Results of Chopin-1 Well (1455P)

TIDMSLE

RNS Number : 1455P

San Leon Energy PLC

29 September 2011

San Leon Energy Plc

("San Leon" or the "Company")

Results of Chopin-1 Well

San Leon has completed the drilling and evaluation its first low-cost conventional exploration well in the Nida Concession in southern Poland. The target of the well was a 3-way faulted structure in the Cretaceous sandstones, a previously untested carbonate buildup in the Jurassic, and potential reservoirs in the underlying Jurassic section.

The well was successfully drilled to a total depth of 1,000m and encountered several reservoirs in the underlying Jurassic with gas shows and high quality reservoir sandstones with gas shows in the Cretaceous. The company is now plugging the well as a dry hole at a total estimated well cost of 700,000 Euros.

The Jas o DIR-700 rig is plugging the well and will immediately move the rig to the Belvedere-1 location which is ready to receive the rig. The Belvedere-1 well is targeting a four-way closure within the Cretaceous and Jurassic horizons.

Oisin Fanning, Chairman of San Leon:

"Whilst this is a disappointing result for the Company, it represents a very small part of the Company's portfolio and we continue to believe that there is the potential to drive near term cash flow from some of the smaller, shallower and low-cost prospects in our inventory and look forward to spudding the Belvedere-1 prospect very shortly.

This is an exciting time for San Leon; the Company has just spudded the Lewino 1G2 well in the Gdansk-W concession in the Baltic Basin in Poland, which is fully carried by Talisman Energy, and has an active and fully-funded drilling programme for the remainder of 2011 and 2012."

For further information contact:

 
 San Leon Energy Plc                  Tel: + 353 1291 6292 
 Oisin Fanning, Executive Chairman 
  Dr John Buggenhagen, Exploration 
  Director 
 Macquarie Capital (Europe) Limited   Tel: +44 (0) 20 3037 
                                       2000 
 Paul Connolly                        Tel: +44 (0) 20 7012 
  Ben Colegrave                        2000 
  John Dwyer 
  Arbuthnot Securities 
  Antonio Bossi 
  Richard Johnson 
 College Hill Associates              Tel: +44 (0) 20 7457 
                                       2020 
 Nick Elwes

www.sanleonenergy.com

Qualified person

John Buggenhagen, who has reviewed this update, 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

MSCSEEFMAFFSEIU

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