Island signs 50% deal in eastern Europe move

ISLAND Oil & Gas, the Dublin- headquartered exploration company is expanding its international presence to eastern Europe.

The company has signed a memorandum of understanding with the Moldovan company, Valiexchimp, that will see it buy a 50% equity stake in a number of assets in Moldova currently owned and operated by that company.

Valiexchimp will keep control of the other 50%.