Island Oil & Gas takeover on course for completion

San Leon Energy Plc And Island Oil and Gas PLC Updates On Gartmore Investment Management And Platinum Petroleum Limited Offer

Monday, 25 Jan 2010 02:00am EST

San Leon Energy Plc announced that on October 21, 2009, San Leon had received a further irrevocable undertaking from Gartmore Investment Management, Gartmore would accept or procure acceptance of such offer in respect of, in aggregate, 15,250,000 Island Oil & Gas plc's shares representing approximately 11.22% of Island's issued share capital. Island had received an irrevocable undertaking on October 14, 2009 from Platinum Petroleum Limited, to accept or procure acceptance of such offer in respect of, in aggregate, 25,000,000 Island shares representing approximately 18.4% of Island's issued share capital. Both the Platinum and Gartmore irrevocable undertakings have been extended on the existing terms until April 14, 2010. Discussions between San Leon and Island are continuing and both companies are working towards an agreement on an offer for Island, which the Directors of Island intend to recommend.

[Reuters]