Slyne 3D Acquisition Complete

RNS Number : 4348R

San Leon Energy PLC

23 August 2010

 



San Leon Energy plc

Slyne 3D Acquisition Completed - Atlantic Margin, West Coast of Ireland

San Leon Energy plc ("San Leon" or the "Company") and its partner, Lundin, are pleased to announce the successful completion of the 300 km² 3D seismic acquisition programme covering the Slyne Basin exploration license F4/06 along the Atlantic Margin, offshore Ireland. The program was completed in 15 days with 100 per cent. of the proposed survey successfully acquired under budget. The data is currently being processed. Final results for interpretation are expected by December.

The initial review of the preliminary 3D volume confirms the existence of the Inishmore prospect with estimated mean case recoverable reserves of 1.3 TCF. Additional large structures have been also identified within the survey area with preliminary estimates of more than 3 TCF of natural gas recoverable across the license.

Oisín Fanning, Chairman of San Leon commented

"We are delighted with the flawless execution of the Slyne 3D acquisition. It demonstrates our ability to mobilise resources and our commitment to progress. The programme was delivered within schedule and under budget at a cost of under $6 million. I'm looking forward to the interpretation of the data and moving onward."

Qualified person

John Buggenhagen has over 15 years' experience in the oil and 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 Vice President of Exploration for the San Leon group and based in San Leon's Warsaw office in Poland.

23 August 2010

For further information contact:

San Leon Energy plc Oisín Fanning, Chairman Philip Thompson, Chief Executive Officer	Tel [phone]
Fox-Davies Capital David Porter	Tel [phone]
Arbuthnot Securities Nick Tulloch	Tel [phone]
College Hill Associates Nick Elwes	Tel [phone]

 

END

 

 

ACQEAKPEAEPEEFF