San Leon's wholly owned Polish subsidiary Oculis Investments Sp. z o.o. ("Oculis") has been awarded the Braniewo oil and gas exploration license in the Baltic Basin onshore northern Poland.
The vast majority of the onshore area of the Baltic basin is under license or under application by numerous domestic and international players. This award therefore gives San Leon access to a highly desirable region, during a period of considerable competition.
The concession totaling 1042.69 km2 is located in the Baltic Basin onshore northern Poland including portions of license blocks 52, 72, 73, 92 and 93.
The License is valid for up to 5 years and covers a work program which includes geological studies, seismic acquisition and a one well drilling obligation. If a discovery is made the term extends to 30 years with an additional 30 years, if required.
The primary reason for applying for this licence is the high potential of the Paleozoic shales that could lead to a commercial shale gas development akin to the Barnett Shale in the USA. In addition, San Leon believes that while testing the shale gas potential of the area there are conventional oil targets above and below the shale intervals further reducing the risk of exploration.
Philip Thompson, CEO of San Leon commented, "We are excited to expand our portfolio in Poland into the underexplored Baltic Basin. There is a potentially significant unconventional gas play in the Palaeozoic shales that we believe will unlock an overlooked high potential play in the wider region. We also believe there is significant potential that has been overlooked in several conventional targets on the license."
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