San Leon has completed the drilling and evaluation its first low-cost conventional exploration well in the Nida Concession in southern Poland. The target of the well was a 3-way faulted structure in the Cretaceous sandstones, a previously untested carbonate buildup in the Jurassic, and potential reservoirs in the underlying Jurassic section.
The well was successfully drilled to a total depth of 1,000m and encountered several reservoirs in the underlying Jurassic with gas shows and high quality reservoir sandstones with gas shows in the Cretaceous. The company is now plugging the well as a dry hole at a total estimated well cost of 700,000 Euros.
The Jaslo DIR-700 rig is plugging the well and will immediately move the rig to the Belvedere-1 location which is ready to receive the rig. The Belvedere-1 well is targeting a four-way closure within the Cretaceous and Jurassic horizons.
Oisin Fanning, Chairman of San Leon, "While this is a disappointing result for the Company, it represents a very small part of the Company's portfolio and 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 spudding the Belvedere-1 prospect very shortly.
This is an 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, which is fully carried by Talisman Energy, and has an active and fully-funded drilling program for the remainder of 2011 and 2012."
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