Expansion of Acreage in Poland
November 15 2010 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 1410W
San Leon Energy PLC
15 November 2010
San Leon Energy
("San Leon" or "the Company")
Further Expansion of Unconventional Gas Acreage in Poland
· San Leon and its Polish subsidiary Liesa Energy have signed a binding
agreement with Mazovia Energy Resources Sp. z o.o. to acquire a 100% interest in
three additional concessions (the "Concessions") in Poland's southern Permian
Basin on very favourable terms
· The Concessions, adjacent to the Company's existing Nowa Sol and Wschowa
Concessions, will expand San Leon's position in western Poland from 2,245 sq km
to 3,560 sq km (879,695 acres)
· San Leon's technical team continues to pioneer new exploration plays in
Poland
San Leon is pleased to announce that its wholly owned Polish subsidiary Liesa
Energy Sp. z o.o. has entered into a binding agreement to acquire three
additional concessions for oil and gas reconnaissance and exploration, including
the associated mining usufruct agreements, for a total of USD$1.0 million in
cash and shares. On completion, San Leon will have a 100% interest in the
Concessions. The company expects to make a further announcement in due course
as the transaction is subject to final regulatory approval.
The 30/2008/p Gora, 20/2009/p Winsko, and 39/2009/p Rawicz Concessions totaling
1,314 sq km, are located in the southern area of the Fore Sudetic Monocline of
the Permian Basin, onshore western Poland. These Concessions include portions of
license blocks 245, 265, 266, 267, and 268.
The Concessions are valid for up to 5 years.
Oisín Fanning, Chairman of San Leon commented:
"With this acquisition San Leon will be the leading independent unconventional
gas player in Poland; a position that has been built up in just two years. This
is a further progression of San Leon's commitment to pioneer new exploration
plays in Poland. We believe that the unexplored deeper Carboniferous play in
this area has significant potential and further diversifies San Leon's exciting
unconventional gas portfolio. This latest achievement also underpins the
advantages of having our own technical team working in Poland."
15 November 2010
For further information contact:
+---------------------------------+---------------------------------+
| San Leon Energy Plc | Tel: + 353 1291 6292 |
+---------------------------------+---------------------------------+
| Oisin Fanning, Chairman | |
+---------------------------------+---------------------------------+
| John Buggenhagen, Director of | |
| Exploration | |
+---------------------------------+---------------------------------+
| | |
+---------------------------------+---------------------------------+
| Arbuthnot Securities | Tel: +44 (0) 20 7012 2000 |
+---------------------------------+---------------------------------+
| Nick Tulloch | |
+---------------------------------+---------------------------------+
| Ben Wells | |
+---------------------------------+---------------------------------+
| | |
+---------------------------------+---------------------------------+
| Macquarie Capital (Europe) | Tel: +44 (0) 20 3037 2000 |
| Limited | |
+---------------------------------+---------------------------------+
| Paul Connolly | |
+---------------------------------+---------------------------------+
| Ben Colegrave | |
+---------------------------------+---------------------------------+
| | |
+---------------------------------+---------------------------------+
| Fox Davies Capital | Tel: +44 (0) 207 936 5230 |
+---------------------------------+---------------------------------+
| Phil Davies | |
+---------------------------------+---------------------------------+
| David Porter | |
+---------------------------------+---------------------------------+
| | |
+---------------------------------+---------------------------------+
| College Hill | Tel: +44 (0) 207 457 2020 |
+---------------------------------+---------------------------------+
| Nick Elwes | |
+---------------------------------+---------------------------------+
Qualified person
John Buggenhagen has over 15 years experience in the oil & gas industry. He has
a Ph.D. and M.Sc. in Geophysics from the University of Wyoming and a B.Sc. in
Geophysics from the University of Arizona. He is currently the Director of
Exploration for the San Leon Energy Group and based in San Leon's Warsaw office
in Poland.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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