San Leon Energy, the gas and oil exploration company chaired by former Smart Telecom chief Oisín Fanning, has made an approach for Dublin-based energy company Island Oil & Gas.
In a statement the company said that it had approached Island with a proposal for the "combination of the two companies with a view to building a strong Irish-based oil and gas exploration and development business".
San Leon has made an offer of 10 pence per share for Island's entire issued share capital at £13.6 million. This represents an increase of approximately 31 per cent over Island's closing share price of 7.625 pence on October 14th.
In a statement, Island confirmed that it has received a "preliminary proposal from San Leon" and that "a further announcement will be made in due course".
