Results of Belvedere-1 Well (6448Q)
October 21 2011 - 10:15AM
UK Regulatory
TIDMSLE
RNS Number : 6448Q
San Leon Energy PLC
21 October 2011
21 October 2011
San Leon Energy Plc
("San Leon" or the "Company")
Results of Belvedere-1 Well, Southern Poland
San Leon has completed the drilling and evaluation of its second
low-cost conventional exploration well in the Nida Concession in
southern Poland, Belvedere-1. The target of the well was a 4-way
closed structural high in Cretaceous sandstones, and potential
reservoirs in the underlying Jurassic carbonates on trend with the
P awowice oil field.
The well was successfully drilled to a total depth of 1,000m and
encountered several reservoirs in the underlying Jurassic and high
quality reservoir sandstones in the Cretaceous which had no
indications of hydrocarbons. The company is plugging the well as a
dry hole at a total estimated well cost of EUR750,000.
Oisin Fanning, Chairman of San Leon commented:
"Whilst this is a disappointing result for the Company, it
represents a very small part of San Leon's portfolio. 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 moving on to the Nova Sol area to
continue our exploration program in the near term.
This remains a very 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, the first of three back to back shale gas
wells which are fully carried by Talisman Energy, and also 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
Ben Colegrave
John Dwyer
Tel: +44 (0) 20 7012
Arbuthnot Securities 2000
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
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