Valhalla Oil and Gas Concludes Agreement on the Schull Field, Offshore Ireland
Valhalla Oil and Gas Limited (“ Valhalla” ) today announced that it has concluded a farm in agreement on the Schull licence in the Celtic Sea, offshore Ireland.
Under the terms of the agreement on the Island Oil & Gas plc (“Island”) operated Licence 5/05, Valhalla will acquire a 25% interest ( 8.33% from Bexley Investments Limited, 8.33% from Carob Limited and 8.34% from Celtex Exploration Services Limited ) for a total cash consideration of Stg£333,333.
Valhalla will immediately participate pro-rata in the upcoming exploration and appraisal well 57/2-3, which is expected to commence this Summer using the Petrolia rig.
The agreement is subject to approval from the Irish Minister for Communications, Marine and Natural Resources.