Exploration firm San Leon Energy has sold off its Irish assets to Ardilaun Energy – including the much anticipated Porcupine Basin – in a $3million deal.
The sale will see Ardilaun taking on San Leon’s working interests in the Atlantic Margin and Celtic Sea, as the latter switches focus to Poland, Morocco and Turkey.
The firm will take over San Leon’s interests at North and South Porcupine, Rockall and Slyne, along with the Seven Heads Gas Field.
But the deal will also see San Leon taking a 20% stake in Ardilaun, and retaining its Barryroe licence interest to keep some influence in the region.
“San Leon will have no further exposure to abandonment costs on these assets if and when they become due and will also benefit from a cash consideration of $3 million, further supporting our operational focus in Poland, Morocco and Turkey, where our recently announced transaction is subject to completion and approval from the authorities,” said chairman Oisin Fanning.