San Leon announced that, subject to Irish governmental approval, OMV (Ireland) Killala Exploration GmbH ("OMV") has agreed to pay £3 million to San Leon to be removed from the Irish Continental Shelf Petroleum Exploration License No: 3/05 (the "Rockall License") and assign San Leon with 100% interest in the license.
OMV and San Leon, through a subsidiary, currently each hold an undivided legal interest and 50% beneficial interest in the Rockall License. Subject to government approval, OMV will assign its 50% interest to San Leon and pay San Leon £3 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 licenses, including the Rockall License 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."
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