Rockall licence update (2989Z)
January 12 2011 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 2989Z
San Leon Energy PLC
12 January 2011
SAN LEON ENERGY
("San Leon" or the "Company")
OMV pays San Leon Energy GBP3 million to exit Rockall
Licence
San Leon Energy P.l.c., ("San Leon" or the "Company") announces
that, subject to Irish governmental approval, OMV (Ireland) Killala
Exploration GmbH ("OMV") has agreed to pay GBP3 million to San Leon
to be removed from the Irish Continental Shelf Petroleum
Exploration Licence No: 3/05 (the "Rockall Licence") and assign San
Leon with 100% interest in the licence.
OMV and San Leon, through a subsidiary, currently each hold an
undivided legal interest and 50% beneficial interest in the Rockall
Licence. Subject to government approval, OMV will assign its 50%
interest to San Leon and pay San Leon GBP3 million.
The agreement will become effective upon receiving Irish
government consent and executing a deed of assignment between the
respective parties. 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 licences, including
the Rockall Licence which comprises the Killala and Kingfisher
prospects.
Oisin Fanning, Executive Chairman of San Leon Energy,
commented:
"In line with our strategy of farming-out our Atlantic Margin
assets, we are now in a position to farm out this asset on a 100%
basis. The upcoming results of the 3D seismic over the Slyne field
should further help to de-risk and enhance the value of these
assets."
12 January 2011
ENQUIRIES
San Leon Energy
plc Oisin Fanning, Executive Chairman +353 1291 6292
John Buggenhagen, Director
of Exploration
Macquarie Capital
(Europe) Limited +44 (0) 3037 2000
John Dwyer
Paul Connolly
Ben Colegrave
Fox-Davies Capital +44 (0) 203 463
Limited 5010
Phil Davies
David Porter
Arbuthnot Securities Nominated Adviser +44 (0) 20 7012
Limited 2000
Nick Tulloch
Ben Wells
College Hill Investment Relations Adviser +44 (0) 20 7457
2020
Nick Elwes
Note to Editors:
Killala is located on the Erris Ridge, a longstanding feature
separating the Slyne-Erris and Rockall basins. As such it benefits
from dual sourcing potential, with hydrocarbon systems proven on
both sides, by the Dooish Gas Condensate discovery on the Rockall
side and the Corrib Gas Field on the Slyne-Erris side. The mapped
structure at Killala has more than 1000m of closure at the Top
Sherwood Sandstone level. The structure at Kingfisher consists of a
large tilted fault block with an interpreted 500m of closure at top
Sherwood Sandstone level. In addition Jurassic sandstones are
prospective for oil at Kingfisher, a fact highlighted by the 2009
Slyne Basin 27/4-1 oil discovery. San Leon plans to acquire 800 km2
of 3D seismic over the Rockall Licence in 2011
This information is provided by RNS
The company news service from the London Stock Exchange
END
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