San Leon announced 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 License No: 3/05 (the "Rockall License") to San Leon.
An Addendum to the Rockall License 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 license, 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 License which comprises the Killala and Kingfisher prospects.
Oisin Fanning, Executive Chairman of San Leon, commented, "The Rockall License 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."
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