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7 Aug 2014 08:19
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7 August 2014
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San Leon Energy plc
("San Leon" or "the Company")
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Barryroe Update
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San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, notes this morning's announcement from Providence Resources plc ("Providence") of the licence update on the Barryroe oil discovery in the North Celtic Sea Basin, offshore Ireland.
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San Leon announced, on 23 December 2011, that the Company had assigned its 30% working interest in Standard Exploration Licence 1/11 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.
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The full announcement by Providence stated the following:
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Β LICENCE UPDATE
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BARRYROE OIL PROJECTNORTH CELTIC SEA BASIN, OFFSHORE IRELAND
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Β· EXTENSION OF FIRST PHASE OF BARRYROE LICENCE & ADJACENT LICENSING OPTION
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Β· TRANSFER OF BARRYROE LICENCE AND OPTION TO A WHOLLY OWNED PROVIDENCE SUBSIDIARY
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Providence Resources P.l.c. ("Providence"), the Irish oil and gas exploration and development company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to provide a licence update on Standard Exploration Licence ("SEL") 1/11 and Licensing Option ("LO") 12/4 which contains the Barryroe oil field and potential field extensions. Providence Resources (80%, Operator) and its partner Lansdowne Oil and Gas plc ("Lansdowne") (20%) were originally awarded SEL 1/11 and LO 12/4 (collectively referred to as the "Barryroe Licensing Authorisations") in 2011 and 2012, respectively.
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Following agreement from the Minister of Communications, Energy and Natural Resources ("the Minister"), the first phase of SEL 1/11 and the term of LO 12/4 have been extended by a further year to July 2015. Additionally, the Minister has consented to a change of the Operator from
Providence Resources P.l.c. to Exola Limited, a 100% owned subsidiary of Providence.
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Speaking today, Tony O'Reilly, Chief Executive of Providence said,
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"We are very pleased to receive these procedural extensions to our Barryroe Licensing Authorisations. The change in Operatorship has been done to facilitate ongoing commercial discussions in relation to the next phase of operations on the Barryroe Field."
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For further information contact:
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San Leon Energy plcΒ Oisin Fanning, Executive Chairman Β | +353 1291 6292 |
finnCap LtdΒ Corporate FinanceMatt Goode Christopher RaggettCorporate BrokingElizabeth JohnsonJoanna Weaving Β | +44 (0) 20 7220 0500 |
Fox-Davies Capital Limited Daniel Fox-DaviesOliver StansfieldJonathan EvansΒ Β | +44 (0) 20 3463 5000 |
Macquarie Capital (Europe) LimitedSteve BaldwinNicholas Harland Β | +44 (0) 20 3037 2000 |
Westhouse Securities LtdNominated AdviserRichard JohnsonAntonio Bossi Β | +44 (0) 20 7601 6100 |
Vigo CommunicationsFinancial Public RelationsPatrick d'AnconaChris McMahon Β | +44 (0) 20 7016 9573 |
Plunkett Public RelationsSharon Plunkett | +353 (0) 1 280 7873 |
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