Disposal of Amstel Field Royalty for EUR 9.9m

RNS Number : 2086G

San Leon Energy PLC

27 June 2012

 



27 June 2012

San Leon Energy Plc

("San Leon" or the "Company")

Acceptance of €9.9m Cash Offer for Amstel Field Overriding Royalty

San Leon Energy is pleased to announce that it has accepted a cash offer of €9.9 million (approx. US$ 13 million) ("the Offer")  for its 2.5% overriding royalty interest (ORRI) in the Amstel Field production licence (Block Q13a), offshore Netherlands from GDF Suez E&P, the operator of the Amstel Field.  The Offer will complete by 20 July 2012.

Oisin Fanning, Chairman of San Leon, commented:

"We are pleased to accept this offer from GDF Suez. Considering the international risks facing oil prices, we consider the offer to represent fair value. These resources can now be applied to San Leon's other core exploration activities, such as in Poland, where we are planning further exploration on the back of the Siciny-2 well success*."

*see RNS 26 June 2012

For further information contact:

San Leon Energy Plc	Tel: + 353 1291 6292
Oisin Fanning, Executive Chairman
John Buggenhagen, Exploration Director
Macquarie Capital (Europe) Limited	Tel: [phone]
Paul Connolly
John Dwyer
Westhouse Securities Richard Johnson	Tel: [phone]
Antonio Bossi
College Hill Associates	Tel: [phone]
Nick Elwes
Alexandra Roper

www.sanleonenergy.com

 

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