Barryroe Update (7790E)
June 06 2012 - 5:00AM
UK Regulatory
TIDMSLE
RNS Number : 7790E
San Leon Energy PLC
06 June 2012
6 June 2012
San Leon Energy Plc
("San Leon" or the "Company")
Barryroe Update
San Leon, the specialist oil and gas company with an extensive
portfolio of assets across Europe and North Africa, notes this
morning's announcement from Providence Resources plc ("Providence")
of the technical update by Providence on the Barryroe oil discovery
in the North Celtic Sea Basin, offshore Ireland. San Leon
announced, on 23 December 2011, that the Company has assigned its
30% working interest in Standard Exploration Licence 1/11 to
Providence in exchange for a 4.5% NPI on the full field. San Leon
Energy will not pay any further appraisal or development costs on
the Licence and is not paying any costs towards the 48/24-10
well.
The full announcement by Providence stated the following:
TECHNICAL UPDATE - BARRYROE OIL ASSAY COMPLETE
-- THIRD PARTY ASSAY CONFIRMS LIGHT SWEET WAXY OIL
Providence Resources P.l.c., ("Providence") the Irish oil and
gas exploration and production company, whose shares are quoted in
London (AIM) and Dublin (ESM), is pleased to provide a technical
update on the Barryroe oil discovery in the North Celtic Sea Basin,
offshore Ireland. Providence (80%) operates Barryroe on behalf of
its partner Lansdowne Oil and Gas plc. The area lies in c. 100m
water depth and is c. 50 km off the south coast of Ireland.
An independent third party crude assay of a 20-litre Barryroe
oil sample collected during the recent Barryroe well testing
operations has now been completed. The assay reports the Barryroe
oil to be a premium light (43(o) API), low sulphur, low TAN
(acidity) and low metal crude. The wax content has been analysed to
be c. 17% (by weight) and the nitrogen content is also low. These
data are an improvement on the previously published PVT fluid
analysis (see RNS of March 15th).
A comprehensive programme of post-drill studies is continuing in
order to better define the Barryroe oil in place resource,
recoverable reserves and future field economics. In late May (see
RNS of May 24th), the latest of these studies detailing results of
well test analysis confirmed that the basal hydrocarbon bearing
sandstone package is highly permeable and that initial production
rates of c. 12,500 BOPD & c. 11 MMSCFGD (c. 14,300 BOEPD) could
be achieved with a 1,000' horizontal well through a 4.5" OD
production tubing under natural lift.
Speaking today, Tony O'Reilly, CEO of Providence said,
"The results of this Barryroe oil assay vindicate our
proposition that high value crudes exist in the shallow waters off
the south coast of Ireland. Our well testing results, and
subsequent horizontal modeling, has demonstrated that these crudes
can be produced at commercially attractive rates. Our post well
studies are continuing apace and we look forward to providing
further updates over the coming months."
-ENDS-
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
John Dwyer
Westhouse Securities Tel: +44 (0) 20 7601
Richard Johnson 6100
Antonio Bossi
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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