San Leon is pleased to note the RNS released by Providence Resources PLC (LSE:PVR) on 30 November 2020 confirming a Farmout Agreement has been entered into with respect to the Standard Exploration Licence 1/11, which includes the Barryroe oil and gas field.
The Farmout Agreement was entered into with SpotOn Energy Limited, a Norwegian-based resources company, who have partnered with market leading service providers Schlumberger, Aker Solutions, AGR, Maersk Drilling, Keppel FELS, Aibel AS for the subsequent development of Barryroe (for more information on the Consortium members see Providence Resources PLC’s RNS of 31 July 2020).
San Leon retains a 4.5% Net Profit Interest over the Barryroe field, one of the largest undeveloped discoveries in Western Europe, with independently audited 2C resources of 346 MMboe and significant further resource potential in additional reservoirs.
Oisin Fanning, CEO of San Leon Energy, commented:
“The Farmout Agreement reached by Providence Resources and Lansdowne Oil & Gas with SpotOn Energy and its consortium of international service providers is excellent news for San Leon. The farm-in partners are of the highest calibre and have all the requisite skills to bring a project of the scale of Barryroe into production.
“San Leon stands to benefit from every barrel of oil produced from Barryroe. Given the focus of the upcoming Early Development Programme is on expediting and growing initial production, the proposed programme should prove highly beneficial to San Leon.
“I look forward to drilling operations commencing in 2022 as outlined and wish all parties the best of luck.”
