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The Dublin-registered exploration and production company San Leon has announced that it has entered into a joint venture with the Iraq-based Al Meinaa Oil Services that will see the companies look for suitable oil projects to work on in the Gulf state.
In a statement San Leon said that the JV is designed to give each company the opportunity to evaluate potential projects in Iraq before working towards forming joint shareholders agreements.
“This partnership [Al Meinaa] with will help provide access to, and evaluation of, the suitable opportunities available to us in Iraq,” Oisin Fanning, chairman of San Leon said.
“This is part of a carefully managed strategy to access this market and will enable us to bring our expertise and seismic resource to bear in conjunction with Al Meinaa’s local expertise,” he added.
Under the terms of the agreement Al Meinaa will also purchase 10 million ordinary shares in San Leon at a price of US$0.35 per share.
