OMV Pays San Leon Energy £3m to Exit Rockall Licence

Source: www.gulfoilandgas.com 1/12/2011, Location: Europe

San Leon Energy P.l.c., announces that, subject to Irish governmental approval, OMV (Ireland) Killala Exploration GmbH (OMV) has agreed to pay £3 million to San Leon to be removed from the Irish Continental Shelf Petroleum Exploration Licence No: 3/05 (the "Rockall Licence") and assign San Leon with 100% interest in the licence.

OMV and San Leon, through a subsidiary, each hold an undivided legal interest and 50% beneficial interest in the Rockall Licence. Subject to government approval, OMV will assign its 50% interest to San Leon and pay San Leon £3 million.

The agreement will become effective upon receiving Irish government consent and executing a deed of assignment between the respective parties. San Leon is engaged in a farm out process relating to its Irish Atlantic Margin assets with significant equity being made available on all licences, including the Rockall Licence which comprises the Killala and Kingfisher prospects.

Oisin Fanning, Executive Chairman of San Leon Energy, commented:

"In line with our strategy of farming-out our Atlantic Margin assets, we are in a position to farm out this asset on a 100% basis. The upcoming results of the 3D seismic over the Slyne field should further help to de-risk and enhance the value of these assets."


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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