San Leon Energy has successfully expanded its existing Rawicz Concession in the Permian/SW Carboniferous Basin of Poland. As part of the modification of the Rawicz Concession the Polish Ministry of Environment has approved merging the Rawicz and Winsko Concessions and expanding the total concession area. The amended Concession includes the previously discovered, unproduced Rawicz gas field in the Permian Main Dolomite and Rotliegendes formations. The Company estimates that Rawicz gas field to contains up to 17 billion cubic feet of recoverable, high quality methane gas in the Permian Rotliegendes formation with potential upside for oil and gas production the Zechstein Main Dolomite. The updated Rawicz Concession further expands San Leon unconventional Carboniferous acreage. The new merged concession area is 183,352 acres (742 square kilometers).
The Company plans to acquire an estimated 46 square miles (120 square kilometers) 3D seismic survey over the Rawicz gas field with San Leon subsidiary NovaSeis in 4Q 2012 followed by the first appraisal well of the field in 2Q/3Q of 2013. The Company plans to obtain first production from the field in 3Q 2013.
San Leon holds 100 percent of the expanded Rawicz concession.
"As we continue to expand our Permian/SW Carboniferous acreage in Poland we see the addition of the Rawicz gas field as key to our strategy to focus on near-term production to generate cash flow while we continue to understand the significant upside present in the deeper Carboniferous," said Chairman Oisin Fanning.
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