Barryroe Update

RNS Number : 5124O

San Leon Energy PLC

07 August 2014

 



7 August 2014

San Leon Energy plc

("San Leon" or "the Company")

Barryroe Update

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.

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.

The full announcement by Providence stated the following:

 LICENCE UPDATE

BARRYROE OIL PROJECT
NORTH CELTIC SEA BASIN, OFFSHORE IRELAND

·      EXTENSION OF FIRST PHASE OF BARRYROE LICENCE & ADJACENT LICENSING OPTION

·      TRANSFER OF BARRYROE LICENCE AND OPTION TO A WHOLLY OWNED PROVIDENCE SUBSIDIARY

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.

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.

Speaking today, Tony O'Reilly, Chief Executive of Providence said,

"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."

For further information contact:

San Leon Energy plc  Oisin Fanning, Executive Chairman	[phone]
finnCap Ltd  Corporate Finance Matt Goode Christopher Raggett Corporate Broking Elizabeth Johnson Joanna Weaving	[phone]
Fox-Davies Capital Limited Daniel Fox-Davies Oliver Stansfield Jonathan Evans	[phone]
Macquarie Capital (Europe) Limited Steve Baldwin Nicholas Harland	[phone]
Westhouse Securities Ltd Nominated Adviser Richard Johnson Antonio Bossi	[phone]
Vigo Communications Financial Public Relations Patrick d'Ancona Chris McMahon	[phone]
Plunkett Public Relations Sharon Plunkett	[phone]

 

END

 

 

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