map courtesy Island Oil & Gas

Island Oil & Gas has announced that Supernova Ireland Resources of the Netherlands-based Bluewater Group has executed a second option to farm in for 10 percent more of Frontier Exploration Licence 1/04 in the Porcupine Basin off the west coast of Ireland.

Supernova will pay a cash only consideration of £2.25 million for the stake.

The Licence includes the Connemara oil field and several significant exploration prospects. Supernova has exercised its exclusive option to farm in for 10% equity in the Island operated Licence, thereby reducing the Company’s net equity interest from 51.5% to 41.5%.

The £2.5m payment will give us greater flexibility in assessing our wide range of oil and gas projects”, an Island statement said.

Island remains designated operator of the license.