Award of Gdansk W Concession

RNS Number : 6000E

San Leon Energy PLC

23 December 2009

 



San Leon Energy Plc

("San Leon" or the "Company")

Award of Gdansk W Concession in Poland

• San Leon has been awarded a 779.8 km2 Gdansk W Concession in the Baltic Basin onshore northern Poland and across portions of license blocks 48 and 49

• San Leon has access to a highly prospective area for significant gas production from the Palaeozoic shales in Poland.

San Leon is pleased to announce that it's wholly owned Polish subsidiary Oculis Investments Sp. z o.o. ("Oculis") was awarded the Gdansk W Concession for oil and gas reconnaissance and exploration and the mining usufruct agreement.  San Leon has 100% interest in the Concession.

The concession, totalling 779.8 km2, is located in the Baltic Basin, onshore northern Poland, across the eastern half of license block 48 and the northern half of 49.

The License is valid for up to 5 years and covers a work programme which includes geological studies, seismic acquisition and a one well drilling obligation. The license also has an optional 3D seismic survey and an additional two wells.

Due to overlapping concession applications over a portion of the Gdansk W application in license block 49, the Ministry made the final award of 779.8 km2  to San Leon (via Oculis Investments)

This award gives San Leon access to a highly prospective area for significant gas production from the Palaeozoic shales. This is also an area of active licensing by many of the US and international majors.

Oisín Fanning, Chairman of San Leon commented

"We are excited to continue to expand our Baltic Basin portfolio in Poland.  Gdansk W is a high potential area for unconventional gas production from the Palaeozoic shales. This area is on trend with recent licensing from the US majors and we believe there is also potential that has been overlooked in several conventional targets on the license."

23 December 2009

For further information contact:

San Leon Energy Plc	Tel: + 353 1291 6292
Oisin Fanning, Chairman
Philip Thompson, Chief Executive Officer
Arbuthnot Securities	Tel: [phone]
Nick Tulloch
Andrew Fairclough
College Hill	Tel: [phone]
Nick Elwes

Qualified person

Philip Thompson has over twenty five years experience in the oil & gas industry. He has an M.Sc. in Geophysics from Southern Methodist University and a B.Sc. in Geophysics from Texas A&M University.

 

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