Results of Belvedere-1 Well

RNS Number : 6448Q

San Leon Energy PLC

21 October 2011

 



21 October 2011

San Leon Energy Plc

("San Leon" or the "Company")

Results of Belvedere-1 Well, Southern Poland

San Leon has completed the drilling and evaluation of its second low-cost conventional exploration well in the Nida Concession in southern Poland, Belvedere-1.  The target of the well was a 4-way closed structural high in Cretaceous sandstones, and potential reservoirs in the underlying Jurassic carbonates on trend with the Pławowice oil field.

The well was successfully drilled to a total depth of 1,000m and encountered several reservoirs in the underlying Jurassic and high quality reservoir sandstones in the Cretaceous which had no indications of hydrocarbons.  The company is plugging the well as a dry hole at a total estimated well cost of €750,000.

Oisin Fanning, Chairman of San Leon commented:

"Whilst this is a disappointing result for the Company, it represents a very small part of San Leon's portfolio. We continue to believe that there is the potential to drive near term cash flow from some of the smaller, shallower and low-cost prospects in our inventory and look forward to moving on to the Nova Sol area to continue our exploration program in the near term.

This remains a very exciting time for San Leon. The Company has just spudded, the Lewino 1G2 well in the Gdansk-W concession in the Baltic Basin in Poland, the first of three back to back shale gas wells which are fully carried by Talisman Energy, and also has an active and fully-funded drilling programme for the remainder of 2011 and 2012."

For further information contact:

San Leon Energy Plc	Tel: + 353 1291 6292
Oisin Fanning, Executive Chairman Dr John Buggenhagen, Exploration Director
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.

 

END

 

 

DRLBXBDGLUDBGBB