New Licencing Option

RNS Number : 3955Q

San Leon Energy PLC

18 October 2011

 



18th October 2011

San Leon Energy Plc

("San Leon" or the "Company")

San Leon Energy offered new Slyne Basin Licence in Irish Offshore Licencing Round

San Leon Energy Plc ("San Leon") is pleased to announce it has been offered a new licencing option, Licensing Option 11/13, ("Licence" or "Option") in the 2011 Atlantic Margin Licensing Round, offshore Ireland. The Option area covers 986 km² and includes four full blocks, 27/13, 27/14, 27/19 and 27/24.

The Minister for Communications, Energy and Natural Resources announced the offer on 17^th October 2011, which if accepted by San Leon, will run from 1st November 2011 to 31st October 2013.

The Licence is adjacent to the company's current FEL 4/06 Slyne Licence, where San Leon (50% interest) and Lundin Petroleum (50% interest) acquired 300 square kilometres of 3D seismic data in August 2010. That new Slyne 3D data has now been interpreted and both parties have engaged First Energy Capital to market the mapped Inishmore Prospect to potential farminees. The new Option is also adjacent to Licence 1/06 which is owned by Serica Energy (50% interest) and RWE Dea (50% interest).

Oisin Fanning, Executive Chairman of San Leon Energy, commented:

"Ireland offers an excellent fiscal regime in a proven petroleum system. This new Option does not come with an onerous work programme and we see it as complimentary to our existing high impact Atlantic Margin portfolio.

Offshore Atlantic Margin Ireland is very underexplored and recent activity suggests that that could change. We are pleased to expand our acreage in this area with minimal exposure to shareholders."

For further information contact:

San Leon Energy Plc	Tel: + 353 1291 6292
Oisin Fanning, Executive Chairman
Macquarie Capital (Europe) Limited	Tel: [phone]
Paul Connolly Ben Colegrave John Dwyer Arbuthnot Securities Antonio Bossi Richard Johnson	Tel: [phone]
College Hill Associates	Tel: [phone]
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.

 

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