San Leon takes control of Rockall permit

Ireland’s government has formally approved the transfer of OMV’s interest in the Rockall Exploration License 3/05 off western Ireland to San Leon Energy.

Offshore staff

DUBLIN, Ireland -- Ireland’s government has formally approved the transfer of OMV’s interest in the Rockall Exploration License 3/05 off western Ireland to San Leon Energy.

The three parties negotiated an addendum to the license, under which OMV agreed to pay San Leon £3 million ($4.8 million) in cash, as well as assigning its 50% beneficial stake to San Leon, giving the latter a 100% interest in the license.

San Leon currently seeks to farm out equity on all its Irish Atlantic Margin licenses, including the Rockall permit, which includes the Killala and Kingfisher prospects. The company is also close to completing interpretation of the 3D seismic data it acquired last year over the offshore Slyne area.

03/11/2011

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