Rockall Licence Update (6575C)
March 10 2011 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 6575C
San Leon Energy PLC
10 March 2011
SAN LEON ENERGY
("San Leon" or the "Company")
Government approves assignment of OMV interest in Rockall
Licence to San Leon Energy
OMV pays San Leon GBP3 million on completion of transaction
Further to an announcement made on 12 January San Leon Energy
P.l.c., ("San Leon" or the "Company") is pleased to announce that
the Irish government has granted formal approval for the transfer
of the OMV (Ireland) Killala Exploration GmbH ("OMV") interest in
Irish Continental Shelf Petroleum Exploration Licence No: 3/05 (the
"Rockall Licence") to San Leon.
An Addendum to the Rockall Licence was executed between San
Leon, OMV and the Irish government. OMV has paid the Company GBP3
million cash and assigned its 50% beneficial interest to San Leon,
thereby giving the Company a 100% interest in the licence,
effective immediately.
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 licenses, including the Rockall Licence which
comprises the Killala and Kingfisher prospects.
Oisin Fanning, Executive Chairman of San Leon, commented:
"The Rockall Licence offers two prospects with significant
exploration upside and we are excited by the potential to bring in
new partners seeking interests in the Atlantic Margin. We are now
in a position to farm out this asset on a 100% basis. Coupled with
the near completed interpretation of our 2010 3D seismic data over
the Slyne area, San Leon continues to enhance the value of its
Atlantic Margin portfolio."
10 March 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.
Ends
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