Oil company San Leon Energy welcomed news that Providence Resources had confirmed an investment from Norway's SpotOn Energy in the Barryroe oil and gas field offshore Ireland.
San Leon said it retained a 4.5% net profit interest over the Barryroe field, which it said was one of the largest undeveloped discoveries in Western Europe.
SpotOn Energy had partnered with Schlumberger, Aker Solutions, AGR, Maersk Drilling, Keppel and Aibel AS for the subsequent development of Barryroe.
'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,' chief executive Oisin Fanning said.
'San Leon stands to benefit from every barrel of oil produced from Barryroe.'
'I look forward to drilling operations commencing in 2022 as outlined and wish all parties the best of luck.'
At 9:06am: (LON:SLE) San Leon Energy PLC share price was 0p at 23p
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