The license for exploration in the Slyne Basin was acquired by San Leon following the takeover of Island Oil & Gas in May 2010. The survey is scheduled to commence later this month and be completed by the end of August.
San Leon holds 50% interest in the Slyne Basin and Lundin holds the rest. Earlier, San Leon entered into a seismic services agreement with PGS, which will provide up to a $50m facility for seismic services.
Oisin Fanning, chairman of San Leon, said: “The San Leon team has mobilized this significant seismic program rapidly and it is the first work that we are carrying out on these assets; which we only acquired in May through the acquisition of Island Oil and Gas. The Atlantic margin is an exciting area for us.”
