Ireland: San Leon Awards PGS Ventures Sesimic Survey Across Slyne Basin

San Leon announced that it has awarded PGS Ventures AS (“PGS”), a subsidiary of Petroleum Geo-Services ASA Group, a contract to carry out a 300 sq. kms. seismic survey across the Slyne Basin in the Atlantic Margin, offshore west coast of Ireland.

The license for exploration in the Slyne Basin was acquired by San Leon following the takeover of Island Oil & Gas in May 2010.

The ultra-high capacity seismic vessel M/V Ramform Vanguard, will shortly be on route to Ireland with the survey scheduled to commence later this month and be completed by the end of August.

The interests in the Slyne Basin are San Leon 50% and Lundin 50%. As detailed on 18 September 2009 San Leon entered into a seismic services agreement with PGS, who will provide up to a $50m facility for seismic services.

Oisín Fanning, Chairman of San Leon commented

“We are delighted to have awarded this contract to PGS who we know well and are working with across our asset base. The San Leon team have mobilised this significant seismic programme rapidly and it is the first work that we are carrying out on these assets; which we only acquired in May through the acquisition of Island Oil and Gas. The Atlantic margin is an exciting area for us and one that John Buggenhagen, our Vice President of Exploration, considers to have the potential that the North Sea had some forty years ago.”

[mappress]

Source: sanleonenergy,July 8, 2010