awards granted in 2021 and 2020: 
                                                                                                                                                                                                                                        2021                           2020 
Weighted average fair value of options granted during year                                                                                       N/a                    £0.25 
Weighted average share price of options at date of grant                                                                                           N/a                    £0.39 
Dividend yield                                                                                                                                                                       N/a                   0.00% 
Exercise price                                                                                                                                                                       N/a                    £0.45 
Expected volatility                                                                                                                                                                N/a                      72% 
Risk-free interest rate                                                                                                                                                          N/a                   0.55% 
Expected option life                                                                                                                                                             N/a                 7 years 
Expected early exercise %                                                                                                                                                  N/a                        0% 
Model used                                                                                                                                                                           N/a      Black-Scholes 
The expected life used in the model is based on the expectation of management attaching to the option and behavioural 
considerations and is not necessarily indicative of exercise patterns that may occur. Expected volatility is based on an analysis of 
the historical volatility of San Leon Energy plc shares and comparable listed entities. The fair value is measured at the date of grant. 
There are no conditions attached to the options. 
L. Commitments and contingencies 
(a) Lease obligation commitments 
Cash commitments under lease obligations as a lessee (Note N) are as follows: 
                                                                                                                                                                                                                                       Total                            Total 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Payable: 
Within one year                                                                                                                                                                    340                       369 
Between one and ﬁve years                                                                                                                                            1,359                    1,472 
Over ﬁve years                                                                                                                                                                   1,246                    1,718 
                                                                                                                                                                                            2,945                    3,559 
(b) Island Oil & Gas Limited Guarantee 
The Company has a Guarantee in respect of the decommissioning liabilities of Island (Seven Heads) Limited, a subsidiary of Island 
Oil & Gas Limited (“Island”). In the event that Island are unable to pay the decommissioning liabilities, under the Guarantee, the 
Company could be liable for any amounts Island does not pay.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    125
M. Deferred tax 
                                                                                                                Assets                                                    Liabilities                                                       Net 
                                                                                                       2021                        2020                        2021                        2020                        2021                        2020 
                                                                                                 US$’000                  US$’000                  US$’000                  US$’000                  US$’000                  US$’000 
Financial assets – net proﬁt Interest                            –                         –                   (572)               (1,416)                  (572)               (1,416) 
Financial assets – other                                             175                    175                         –                         –                    175                    175 
Interest not taxable until received                               –                         –                     (48)                        –                     (48)                        – 
Tax losses recognised                                                    –                    996                         –                         –                         –                    996 
                                                                                     175                 1,171                   (620)               (1,416)                  (445)                  (245) 
N. Leases 
Statement of Financial Position 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Right of use asset (included within Property, plant and equipment) 
Property leases 
At 1 January                                                                                                                                                                        2,526                    2,952 
Additions                                                                                                                                                                                    –                            – 
Transfer to other company within the Group                                                                                                                      –                        (96) 
Depreciation charge for the period                                                                                                                                 (261)                     (330) 
Closing net carrying amount                                                                                                                                        2,265                    2,526 
Lease liability 
Property leases 
At 1 January                                                                                                                                                                        2,761                    2,834 
Payments – principal                                                                                                                                                          (227)                     (211) 
Payments – interest                                                                                                                                                            (129)                     (131) 
Currency translation adjustment                                                                                                                                      (140)                      138 
Interest                                                                                                                                                                                  129                       131 
Closing net carrying amount                                                                                                                                        2,394                    2,761 
Current                                                                                                                                                                                  340                       333 
Non-current                                                                                                                                                                      2,054                    2,428 
Income Statement 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Right of use asset (included within Property, plant and equipment) 
Property leases 
Depreciation charge                                                                                                                                                            261                       330 
Interest expense                                                                                                                                                                  129                       131 
Total                                                                                                                                                                                       390                       461
Overview
Strategic report
Corporate governance
Financial Statements
Other information

126     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
O. Related party transactions 
Transactions with subsidiaries and associates 
The Company has a related party relationship with its subsidiaries and associates. The Company and its subsidiaries and associates, 
in the ordinary course of business, enter into various sales, purchase and service transactions with joint operations in which the 
Group has a material interest. These transactions are under terms that are no less favourable to the Group than those arranged 
with third parties. 
At 31 December 2021, the Company is owed US$125.7 million (2020: US$122.4 million) by its subsidiaries in respect of funds 
advanced to them and expenses discharged by the Company on their behalf. An impairment provision of US$102.8 million 
(2020: US$104.2 million) against these debts has been provided as at the year end. The credit-impaired balances relate to the 
funding of historical investments in subsidiaries to hold assets and businesses which have been abandoned or discontinued in 
prior periods and from which no economic value is expected. The expected credit loss on remaining loans to subsidiaries is not 
considered material. The Company owes US$2.4 million (2020: US$2.4 million) to subsidiaries in respect of funds received by 
and services provided to the Company. 
                                                                                                                                                                                                                                                                       US$’000 
Loss allowance at 31 December 2020                                                                                                                                                    104,240 
Expected credit losses released                                                                                                                                                                  (1,490) 
Loss allowance at 31 December 2021                                                                                                                                                       102,750 
P. Financial instruments and ﬁnancial risk management 
The Company’s principal ﬁnancial instruments comprise trade receivables, other ﬁnancial assets, trade payables and cash and 
cash equivalents. 
The main purpose of these ﬁnancial instruments is to provide ﬁnance for the Company’s operations. 
The Company’s ﬁnancial assets and liabilities are classiﬁed as: 
Financial liabilities: Amortised costs – trade and other payables as described in Note F; 
•
Financial assets: Amortised cost – Financial assets as described in Note C and Trade and other receivables as described 
•
in Note C; 
Financial assets: FVTPL – net proﬁt interest as described in Note C; and 
•
Financial assets: FVOCI – equity instrument – unquoted investments as described in Note C. 
•
The main risks arising from the Company’s ﬁnancial instruments are foreign currency risk, credit risk, liquidity risk, interest rate risk 
and capital management. Management reviews and agrees policies for managing each of these risks in a non-speculative manner 
which are summarised below. 
(a) Currency risk 
The Company is exposed to foreign currency risk on transactions denominated in a currency other than the relevant functional 
currency which is US Dollars. The US Dollar is the presentation currency for ﬁnancial reporting and budgeting. The Company 
manages its exposure by matching receipts and payments in the same currency and monitoring the residual net cash position. 
During the years ended 31 December 2021 and 2020, the Company did not utilise either forward currency contracts or other 
derivatives to manage foreign currency risk.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    127
P. Financial instruments and ﬁnancial risk management continued 
At 31 December 2021, the Company’s principal exposure to foreign currency risk was as follows: 
                                                                                                                                                                                                                         Denominated            Denominated 
                                                                                                                                                                                                                                   in GBP£                      in EUR€ 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Trade and other receivables                                                                                                                                              594                    3,589 
Trade and other payables                                                                                                                                                 (947)                  (3,878) 
Cash and cash equivalents                                                                                                                                                 663                            9 
Total 2021                                                                                                                                                                             310                       (280) 
At 31 December 2020, the Company’s principal exposure to foreign currency risk was as follows: 
                                                                                                                                                                                                                         Denominated            Denominated 
                                                                                                                                                                                                                                   in GBP£                      in EUR€ 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Trade and other receivables                                                                                                                                              808                    3,398 
Trade and other payables                                                                                                                                                 (225)                  (2,908) 
Cash and cash equivalents                                                                                                                                              1,134                       172 
Total 2020                                                                                                                                                                          1,717                       662 
The US Dollar exchange rates used in the preparation of the ﬁnancial statements were as follows: 
                                                                                                                                                                         2021                                                                2020 
                                                                                                                                                Average rate              Closing rate              Average rate               Closing rate 
Sterling                                                                                                             0.727078              0.741904             0.778085             0.732646 
Euro                                                                                                                  0.845794              0.882924             0.873668             0.814930 
Sensitivity analysis 
If the US Dollar increased by 1% in value against the above currencies, the Company’s proﬁt for the year would decrease and 
equity at year end would decrease by US$27,034. If the US Dollar decreased by 1% in value against the above currencies, the 
Company’s proﬁt for the year would increase and equity at year end would increase by US$27,304. 
(b) Credit risk 
Credit risk refers to the risk that any counter-party will default on its contractual obligations resulting in ﬁnancial loss to the 
Company. 
The Company’s ﬁnancial assets excluding ‘Financial assets – Net Proﬁt Interest’, see (f) ‘Fair values’ comprise trade and other 
receivables, cash and cash equivalents and OML 18. 
The maximum ﬁnancial exposure due to credit risk on the Company’s ﬁnancial assets not subject to impairment of IFRS 9, 
representing the sum of cash and cash equivalents, trade and other receivables and other current assets, as at 31 December 2021 
was US$32.1 million (2020: US$38.1 million). 
Trade and other receivables 
Within trade and other receivables there is no signiﬁcant exposure to credit risk. The credit risk on amounts receivable from joint 
operating partners is managed by agreeing budgets in advance with partners and where appropriate collecting any material share 
of exploration costs from partners in advance of completing the exploration work programme. Amounts in trade and other 
receivables impaired during 2021 are explained in Note D and management believes that the existing sums are still collectable.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

128     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
P. Financial instruments and ﬁnancial risk management continued 
OML 18 
The OML 18 transaction comprised the US$174.5 million Loan Notes as detailed in Note C. The credit risk is managed via various 
undertakings, guarantees, a pledge over shares and the mechanism whereby MLPL prioritises payment of sums due under the Loan 
Notes. Given the size and quality of the OML 18 oil and gas asset the main credit risk is regarded as the timing of payments by MLPL 
which is dependent on dividend distributions by Eroton rather than being unable to pay the total quantum due under the Loan 
Notes. To date Eroton have been unable to make a dividend distribution. Consequently, MLPL had to enter into a loan in 2017 and 
further loan subsequently, in order to be able to meet its obligations under the Loan Notes and make payments to San Leon. 
The credit risk associated with the MLPL Loan Notes is regarded as high and despite quarterly payments being largely received 
previously to date, however not always on time, and given other considerations, this has led the Company to determine that 
providing for a loss over the lifetime of the loan is appropriate. The expected credit loss has been calculated with a very high 
probability that the Potential Transaction will complete, and therefore the Loan Notes will extinguish, and the Company believes 
that the value of the Potential Transaction is worth at least the value of the Loan Notes. Establishing an expected credit loss over 
the lifetime of the loan for a single receivable requires signiﬁcant judgement, as there is limited relevant historical data in the 
Company, and no obvious reliable market data to benchmark. The factors that were considered in coming to the conclusion of a 
lifetime expected credit loss provision are explained as follows. 
The credit risk of the instrument needs to be evaluated without consideration of collateral. Financial instruments are not 
considered to have low credit risk because that risk is mitigated by collateral. 
MLPL is expected to repay all interest and principal due under the loan agreement, however it is currently experiencing short term 
cash ﬂow issues which makes it challenging to predict when repayments will be made. The increase in credit risk is due to the 
uncertainty in timing of when Loan Note repayments are received. It does not change the prevailing expectation that the loan will 
be recovered in full. 
In addition, the Directors have reviewed the counterparty credit risk associated with measurement of the credit impairment. 
This risk has previously been assessed as having increased signiﬁcantly since initial recognition, and is considered to have 
increased further during the year ended 31 December 2020 and continued at this level of risk in 2021. 
As the asset is determined to be credit-impaired, the lifetime expected credit loss has been presented net against the gross 
carrying value of the Loan Notes balance on the Statement of Financial Position and remeasured at each reporting date. 
The MLPL loan asset will continue to be held using the effective interest rate method. 
The consideration of credit impairment for this asset is set out in Note C. 
The Directors have considered the impact of Covid-19, the impact on oil price and demand and short term production issues 
on the Loan Notes and associated credit risk, all of which are tied to the performance of the OML 18 asset. The short term 
production issues are expected to delay Eroton’s ability to return to full production and beneﬁt from the recovery in the oil price, 
with the overall effect likely to be short term cash ﬂow issues resulting in a delay in receiving distributions from Eroton via MLPL. 
The Directors have therefore concluded that the risk proﬁle of the Loan Notes has increased. 
In the opinion of the Directors there is currently no difference between the carrying amount of the MLPL loan net of the provision 
and its fair value. 
The following table provides information about the exposure to credit risk and expected credit losses of the OML 18 Loan Notes 
as at 31 December 2021. 
                                                                                                                                                                                                  Gross               Impairment  
                                                                                                                                                       Weighted                      carrying                             loss  
                                                                                                                                                  average loss                      amount                   allowance                          Credit  
Equivalent to Moody’s credit rating                                                                                   rate                      US$000                      US$000                    impaired 
Lower than BBB                                                                                                 16.74%                  96,497                  16,153                        Yes 

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    129
Overview
Strategic report
Corporate governance
Financial Statements
Other information
P. Financial instruments and ﬁnancial risk management continued 
The following table provides information about the exposure to credit risk and expected credit losses of the OML 18 Loan Notes as 
at 31 December 2020. 
                                                                                                                                                                                                  Gross               Impairment  
                                                                                                                                                       Weighted                      carrying                             loss  
                                                                                                                                                  average loss                      amount                   allowance                          Credit  
Equivalent to Moody’s credit rating                                                                                   rate                      US$000                      US$000                    impaired 
Lower than BBB                                                                                                 18.17%                  84,234                  15,309                        Yes 
Cash and cash equivalents 
The credit risk on cash and cash equivalents held in the Company’s bank accounts is considered limited because the 
counterparties are banks with high credit-ratings assigned by international credit rating agencies. The Company also holds limited 
funds for day to day operational purposes with Irish banking institutions which are subject to guarantee by the Irish government. 
The Company’s maximum exposure to credit risk is equal to the carrying amount of cash and cash equivalents in its Company 
statement of ﬁnancial position. The Company does not expect any counterparty to fail to meet its obligations. 
                                                                                                                                                                                                                                        2021                           2020 
                                                                                                                                                                                                                                  US$’000                      US$’000 
Euro                                                                                                                                                                                            9                       172 
Sterling                                                                                                                                                                                   663                    1,134 
US Dollar                                                                                                                                                                            6,753                  16,838 
Others                                                                                                                                                                                        1                            1 
                                                                                                                                                                                            7,426                  18,145 
(c) Liquidity risk management 
Liquidity risk is the risk that the Company will not have sufficient funds to meet liabilities as they fall due. The Company manages 
liquidity risk by maintaining adequate cash reserves and by continuously monitoring forecast and actual cash ﬂows and matching 
the maturity proﬁles of ﬁnancial assets and liabilities. Cash forecasts are produced to identify the liquidity requirements of the 
Company. Surplus cash is placed on deposit in accordance with limits and counterparties agreed by the Board, with the objective 
to maximise return on funds whilst ensuring that the short-term cash requirements of the Company are maintained. 
All cash and cash equivalents held in the Company’s bank accounts are due on demand. All trade and other receivables and trade 
and other payables are due within one month. 
The ﬁnancial liabilities at 31 December 2021 are as follows: 
                                                                                                                   Less than                        One to                        Two to             Greater than 
                                                                                                                         1 year                   two years                    ﬁve years                    ﬁve years                            Total 
                                                                                                                     US$’000                      US$’000                      US$’000                      US$’000                      US$’000 
Trade and other payables, excluding lease (Note F)          4,891                            –                            –                            –                    4,891 
Lease liability (Note L)                                                                340                       340                    1,019                    1,246                    2,945 
Derivative (Note G)                                                                          –                            –                            –                            –                            – 
                                                                                                      5,231                        340                     1,019                     1,246                     7,836

130     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
P. Financial instruments and ﬁnancial risk management continued 
The ﬁnancial liabilities at 31 December 2020 are as follows: 
                                                                                                                   Less than                        One to                        Two to             Greater than 
                                                                                                                         1 year                   two years                    ﬁve years                    ﬁve years                            Total 
                                                                                                                     US$’000                      US$’000                      US$’000                      US$’000                      US$’000 
Trade and other payables, excluding lease (Note F)          3,304                            –                            –                            –                    3,304 
Lease liability (Note L)                                                                369                       369                    1,103                    1,718                    3,559 
Derivative (Note G)                                                                         9                            –                            –                            –                            9 
                                                                                                   3,682                       369                    1,103                    1,718                    6,872 
The contractual cash ﬂows are equal to the carrying value for trade and other payables. Contractual cash ﬂows from lease liabilities 
once discounted at the incremental borrowing rate (Note N) will then equate the carrying value. 
The impact of the Covid-19 pandemic, the volatility in oil prices and demand, OPEC quotas, and recent operational challenges 
being experienced by OML 18 could potentially have an impact on the Company’s indirect interest in OML 18 and receipt of Loan 
Note repayments. However, San Leon is still conﬁdent in the operational potential of OML 18 and ultimately recovering the full 
amount of the outstanding Loan Notes. Any impact on the Company’s liquidity risk is expected to be short term and mitigated by 
the receipt of cash from other sources, such as services income. 
(d) Interest rate risk 
The Company’s exposure to the risk of changes in market interest rates relates primarily to the Company’s holdings of cash and 
short-term deposits. 
It is the Company’s policy to place surplus funds on short term deposit in order to maximise interest earned whilst maintaining 
adequate short-term liquidity for operational requirements. 
The Loan Notes referred to in Note C attract a 17% ﬁxed rate of contractual interest and as a consequence there is no interest 
rate exposure. 
(e) Capital management risk 
The Company manage its capital to ensure that it will be able to continue as a going concern while maximising the return to 
shareholders through the optimisation of the debt and equity balance. The Company manages its capital structure and makes 
adjustments to it, in light of changes in economic conditions. To maintain or adjust its capital structure, the Company may adjust or 
issue new shares or raise debt. The capital structure of the Company consists of equity attributable to equity holders of the parent, 
comprising issued capital, reserves and retained earnings as disclosed in the company statement of changes in equity.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    131
Overview
Strategic report
Corporate governance
Financial Statements
Other information
P. Financial instruments and ﬁnancial risk management continued 
(f) Financial assets and liabilities by category 
The following table sets out the carrying value of all the ﬁnancial assets and liabilities held at 31 December 2021: 
                                                                                                                                                                   Carrying 
                                                                                                                                Fair value                   amount                     Level 1                     Level 2                  Level 3^ 
                                                                                                                         31 December         31 December         31 December         31 December         31 December 
                                                                                                                                        2021                        2021                        2021                        2021                        2021 
                                                                                                                                  US$’000                  US$’000                  US$’000                  US$’000                  US$’000 
Financial assets 
OML 18# (Note C)                                                                            80,344               80,344                         –                         –               80,344 
Barryroe NPI (Note C)                                                                        4,291                 4,291                         –                         –                 4,291 
Cash and cash equivalents (Note E)                                                7,426                 7,426                         –                         –                         – 
Net amounts owed by Group undertakings* (Note D)                22,908               22,908                         –                         –                         – 
Other debtors * (Note D)                                                                      793                    793                         –                         –                         – 
Financial liabilities 
Amounts owed to Group undertakings* (Note F)                         (2,390)               (2,390)                        –                         –                         – 
Trade payables * (Note F)                                                                 (1,264)               (1,264)                        –                         –                         – 
Other creditors * (Note F)                                                                         –                         –                         –                         –                         – 
Derivative (Note G)                                                                                     –                         –                         –                         –                         – 
At 31 December 2021                                                                  112,108             112,108                          –                          –               84,635 
# There has been no change to the assumptions underlying the determination of fair value of the OML 18 loan since initial recognition. Therefore, the carrying 
amount arising from the application of the effective interest rate method approximates to the fair value. 
* The Company has not disclosed the fair value of ﬁnancial instruments such as short-term receivables and payables, as it is considered that their carrying amounts 
are a reasonable approximation of their fair values. 
^ For detailed disclosures on the valuation techniques of level 3 disclosures see the note referenced above. 
During the period ended 31 December 2021, there were no signiﬁcant changes in the business or economic circumstances that 
affect the fair value of ﬁnancial assets and liabilities, no reclassiﬁcations and no transfers between levels of the fair value hierarchy 
used in measuring the fair value of the ﬁnancial instruments. 

132     SAN LEON  ANNUAL REPORT 2021
Notes to the Company ﬁnancial statements 
for the year ended 31 December 2021 – continued
P. Financial instruments and ﬁnancial risk management continued 
The following table sets out the carrying value of all the ﬁnancial assets and liabilities held at 31 December 2020: 
                                                                                                                                                                   Carrying 
                                                                                                                                Fair value                   amount                     Level 1                     Level 2                  Level 3^ 
                                                                                                                         31 December         31 December         31 December         31 December         31 December 
                                                                                                                                        2021                        2021                        2021                        2021                        2021 
                                                                                                                                  US$’000                  US$’000                  US$’000                  US$’000                  US$’000 
Financial assets 
OML 18 (Note C)                                                                              68,925               68,925                         –                         –               68,925 
Barryroe NPI (Note C)                                                                        6,842                 6,842                         –                         –                 6,842 
Cash and cash equivalents (Note E)                                              18,145               18,145                         –                         –                         – 
Net amounts owed by Group undertakings* (Note D)                18,177               18,177                         –                         –                         – 
Other debtors* (Note D)                                                                      726                    726                         –                         –                         – 
Financial liabilities 
Amounts owed to Group undertakings* (Note F)                         (2,413)               (2,413)                        –                         –                         – 
Trade payables* (Note F)                                                                    (187)                  (187)                        –                         –                         – 
Other creditors* (Note F)                                                                        (2)                       (2)                        –                         –                         – 
Derivative (Note G)                                                                                   (9)                       (9)                        –                         –                        (9) 
At 31 December 2020                                                                  110,204             110,204                         –                         –               75,758 
* The Company has not disclosed the fair value of ﬁnancial instruments such as short-term receivables and payables, as it is considered that their carrying amounts 
are a reasonable approximation of their fair values. 
^ For detailed disclosures on the valuation techniques of level 3 disclosures see the note referenced above. 
During the period ended 31 December 2020, there were no signiﬁcant changes in the business or economic circumstances that 
affect the fair value of ﬁnancial assets and liabilities, no reclassiﬁcations and no transfers between levels of the fair value hierarchy 
used in measuring the fair value of the ﬁnancial instruments. 
(g) Hedging 
At 31 December 2021 and 31 December 2020, the Company had no outstanding contracts designated as hedges.

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    133
Alternative performance measures
The Group monitors the par value of the Loan Notes, which is a non-IFRS measure. 
The Group believes that the disclosure of the par value of the Loan Notes will assist investors in evaluating the performance of the 
underlying Loan Notes. Given that these cash metrics are used by management, they also give the investor an insight into how 
the Group management review and monitor the Loan Notes on an ongoing basis. 
A reconciliation from the value of the OML 18 Loan Notes under IFRS 9 and the par value is provided below: 
                                                                                                                                                                                                  IFRS 9 
                                                                                                                                                                                          Amortised 
                                                                                                                                                                                                     Cost 
                                                                                                                                                                                            Excluding                         IFRS 9  
                                                                                                                                                                                                      ECL                Adjustment                    Par value 
                                                                                                                                                                                              US$’000                   US$’000*                      US$’000 
Loan Notes at 31 December 2019                                                                                              114,254                    4,494              118,748# 
Interest accrued on Loan Notes (1 January 2020 to 6 April 2020)                                              6,783                   (1,886)                   4,897 
Cash receipts (1 January 2020 to 6 April 2020)                                                                           (41,500)                           –                 (41,500) 
Loan Notes at 6 April 2020                                                                                                             79,537                    2,608                  82,145 
Interest accrued on Loan Notes (7 April 2020 to 31 December 2020)                                      9,697                       595                  10,292 
Cash receipts (7 April 2020 to 31 December 2020)                                                                     (5,000)                           –                   (5,000) 
Loan Notes at 31 December 2020                                                                                               84,234                     3,203                87,437^ 
Interest accrued on Loan Notes (1 January 2021 to 31 December 2021)                               14,413                      (449)                 13,964 
Cash receipts (1 January 2021 to 31 December 2021)                                                                (2,150)                           –                   (2,150) 
Loan Notes at 31 December 2021                                                                                               96,497                     2,754                99,251~ 
Interest accrued on Loan Notes (1 January 2022 to 24 June 2022)                                            5,999                       697                    6,696 
Cash receipts (1 January 2022 to 24 June 2022)                                                                              (300)                           –                      (300) 
Loan Notes at 24 June 2022                                                                                                        102,196                     3,451              105,647< 
* The effective interest rate is 25% and the coupon rate is 17% (Note 15). 
# Made up of capital balance of US$108.4 million and accrued interest of US$10.3 million. 
^ Made up of capital balance of US$82.1 million and accrued interest of US$5.3 million. 
~ Made up of capital balance of US$82.1 million and accrued interest of US$17.2 million. 
< Made up of capital balance of US$82.1 million and accrued interest of US$23.5 million. 
A reconciliation from the value of the ELI Loan Notes under IFRS 9 and the par value is provided below: 
                                                                                                                                                                                                  IFRS 9 
                                                                                                                                                                                          Amortised 
                                                                                                                                                                                                     Cost 
                                                                                                                                                                                            Excluding                         IFRS 9  
                                                                                                                                                                                                      ECL                Adjustment                    Par value 
                                                                                                                                                                                              US$’000                   US$’000*                      US$’000 
Loan Notes at 31 December 2020                                                                                                15,353                       399               15,752^ 
Interest accrued on Loan Notes (1 January 2021 to 31 December 2021)                                 2,468                      (228)                   2,240 
Cash receipts (1 January 2021 to 31 December 2021)                                                                         –                            –                            – 
Loan Notes at 31 December 2021                                                                                               17,821                        171                17,992~ 
Interest accrued on Loan Notes (1 January 2022 to 24 June 2022)                                            1,315                        (48)                   1,267 
Cash receipts (1 January 2022 to 24 June 2022)                                                                                    –                            –                            – 
Loan Notes at 24 June 2022                                                                                                          19,136                        123                19,259< 
* The effective interest rate is 16% and the coupon rate is 14% (Note 15). 
^ Made up of capital balance of US$15.0 million and accrued interest of US$0.8 million. 
~ Made up of capital balance of US$15.0 million and accrued interest of US$3.0 million. 
< Made up of capital balance of US$15.0 million and accrued interest of US$4.3 million.
Overview
Strategic report
Corporate governance
Financial Statements
Other information

134     SAN LEON  ANNUAL REPORT 2021
Corporate information
Directors 
Mutiu Sunmonu 
(Non-Executive Chairman) 
Oisín Fanning 
(Chief Executive Officer) 
Joel Price 
(Chief Operating Officer) 
Alan Campbell 
(Commercial and Business Development 
Director) (resigned 7 May 2021) 
Lisa Mitchell 
(Chief Financial Officer) 
(resigned 29 October 2021) 
Julian Tedder 
(Chief Financial Officer) 
(appointed 1 December 2021) 
Adekolapo Ademola 
(Non-Executive Director) 
John Brown 
(Non-Executive Director) 
(appointed 7 May 2021) 
Registered office 
2 Shelbourne Buildings 
Crampton Avenue 
Shelbourne Road 
Ballsbridge 
Dublin 4 
Ireland 
Secretary 
Alan Campbell 
Auditor 
KPMG 
Chartered Accountants, 
Statutory Audit Firm 
1 Stokes Place 
St Stephen’s Green 
Dublin 2 
Ireland
Principal Bankers 
Barclays Bank plc 
Leicester 
LE87 2BB 
England 
Solicitors 
Whitney Moore Solicitors 
2 Shelbourne Buildings 
Crampton Avenue 
Shelbourne Road 
Ballsbridge 
Dublin 4 
Ireland 
David M Turner & Co Solicitors 
32 Lower Abbey Street 
Dublin 1 
Ireland 
Fieldﬁsher LLP 
2 Swan Lane 
London 
EC4R 3TT 
England 
Alius Law 
12 Melcombe Place 
London 
NW1 6JJ 
England 
Bryan Cave Leighton Paisner LLP 
Governor’s House 
5 Laurence Pountney Hill 
London 
EC4R 0BR  
England 
Nominated Adviser 
and Joint Broker 
Allenby Capital Limited 
5 St Helen’s Place 
London 
EC3A 6AB 
England
Joint Stockbrokers 
Panmure Gordon & Co 
1 New Change 
London 
EC4M 9AF 
England 
Registrars 
Computershare Investor Services 
(Ireland) Limited 
3100 Lake Drive 
Citywest Business Campus 
Dublin 24 
Ireland 
Public Relations 
Tavistock 
18 St. Swithin’s Lane 
London 
EC4N 8AD 
England 
Plunkett Communications 
Office 10 
6 – 7 Marine Road 
Dun Laoghaire 
Co. Dublin 
Ireland 
Registered Number 
237825

                                                                                                                                                                                           SAN LEON  ANNUAL REPORT 2021    135
Glossary
2C                                                  Best estimate of Contingent Resources 
1P                                                  Proven Reserves 
2P                                                  Proven plus Probable Reserves 
3P                                                  Proven plus Probable plus Possible Reserves 
AIM                                               The London Stock Exchange’s AIM market 
AIM Rules                                    AIM Rules for Companies 
BCF or bcf                                    Billion cubic feet 
Bilton                                           Bilton Energy Limited 
B.V.                                               Dutch private limited company 
BVI                                                British Virgin Islands 
CPR                                               Competent Person’s Report 
Eroton                                          Eroton Exploration and Production Company Limited 
US$’000                                        United States Dollars, thousands 
ESM                                              European Stability Mechanism 
FSO                                               Floating Storage and Offloading 
Group                                           San Leon and its subsidiaries 
LLP                                                Limited liability partnership 
Loan Notes                                 $174.5 million principal amount of 17% ﬁxed rate loan notes acquired by San Leon pursuant to the 
                                                      amended and restated loan note instrument dated September 30, 2016 executed and issued by 
                                                      Midwestern Leon Petroleum Limited 
Ltd or limited                             A private limited company incorporated under the laws of England and Wales, Scotland, certain 
                                                      Commonwealth countries and Ireland 
m                                                   Metres 
‘m                                                  Millions 
Martwestern                              Martwestern Energy Limited 
Midwestern                                Midwestern Oil and Gas Company Limited 
MLPL                                            Midwestern Leon Petroleum Limited 
MSA                                              Master Services Agreement 
mmbbL                                        Million barrels 
Nomad                                         A company that has been approved as a nominated advisor for AIM by the London Stock Exchange 
NNPC                                           Nigerian National Petroleum Corporation 
NPI                                                Net Proﬁt Interest 
PLC                                               A publicly held company 
San Leon or the Company       San Leon Energy PLC 
SEDA                                             Standby Equity Distribution Agreement 
Sp. z o.o.                                      Polish limited liability company 
Sp. z o.o. sp.k                              Polish LLP 
SPV                                               Special purpose vehicle
Overview
Strategic report
Corporate governance
Financial Statements
Other information

136     SAN LEON  ANNUAL REPORT 2021
Conversion
The following table sets forth certain standard conversions from Standard Imperial Units to the International System of Units 
(or metric units). 
To convert from                                                                       To                                                                                     Multiply by 
mcf                                                                           Cubic metres                                                  28.174 
Cubic metres                                                          Cubic feet                                                        35.494 
bbls                                                                          Cubic metres                                                  0.159 
Cubic metres                                                          bbls                                                                  6.290 
Feet                                                                          Metres                                                             0.305 
Metres                                                                     Feet                                                                  3.281 
Miles                                                                        Kilometres                                                      1.609 
Kilometres                                                               Miles                                                                0.621 
Acres                                                                        Hectares                                                          0.405 
Hectares                                                                  Acres                                                                2.471

Designed and produced by

San Leon Energy plc 
 
Head office  
3300 Lake Drive  
Citywest Business Campus  
Dublin 24 
Ireland 
 
Registered address  
2 Shelbourne Buildings 
Crampton Avenue 
Shelbourne Road 
Ballsbridge 
Dublin 4 
Ireland 
 
 
sanleonenergy.com