San Leon is pleased to announce that its wholly owned Polish subsidiary Liesa Energy Sp. z o.o. has entered into a binding agreement to acquire three additional concessions for oil and gas reconnaissance and exploration, including the associated mining usufruct agreements, for a total of USD$1.0 million in cash and shares. On completion, San Leon will have a 100% interest in the Concessions. The company expects to make a further announcement in due course as the transaction is subject to final regulatory approval.
The 30/2008/p Gora, 20/2009/p Winsko, and 39/2009/p Rawicz Concessions totaling 1,314 sqkm, are located in the southern area of the Fore Sudetic Monocline of the Permian Basin, onshore western Poland. These Concessions include portions of license blocks 245, 265, 266, 267, and 268.
The Concessions are valid for up to 5 years.
Oisín Fanning, Chairman of San Leon commented:
“With this acquisition San Leon will be the leading independent unconventional gas player in Poland; a position that has been built up in just two years. This is a further progression of San Leon's commitment to pioneer new exploration plays in Poland. We believe that the unexplored deeper Carboniferous play in this area has significant potential and further diversifies San Leon's exciting unconventional gas portfolio. This latest achievement also underpins the advantages of having our own technical team working in Poland."
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