Barryroe Licence (5518U)
December 23 2011 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 5518U
San Leon Energy PLC
23 December 2011
23 Dec 2011
San Leon Energy Plc
("San Leon" or the "Company")
Barryroe Licence
San Leon Energy Plc is pleased to announce that it has signed an
agreement with Providence Resources Plc ("Providence") to exchange
its working interest in Standard Exploration Licence 1/11
("Licence" or "Barryroe") in the Celtic Sea, Ireland, for a Net
Profit Interest ("NPI").
San Leon will assign its 30% working interest in the Licence to
Providence in exchange for a 4.5% NPI on the full field. San Leon
Energy will not pay any further appraisal or development costs on
the Licence and is not paying any costs towards the 48/24-10 well,
which is currently being drilled.
An agreement has now been signed between the parties. Upon
completion of the assignment, which is subject to Irish
governmental approval, Providence will have an 80% interest in the
Licence and operate on behalf of Lansdowne Oil & Gas Plc
("Lansdowne") who will have a 20% interest.
Oisin Fanning, Executive Chairman of San Leon commented:
"We see this as an excellent agreement for both parties. While
we see potential in the Barryroe Licence, we are concentrating our
resources on other core assets. We have increased our interest in
our Durresi Block, offshore Albania and this agreement allows us to
develop that and other assets while retaining a risk free interest
in Barryroe for our shareholders."
For further information contact:
San Leon Energy Plc Tel: + 353 1 291 6292
Oisin Fanning, Executive Chairman
Macquarie Capital (Europe) Limited Tel: +44 (0) 20 3037
2000
Paul Connolly
John Dwyer
Arbuthnot Securities Tel: +44 (0) 20 7012
Antonio Bossi 2000
Richard Johnson
College Hill Associates Tel: +44 (0) 20 7457
2020
Nick Elwes
www.sanleonenergy.com
Qualified person
John Buggenhagen, who has reviewed this update, has over 15
years experience in the oil & gas industry. He has a Ph.D. and
M.Sc. in Geophysics from the University of Wyoming and a B.Sc. in
Geophysics from the University of Arizona. He is currently the
Director of Exploration for the San Leon Energy Group and based in
San Leon's Warsaw office in Poland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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