Approving Assignment of OMV Stake in Rockall Licence

Source: www.gulfoilandgas.com 3/16/2011, Location: Europe

Further to an announcement made on 12 January San Leon Energy P.l.c., is pleased to announce that the Irish government has granted formal approval for the transfer of the OMV (Ireland) Killala Exploration GmbH (OMV) interest inIrish Continental Shelf Petroleum Exploration Licence No: 3/05 (the "Rockall Licence") to San Leon.

An Addendum to the Rockall Licence was executed between San Leon, OMV and the Irish government. OMV has paid the Company GBP3 million cash and assigned its 50% beneficial interest to San Leon, thereby giving the Company a 100% interest in the licence, effective immediately.

San Leon is currently engaged in a farm out process relating to its Irish Atlantic Margin assets with significant equity being made available on all licenses, including the Rockall Licence which comprises the Killala and Kingfisher prospects.

Oisin Fanning, Executive Chairman of San Leon, commented:

"The Rockall Licence offers two prospects with significant exploration upside and we are excited by the potential to bring in new partners seeking interests in the Atlantic Margin. We are in a position to farm out this asset on a 100% basis. Coupled with the near completed interpretation of our 2010 3D seismic data over the Slyne area, San Leon continues to enhance the value of its Atlantic Margin portfolio."


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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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