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San Leon Energy Plc Signs Binding Heads Of Agreement For Sale Of Island Oil & Gas Limited To Ardilaun Energy Limited


Thursday, 26 Sep 2013 04:04am EDT 

San Leon Energy Plc announced that it has signed Binding Heads of Agreement in respect of the sale of Island Oil & Gas Limited (Island Oil & Gas) to Ardilaun Energy Limited (the Purchaser or Ardilaun), (the Proposed Transaction). Under the terms of the Proposed Transaction, Ardilaun has agreed to pay San Leon Energy USD3 million, with USD1 million payable immediately and the balance of USD2 million payable within twelve months of the completion of the Proposed Transaction. The Purchaser has also agreed to issue to San Leon Energy, shares equivalent to 20% of the enlarged issued share capital of Ardilaun post-completion of the Proposed Transaction and prior to its intended listing on an international exchange. Island Oil & Gas is a wholly owned subsidiary of San Leon Energy. The Proposed Transaction includes the sale of the Company's working interests in the Atlantic Margin, namely FEL 1/04 (North Porcupine), FEL 3/05 (Rockall), FEL 3/08 (South Porcupine), FEL 4/06 (Slyne) and Licencing Option 11/13 (Slyne Option). The Proposed Transaction also includes the sale of the Company's working interests in the Celtic Sea, namely the Seven Heads Gas Field, SEL 4/05 (Old Head of Kinsale) and SEL 5/05 (Schull). San Leon Energy's Net Profit Interest (NPI) in the Barryroe Licence, located in the North Celtic Sea, will be excluded from the Proposed Transaction and retained by San Leon Energy. 

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3.25
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23 Apr 2014