Approval received (4571Z)

TIDMSLE

RNS Number : 4571Z

San Leon Energy PLC

14 January 2011

San Leon Energy

("San Leon" or "the Company")

Approval Received for Further Expansion of Unconventional Gas Acreage in Poland

San Leon, the AIM-traded oil and gas exploration and development company focusing on projects in Poland, Morocco, Albania and the Atlantic Margin is delighted to report that it has received government approval for the acquisition of 100% interests in three concessions located in the southern area of the Fore Sudetic Monocline of the Permian Basin, onshore western Poland, as previously announced on 15 November 2010.

Highlights:

 
            -- San Leon's wholly owned Polish subsidiary Liesa Energy Sp. 
            z o.o. ("Liesa Energy") has received approval from the Polish 
            Ministry of Environment for the transfer of the two concessions; 
            20/2009/p Winsko and 39/2009/p Rawicz, from Mazovia Energy 
            Resources 
            Sp. z o.o. ("Mazovia Energy"). 
            -- San Leon's wholly owned Polish subsidiary San Leon Poland Sp. 
            z o.o. has also received approval for the takeover of Gora Energy 
            Resources Sp. z o.o. ("Gora Energy"), including the 30/2088p Gora 
            Concession, from Mazovia Energy. 
            -- These three Concessions, which are adjacent to the Company's 
            existing Nowa Sol and Wschowa Concessions, have expanded San 
            Leon's 
            position in western Poland from 2,245 sqkm to 3,560 sqkm (879,695 
            acres) 
            The 30/2008/p Gora, 20/2009/p Winsko, and 39/2009/p Rawicz 
            Concessions, 
            totaling 1,314 sqkm, 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 Company now holds 100% of the 30/2088p Gora, 39/2009/p Rawicz, 
            and 20/2009/p Winsko Concessions for oil and gas reconnaissance 
            and exploration. This includes the transfer of the associated 
            mining usufruct agreements. 
            San Leon purchased the concessions from Mazovia Energy for a total 
            of USD $1.0 million in cash and shares. As a result of this 
            approval 
            Mazovia Energy were issued with 1,881,125 shares in San Leon 
            Energy 
            on 21 December 2010. San Leon subsidiaries Liesa Energy and Gora 
            Energy have a 100% interest in the Concessions. 
            Oisin Fanning, Chairman of San Leon commented: 
            "These acquisitions cement our position as a leading player in 
            unconventional gas in Poland. We believe that this unexplored 
            deeper Carboniferous play, which is prevalent across these 
            Concessions 
            has significant potential. This latest achievement is further 
            testament to the work and the relationships that our own technical 
            team on the ground in Poland have achieved and built in the two 
            years that they have been there." 
            14 January 2011 
            ENQUIRIES 
                             Oisin Fanning, 
            San Leon Energy   Executive 
             plc              Chairman        +353 1291 6292 
             John Buggenhagen, Director 
              of Exploration 
            Macquarie Capital                   +44 (0) 3037 
             (Europe) Limited                           2000 
             John Dwyer 
             Paul Connolly 
             Ben Colegrave 
            Fox-Davies Capital                   +44 (0) 203 
             Limited                                463 5010 
             Phil Davies 
             David Porter 
            Arbuthnot        Nominated            +44 (0) 20 
             Securities       Adviser              7012 2000 
             Limited 
             Nick Tulloch 
             Ben Wells 
            College Hill     Investment           +44 (0) 20 
                              Relations            7457 2020 
                              Adviser 
             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

ACQBRGDBRXBBGBX

San Leon Energy (LSE:SLE)
Historical Stock Chart
From Jun 2024 to Jul 2024