San Leon Energy Reports Encouraging Findings at Rawicz Field

San Leon Energy (SLE) has reported that the gross reserves for the Rawicz field in Poland stand at more than 50 billion cubic feet, according to a Competent Persons Report (CPR).

The Ryder Scott Company CPR on the Rawicz gas field issued an estimate of the gross Proved plus Probable (2P) reserves to be at 50.3 billion cubic feet, based upon a five well development plan. Palomar Natural Resources (PNR), the operator of the field, and San Leon are focused on bringing gas online at the site in early 2016.

San Leon Energy Executive Chairman Oisin Fanning commented in a company statement:

“We are quickly moving forward with the development of the Rawicz gas field, and the confirmation of reserves from the CPR is a very positive step. San Leon and PNR are focused on first production and expanding our development using modern drilling and completion technology to unlock the significant remaining reserves in this under-explored basin, where some of the best gas prices in Europe can be found.”

Palomar Natural Resources CEO John Buggenhagen stated in a PNR release:

“This is an exciting time for Palomar and San Leon, and for Poland - the Rawicz field development is the beginning of a larger exploration and production business for conventional gas in Poland.

“We have already mapped several other large, undrilled structures on our 3D seismic database at Rawicz and across our broader acreage position that bring significant upside potential to the area and justify a larger, fast-paced development plan. Based upon our current prospect portfolio and the current fiscal regime in Poland, we see the potential for a highly profitable, sustainable E&P business in Poland for the long term. Rawicz is the first step in realizing this potential.”

Corporate advisory firm Westhouse Securities was optimistic about the update from San Leon Energy.

“This follows on from the news of the successful well test results back in Feb/March and constitutes the first real operational success that may soon actually turn into production sales and cash flows from Poland for SLE”, said the firm in a company statement.

A graduate in journalism from Cardiff University, Andreas has eight years of experience as a business journalist. Email Andreas at andreas.exarheas@rigzone.com

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