San Leon Energy has secured the approval from the Irish government to acquire the OMV (Ireland) Killala Exploration (OMV) interest in Irish Continental Shelf Petroleum Exploration License No: 3/05 (Rockall License).
San Leon said that an addendum to the Rockall License was executed between San Leon, OMV and the Irish government.
OMV has paid San Leon GBP3m cash and assigned its 50% beneficial interest to the company, thereby giving the company a 100% interest in the license, effective immediately.
Currently, San Leon is 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 License, which comprises the Killala and Kingfisher prospects.
San Leon executive chairman Oisin Fanning said that the Rockall License offers two prospects with significant exploration upside and the company is excited by the potential to bring in new partners seeking interests in the Atlantic Margin.
"We are now in a position to farm out this asset on a 100% basis," Fanning said.