DUBLIN, Ireland – San Leon Energy has completed the sale of Island Oil & Gas to Ardilaun Energy.
Ardilaun has to date paid $1 million, with the balance of $2 million payable within 36 months. The company will also issue San Leon shares equivalent to 15% of its enlarged issued share capital, with San Leon maintaining a joint operating contractor status in Island’s licenses.
As announced previously, San Leon has retained its net profit interest (NPI) in the Providence-operatedBarryroe license in the North Celtic Sea offshore southern Ireland.
Various parties have expressed an interest in a financial transaction on the NPI, subject to completion of a farm-out by Providence.