OMV (Ireland) Killala Exploration has entered into an agreement to pay £3m to San Leon Energy to be removed from an exploration license offshore Ireland.
OMV and San Leon each hold an undivided legal interest and 50% beneficial interest in the Rockall Licence No: 3/05.
Subject to the Irish government approval, OMV will assign its 50% interest to San Leon.
San Leon said it was currently engaged in a farm out process relating to its Irish Atlantic Margin assets with significant equity being made available on all licenses, including the Rockall Licence which comprises the Killala and Kingfisher prospects.
San Leon is focused on the exploration and production of oil and gas projects in Europe and North Africa.