Island has announced that its asset swap agreement with OMV has received the relevant governmental and partner approval.
That means the assignment of 50% of interest in the Durresi Block off the coast of Albania from OMV, the largest oil and gas group in Central Europe, to Island can now go ahead.
In return OMV will receive a 50% interest in Frontier Exploration Licence.
This licence is for the Rockhall Basin off the west coast, which includes the Killala Prospect.
The Minister for Communications, Marine and Natural Resources, Eamon Ryan, has issued his approval for the deal, subject to receipt of a Deed of Assignment.
Island plans to acquire a 3D seismic survey next year in order to prepare the large Killala prospect for a drilling decision.
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