Island Oil & Gas considers £13.6m bid

SAN LEON ENERGY said yesterday it made a £13.6 million (€14.56 million) offer for Island Oil & Gas, to build a strong Irish-based oil and gas exploration and development business.

Island is considering the proposal which offers one new San Leon share for every 2.3 Island shares, valuing each Island share at 10 pence.

“We believe the combination of our two companies would create a strong Irish-based oil and gas exploration and development business with the management skills and financial resources to develop the asset portfolio,” said San Leon chairman Oisin Fanning.