TIDMSLE
RNS Number : 7727D
San Leon Energy PLC
29 March 2011
29 March 2011
SAN LEON ENERGY
("San Leon" or the "Company")
Operational Update
San Leon Energy Plc ("San Leon" or the "Company"), the AIM
listed company focused on oil and gas exploration in Europe and
North Africa, is pleased to provide the following operational
update on its portfolio of assets.
Poland - Exploration programmecontinues as planned
-- The acquisition of 60 sqkm of 3D seismic data over Szczecinek
Block 106 (San Leon 50%) was completed by the end of January 2011.
Data processing was concluded on 15 March 2011 and interpretation
is now expected to be completed by early June 2011; with an
exploration well planned for Q3 2011.
-- The seismic company, Geofizyka Krakow, is currently acquiring
480 km of 2D seismic data over San Leon's Gdansk W Concession in
the Baltic Basin. The programme is expected to be finalized by mid
April 2011. Geofizyka Krakow will deploy a second seismic crew for
the Braniewo and Szczawno Concessions at the end of March 2011. The
entire seismic programme is expected to be completed by June 2011.
Seismic processing is being carried out in real-time to select
final drilling locations for the upcoming three well drilling
programme. The full 480 km 2D seismic programme is 50% complete and
a drilling rig has been booked for 1 August 2011, which will be
used to drill three back-to-back wells.
-- Geofizyka Krakow has also been contracted to acquire 100 km
of 2D seismic over the Company's 100% owned Nida Concession, which
is on trend with some of Poland's largest oil fields. The
acquisition of this seismic is planned to commence at the end of
March before drilling locations are finalised for an upcoming
drilling programme. Up to three wells will be drilled, with an
expected start date by end of June 2011.
-- San Leon has awarded Hungarian company, Acoustic Geophysical,
with the contract to acquire 165 sqkm of 3D seismic data over the
Company's Nowa Sol Concession. The 3D seismic programme, which is
expected to commence in May 2011, is targeting numerous prospects
and leads along the southern Fore Sudetic Monocline of the Permian
Basin. This survey is designed to support an upcoming drilling
campaign in the Nowa Sol Concession which is currently planned to
start in Q4 2011.
-- Work is continuing in the Carboniferous shale play across the
Wschowa, Gora, Winsko and Rawicz Concessions, which cover 880,000
acres. Core analysis and interpretation of historical seismic data
is being carried out. The seismic programme across this acreage is
scheduled to commence in Q3 2011.
-- Lars Huberthas been appointed as Exploration Manager for San
Leon Poland in Warsaw. Lars has 16 years of experience in the oil
and gas industry. He joined San Leon Energy from Houston, where he
used leading high-end geophysical technology (inversion, AVO, and
neural network analysis), combined with structural interpretation
and sequence stratigraphic analysis to explore for large, high
yield prospects in Texas and Louisiana. Lars also has European,
North African and Middle Eastern experience. He has previously held
technical positions within Exxon, Halliburton and Schlumberger.
Morocco
-- The Tarfaya Oil Shale pilot project is well advanced. The
drilling of two wells (one injector and one producer) began last
week and first results are expected towards the end of next
month.
-- San Leon is also preparing for its upcoming 1,000 km 2D
seismic programme in the Tarfaya and ZagLicences, onshore Morocco.
The seismic programme is scheduled to commence in late Q2 2011.
-- Full re-interpretation of the seismic data on the offshore
Foum Draa and Sidi Moussalicencesis near completion. Once this is
successful, the Company is likely to seek farm-in partners for
drilling.
Ireland
-- Following the Company's acquisition of Island Oil & Gas
plc, San Leon continues to appraise its high impact Atlantic Margin
assets and is seeking farm-in partners. To date, seven parties have
signed Confidentiality Agreements to review the data.
-- North Porcupine (FEL 1/04)- The company is planning a new 3D
seismic programme in the licence for Q3 2011.
-- Slyne Licence (FEL 4/06) - Initial interpretation of some
fast track seismic lines from our Q3 2010 300 sqkm 3D seismic
programme has begun. Final processing of the 3D is expected by the
end of March 2011 with full interpretation expected by early June
2011.
-- Rockall Licence (FEL 3/05)- OMV has assigned its 50% interest
to San Leon Energy and paid San Leon GBP3 million. San Leon now has
a 100% working interest in the licence and is seeking farm-in
partners.
-- The company is also seeking a farm-in partner for the South
Porcupine Licence (FEL 3/08).
-- Polarcus has been contracted to acquire a 3D programme over
the Barryroe Licensing Option (08/01) in June this year. The survey
is being acquired to further delineate the Barryroe oil discovery
which was last drilled in 1990 and flowed at over 1,600 barrels of
oil per day.
Albania
-- San Leon received Council of Ministers' approval for the
offshore Durresi Block Complimentary Petroleum Agreement on January
28 2011.
-- San Leon and its partner, Beach Energy Limited, have now
commenced an 840 sqkm 3D seismic survey. The survey is being
carried out by PGS and is expected to be completed by the end of
April 2011.
-- The 3D seismic programme will evaluate a number of highly
prospective structures in the Block, including the A4-1X discovery,
in preparation for a planned 2012 exploration and appraisal
drilling programme.
Iraq
-- San Leon, and its Joint Venture Partner in Iraq Al Meinaa Oil
Services Company, have also signed a Joint Participation Agreement,
last week, with the Governorate Council of Karbala in Central
Iraq.
-- Under this Agreement the consortium (San Leon, Al-Meinaa and
the Governorate Council of Karbala) will submit a joint proposal to
the Ministry of Oil in Iraq for the development of the fields of
Kifil, West Kifil and Merjan.
Netherlands
-- The Amstel Field, offshore Netherlands, in which San Leon has
a 2.5% royalty, is currently being drilled by new 50% owner GDF
SUEZ E&P Nederland B.V..
SeisQuest
-- San Leon is establishing a seismic acquisition company using
wireless technology from OyoGeospace (USA) and vibrators from
Sercel (France).
-- This crew has already been engaged to conduct the Tarfaya and
Zag seismic programmes in Morocco.
-- The Company intends to train Polish nationals on this new
technology and employ the new crew on San Leon's future seismic
programmes, which will further accelerate the Company's exploration
programmes. Currently two seismic companies operate in Poland and
both are owned by Poland's PGNiG group.
Oisin Fanning Chairman of San Leon Energy commented:
"San Leon has made significant progress over the last few months
and is now entering one of the most active and important periods in
the Company's history. Ten wells are being drilled before the end
of this year, some of which have the potential to be company
makers, including the first wells on our Baltic basin acreage with
our partner Talisman. Combined with this we have also recently
acquired or are about to acquire approximately 3,000 kms of
seismic, which will enable us to firm up a number of prospects and
potential drilling sites.
We have built an incredibly exciting portfolio of assets. We
also have an exceptional team of individuals who know these assets
and regions and, following our fundraising last year, the funds in
place to be able to carry out this extensive work programme. I look
forward to providing further updates as our programme
progresses."
ENQUIRIES
San Leon Energy
plc Oisin Fanning, Executive Chairman +353 1291 6292
John Buggenhagen, Director
of Exploration
Macquarie Capital
(Europe) Limited +44 (0) 3037 2000
John Dwyer
Paul Connolly
Ben Colegrave
Fox-Davies Capital +44 (0) 203 463
Limited 5010
Phil Davies
David Porter
Arbuthnot Securities Nominated Adviser +44 (0) 20 7012
Limited 2000
Nick Tulloch
Ben Wells
College Hill Investment Relations Adviser +44 (0) 20 7457
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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