25 May 2012

San Leon in Iraq venture

07/01/2010 Robert Tyerman

Oil concern San Leon Energy has entered into a joint venture with Iraq’s Al Meinaa Oil Services to consider projects there.

Dublin-based San Leon and Al Meinaa, a seven year-old venture run by Iraqi engineers with extensive data on oil fields in this oil-rich region, have agreed to give each other first refusal to evaluate projects identified by the other. Once the two parties have agreed on joint participation in a project, AIM-quoted San Leon will issue Al Meinaa with warrants to subscribe for 10 million shares at 22p and, similarly, once a product sharing or long term service agreement has been struck on a project, the company will issue another 10 million warrants to Al Meinaa on the same terms.

Chaired by the entrepreneurial Oisin Fanning, San Leon, which already has exploration and production interests in North America, Morocco and Holland, recently won concessions in Poland, at Nida in the south of the country and Gdansk in the north.

The company’s shares, which have fluctuated between 11.5p and 27.5p over the past year, now stand at 20p, valuing San Leon Energy at £64.2 million.

Tags: AIM, Commodities, Deals & contracts

Sector: Oil & Gas Producers

Companies: San Leon Energy

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