San Leon announced that all the drilling equipment for the Belvedere-1 exploration well has now arrived on site and drilling is ready to commence. The Belvedere-1 well is located in the Nida concession, which is 100% owned by San Leon, covering some 280,000 acres and is on trend with significant oil production in Poland. The Company plans to drill two exploration wells on the concession, this month, targeting multiple one to two million barrel prospects. The Belvedere-1 is expected to spud on Monday, September 5, 2011.
Oisin Fanning, Chairman of San Leon, commented, "We are delighted to be spudding our first conventional well on the Nida Trough on Monday. This is an important concession for San Leon and has the potential to provide the company with near term revenue.
"This is a very busy and exciting time for the Company as we are not only drilling these conventional wells, but with our partner Talisman we are also scheduled to be drilling the first wells on our Baltic Basin acreage later this month."
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