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OMV closes purchase of Irish exploration licence

Tue Aug 28, 2007 3:15am EDT

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VIENNA, Aug 28 (Reuters) - Austrian oil and gas group OMV (OMVV.VI) said on Tuesday it had closed an exploration licence swap with Ireland's Island Oil & Gas (IOG.L).

Under the deal, OMV will receive a 50-percent stake in a licence to explore a 715 square km (276 sq mile) area containing the Killala prospect off the Irish west coast.

In turn, Island Oil & Gas will get a 50-percent stake in the 4,200 square km Durresi exploration bloc off the Albanian coast in the Adriatic sea, OMV said in a statement.



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