Barryroe Update (4440Q)
October 19 2011 - 2:44AM
UK Regulatory
TIDMSLE
RNS Number : 4440Q
San Leon Energy PLC
19 October 2011
19th October 2011
San Leon Energy Plc
("San Leon" or the "Company")
Standard Exploration Licence 1/11 granted over an increased
Barryroe area
San Leon Energy Plc is pleased to announce that it has been
awarded Standard Exploration Licence 1/11 ("Licence") over the
Barryroe oil discovery by the Irish Minister for Communications,
Energy and Natural Resources, Pat Rabbitte TD. The Licence has been
awarded for a period of up to six years and is split into two three
year phases.
This Licence is a successor authorisation to Licensing Option
08/1, where San Leon and its partners acquired 220 sq km of 3D data
in June 2011. The areal extent of the Licence has been increased by
approximately 9% (c. 25 sq km) to cover additional acreage with
identified resource potential.
Providence Resources Plc ("Providence") holds a 50% interest in
the Licence and operates on behalf of San Leon (30% interest) and
Lansdowne Oil & Gas Plc ("Lansdowne") (20% interest).
An upcoming well, the 48/24-J well, is planned for mid-November
2011. This well will offset the previous Marathon Oil operated
48/24-3 (1990) well, which tested c. 45(o) API light sweet oil at
c. 1,600 BOPD from Base Cretaceous sands.
The 48/24-J well is planned to demonstrate higher flow rates
through the use of new technologies.
Oisin Fanning, Executive Chairman of San Leon commented:
"The higher oil price, new technology and location of Barryroe
could certainly see this field being developed in the not too
distant future. We would like to thank the Minister for granting
this Licence to the partners. We believe Barryroe has great
potential and we look forward to seeing the results of the new 3D
survey over the field and the well result in due course"
For further information contact:
San Leon Energy Plc Tel: + 353 1291 6292
Oisin Fanning, Executive Chairman
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.
Notes to Editors:
Barryroe
The Barryroe licence lies directly below the producing Seven
Heads Gas Field, in which San Leon holds a 12.5% interest. It has
been successfully tested at flow rates of between 1,300 and 1,600
BOPD, from three exploration and appraisal wells. The reservoir
sands are of Cretaceous Middle and Lower Wealden age located
between c. 4,500" TVDSS and 7,550" TVDSS. The oil is light (30 to
42 degrees API) and contains relatively high wax content ranging
from 12 to 22 per cent, which may require treatment at surface.
Providence holds a 50% interest in the licence and operates on
behalf of its partners San Leon (30%) and Lansdowne (20%). A third
party audit carried out by RPS Energy for Lansdowne indicated P50
and P10 STOIIP estimates for Barryroe of 373 MMBO and 893 MMBO,
respectively. The corresponding 2C and 3C Barryroe technically
recoverable contingent resources are 59 MMBO and 144 MMBO,
respectively.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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