GAS AND oil exploration San Leon Energy Plc have announced a joint venture agreement with Al Meinaa Oil Services for the referral and evaluation of projects in Iraq.
Chairman of San Leon Oisín Fanning said the company were delighted to secure the partnership with the company which provided an “excellent local resource”.
“Iraq represents an incredibly exciting opportunity for San Leon as the country’s potential is well documented. With this in mind Iraq has been a region that we have been looking to enter for some time,” he said.
Established in 2003, Al Meinaa is based in Baghdad and works with international resources and engineering companies providing its services as a local partner to international companies.
It has compiled information on numerous fields around Iraq and last year in a joint venture with Petronor Group, signed a 40-year lease for a large land site in Basra with South Oil Company for the development of an oil and gas supply base.
Following agreement of the parties’ joint participation in a project, San Leon has agreed to issue to Al Meinaa 10 million ordinary shares in San Leon at a price of 22 pence per share.
Following the first execution of a production sharing agreement, San Leon has agreed to issue to Al Meinaa 10 million ordinary shares in San Leon at 22 pence per share.
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