San Leon's Proposed Acquisition Collects New Polish Concessions

San Leon has announced that Gold Point Energy, the company which San Leon has entered into an agreement to acquire, has been awarded two additional concessions by the Polish Ministry of Environment.

Highlights

  • GPE awarded two new concessions in Poland, with a total of 2,245 km2
  • Nowa Sol block 1,167 km2 (288,372 acres), located in western Poland, east of the city of Zielona Gora.
  • Wschowa block, 1,078 km2 (266,380 acres), located in western Poland, to the north of the city of Glogow.
  • 3,000 km of 2D seismic and data from 90 wells across the two licenses suggest a number of development and well rehabilitation prospects, in addition to significant exploration potential.
  • Both licenses are on trend with prolific Rotliegend and Zechstein gas trends. Both concessions contain numerous prospects on trend with existing production outside the concession area.
  • Nova Sol contains a potentially prolific oil trend within the underexplored Main Dolomite of the Zechstein formation. Smaller accumulations have already been discovered within this concession including several fields which are believed as having remaining recoverable reserves.
  • Additional upside natural gas potential exists within tight sand and shales of the Carboniferous, often considered the source rock for the younger Permian formations.
  • 5 year development and exploration programme planned, starting with seismic reinterpretation.
  • San Leon and Gold Point have entered into a loan agreement whereby San Leon has advanced funds, and will continue to provide funding related to certain license applications in Poland and that in consideration for the loan, Gold Point has agreed to grant security to San Leon over the Polish license applications.
  • There is no change to the original agreement to acquire the entire share capital of Gold Point Energy.

Phil Thompson, CEO of San Leon Energy Plc, commented, "Poland is rapidly becoming one of the most active areas in European oil and gas exploration and we are delighted to have increased our exposure to it through our proposed acquisition of Gold Point.

"These new licenses are particularly prospective, have proven oil in place and are adjacent to producing fields. We believe that they will be a valuable addition to our growing, diversified portfolio of production, development and exploration assets across three continents

"We look forward to completing the Gold Point transaction and getting down to work."
 

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