San Leon pulls out of Italy permits

San Leon Energy has opted to relinquish two permits offshore Sicily.

Offshore staff

DUBLIN, Ireland – San Leon Energy has opted to relinquish two permits offshore Sicily.

The company took this decision following the publication in mid-2010 of a new Italian Environmental Law. This introduced restrictions on oil and gas exploration within five nautical miles of the coast and 12 nautical miles of any protected environmental area.

As a result, San Leon says it would not have gained approvals to drill exploration or appraisal wells in two permit areas, D.352 CR-SL (Narciso) and D.354 CR-SL (Sciacca).

It has notified the Italian authorities of its withdrawal, which should come into effect on publication of a notice in the official Italian Ministerial Gazette, B.U.I.G.

06/24/2011

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