San Leon Energy PLC Two well exploration programme & JV Partnership (9572G)
July 05 2012 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 9572G
San Leon Energy PLC
05 July 2012
July 5 2012
San Leon Energy Plc
("San Leon" or the "Company")
Testing the Main Dolomite Potential in Nova Sol and JV
Partnership with Celtique Energie
Two well exploration programme
San Leon is preparing to spud a two well exploration program to
test the conventional oil potential of the Main Dolomite in the
Southern Permian Basin on its Nowa Sol Concession (San Leon 100%)
(the "Concession"). The wells will be drilled by Diament Oil
Exploration Ltd from Zielona Gora in Poland. The first well,
Lelechow-SL-1, is planned to spud mid- to late July. The second
well, Czaslaw-1, which will spud immediately after, will also test
the Main Dolomite in a separate, but similar structure.
The wells are being drilling based upon the Company's 2010 Nowa
Sol 3D seismic survey, which has redefined the potential of the
area being the first 3D survey ever shot on the Concession. The
significantly improved imaging provided by the new 3D data has
given the Company greater insight into the complex structural
fabric of the area.
JV Partnership
San Leon has conducted extensive geological analysis of the
Southern Permian/SW Carboniferous Basin of Poland over the past two
years; and is therefore pleased to announce a joint venture with
Celtique Energie Poland Sp z o.o. ("Celtique") with a view to
jointly developing the existing Celtique concessions which are on
trend with the Company's significant acreage position in the
area.
The concession areas to be jointly developed with Celtique
are:
Block 243 236,480 acres
Laski 60,047 acres
San Leon will acquire a 50% working interest in the two Polish
concessions for a committed work program including acquiring two
new 3D seismic surveys (280 km(2) ) on the concessions, plus
committing to drilling a well in Block 243 targeting the Permian
Main Dolomite. San Leon will become the operating partner on Block
243. On the Laski concession following acquisition of the 3D
seismic survey; San Leon has the option to participate in a 50%
share of the proposed well costs to retain its interest in that
concession, otherwise the Company will relinquish its interest in
Laski. The proposed joint venture is conditional on receiving
regulatory approval and signature of definitive agreements with
Celtique.
Oisin Fanning, Chairman of San Leon, commented:
"In conjunction with drilling the two exploration wells in Nowa
Sol this is a great deal for both San Leon and Celtique. It exposes
San Leon to additional high quality exploration acreage in Poland
on trend with upcoming projects, and gives Celtique access to San
Leon's proven operating capabilities, including NovaSeis in Poland.
This deal further solidifies San Leon's commitment to developing
significant oil and gas reserves in Poland in the near term."
For further information contact:
San Leon Energy Plc Tel: + 353 1291 6292
Oisin Fanning, Executive Chairman
John Buggenhagen, Exploration
Director
Macquarie Capital (Europe) Limited Tel: +44 (0) 20 3037 2000
Paul Connolly
John Dwyer
Westhouse Securities Tel: +44 (0) 20 7601 6100
Richard Johnson
Antonio Bossi
College Hill Associates Tel: +44 (0) 20 7457 2020
Nick Elwes
www.sanleonenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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