Island Oil & Gas looks to cut costs with redundancy programme
24 November 2009
Island Oil & Gas today launched a renewed effort to cut costs with plans for a company-wide redundancy programme and said it was continuing to monitor its financial position on an ongoing basis.
In July this year Island announced plans to restructure its operational base by selling its assets in the Celtic Sea and focusing on work in Morocco. At the time, its chairman, Bryan Benitz, agreed to lend the company £500,000 to tide the it over. However, the plans were put on hold at the end of October after the company received a takeover offer from fellow AIM-listed oil group, San Leon Energy.
San Leon put forward an indicative non-binding offer of 2.3 Island shares for every 1 new San Leon share, which valued Island’s stock at 10.0p and the company as a whole at £13.6 million. San Leon is the larger of the two companies, with a market cap of £85.8 million.
San Leon wants to combine the two companies with a view to building a strong Irish-based oil and gas exploration and development business. It already has extensive knowledge of some of Island's assets in Morroco as well as a good working knowledge of a majority of Island's Celtic Sea and Atlantic Margin assets.
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