Barryroe Licence

RNS Number : 5518U

San Leon Energy PLC

23 December 2011

 



23 Dec 2011

San Leon Energy Plc

("San Leon" or the "Company")

Barryroe Licence

San Leon Energy Plc is pleased to announce that it has signed an agreement with Providence Resources Plc ("Providence") to exchange its working interest in Standard Exploration Licence 1/11 ("Licence" or "Barryroe") in the Celtic Sea, Ireland, for a Net Profit Interest ("NPI").

San Leon will assign its 30% working interest in the Licence 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, which is currently being drilled.

An agreement has now been signed between the parties. Upon completion of the assignment, which is subject to Irish governmental approval, Providence will have an 80% interest in the Licence and operate on behalf of Lansdowne Oil & Gas Plc ("Lansdowne") who will have a 20% interest.

Oisin Fanning, Executive Chairman of San Leon commented:

 "We see this as an excellent agreement for both parties. While we see potential in the Barryroe Licence, we are concentrating our resources on other core assets. We have increased our interest in our Durresi Block, offshore Albania and this agreement allows us to develop that and other assets while retaining a risk free interest in Barryroe for our shareholders."

For further information contact:

San Leon Energy Plc	Tel: + 353 1 291 6292
Oisin Fanning, Executive Chairman
Macquarie Capital (Europe) Limited	Tel: [phone]
Paul Connolly John Dwyer Arbuthnot Securities Antonio Bossi Richard Johnson	Tel: [phone]
College Hill Associates	Tel: [phone]
Nick Elwes

www.sanleonenergy.com

Qualified person

John Buggenhagen, who has reviewed this update, has over 15 years experience in the oil & gas industry. He has a Ph.D. and M.Sc. in Geophysics from the University of Wyoming and a B.Sc. in Geophysics from the University of Arizona. He is currently the Director of Exploration for the San Leon Energy Group and based in San Leon's Warsaw office in Poland.

 

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