Island Oil & Gas swap agreement approved
Island Oil & Gas plc has today announced that the company's asset swap agreement with OMV has received the relevant governmental and partner approvals.
The assignment of the 50% interest in the Durresi Block, offshore Albania from OMV to Island has been approved by the competent authorities in Albania and the assignment of the 50% interest in Frontier Exploration Licence 3/05 (FEL 3/05) offshore the west of Ireland in the Rockall Basin, which includes the Killala Prospect, from Island to OMV has been approved by the Minister for Communications, Marine and Natural Resources Eamon Ryan, subject to receipt of a Deed of Assignment.
