San Leon Energy PLC Lelechow-SL1 Finds Oil (0691L)
August 30 2012 - 2:02AM
UK Regulatory
TIDMSLE
RNS Number : 0691L
San Leon Energy PLC
30 August 2012
30 August 2012
San Leon Energy Plc
("San Leon" or the "Company")
Lelechow-SL1 finds oil
San Leon is pleased to announce that it has found oil and has
completed the drilling of the Lelechow-SL1 well, the first of a two
well exploration programme, on the Company's Nowa Sol Concession
targeting the Main Dolomite trend in the Southern Permian Basin
insouthwest Poland (San Leon 100%). The well was drilled to a depth
of 1,167 meters TVD.
Initial evaluation of the results from core and wireline logging
results indicate the primary target in the Zechstein Main Dolomite
is highly fractured and contains moveable oil.
Oil was recovered to the surface during initial clean out of the
well.
Final completion of the well will incorporate an electrical
submersible pump to continue to clean out the well and maximize oil
flow rates during production.
The Company expects to resume testing of the well in the next
few weeks pending final completion of drilling operations. Well
completion is being designed for near-term commercial production
from the well.
The Company is now preparing to move the rig to begin drilling
the Czaslaw-SL1 well, the second well in the Nowa Sol Concession,
which will also test the Main Dolomite.
Executive Chairman, Oisin Fanning commented:
"It is very encouraging to be able to report oil in our first
well on the Main Dolomite trend in Poland that resulted from our
own 3D seismic survey and interpretation on the Nowa Sol
Concession. We will only know the oil production potential and
recovery rates once the well is completed, cleaned up and tested
but are excited because the fractured nature of the Main Dolomite
offers significant upside in the play. The Company is now preparing
to move the rig to begin drilling Czaslaw-SL1 well, our second well
in the Main Dolomite trend."
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
Fox Davies Capital Tel: +44 (0) 20 3463 5000
Daniel Fox-Davies
Richard Hail
FirstEnergy Capital LLP Tel: +44 (0) 20 7448 0200
Hugh R. Sanderson
David Van Erp
Westhouse Securities (Nominated Tel: +44 (0) 20 7601 6100
Advisor)
Richard Johnson
Antonio Bossi
College Hill Associates Tel: +44 (0) 20 7457 2020
Nick Elwes
Alexandra Roper
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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