25 May 2012

Green light for San Leon Irish deal

10/03/2011 Robert Tyerman

The Irish government has approved the transfer of a stake in the Rockall offshore exploration licence to Dublin-based San Leon Energy. (SLE). The deal involves a subsidiary of the Austrian OMV group passing its half interest in the Rockall licence, formally known as Irish Continental Shelf Petroleum Licence 3/05, to AIM-quoted San Leon and, with it, the £3 million it had committed to the project.

As a result, San Leon, headed by Irish entrepreneur and substantial shareholder Oisin Fanning, now has 100 per cent of the Rockall Licence, which comprises two prospects, Killala and Kingfisher. The company, which raised £59.6 million at 18p in December, is now seeking to farm out stakes in its 'Irish Atlantic Margin' assets, including Rockall.

Subscribers to December's placing have already seen their shares double to 36.5p, though down 1.25p today, valuing the company at £287 million. They could still outperform some sector peers. 

   

 

Tags: AIM, Irish offshore oil, Oisin Fanning, OMV, Rockall

Sector: Oil & Gas Producers

Companies: San Leon Energy

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