DUBLIN, Ireland – San Leon Energy has agreed to sell its subsidiary Island Oil & Gas to Ardilaun Energy for $3 million.
The proposed transaction includes the sale of the company’s interests along the westernIrish Atlantic Margin, i.e. the FEL 1/04 (North Porcupine) license, FEL 3/05 (Rockall), FEL 3/08 (South Porcupine), FEL 4/06 (Slyne), and licensing option 11/13 (Slyne Option).
It also takes in interests in the Celtic Sea off southern Ireland, namely the Seven Heads gas field, SEL 4/05 (Old Head of Kinsale), and SEL 5/05 (Schull). However, San Leon will retain its net profit interest in theBarryroe license in the North Celtic Sea, which operator Providence Resources hopes to develop.