San Leon Energy Plc announced Tuesday that its wholly owned Polish subsidiary Vabush Energy Sp. z.o.o ("Vabush") was awarded the Nida Concession (the "Concession") for oil and gas reconnaissance and exploration and the mining usufruct agreement. San Leon has a 100% interest in the Concession.
The Concession, totalling 1,167.7 km2, is located within the Małpolska Block, in southern Poland, across license blocks 353, 354, 373, 374, and 393.
The Concession is valid for up to five years and covers a work program which includes geological studies, seismic acquisition and a one well drilling obligation. The Concession also has an optional 3D seismic survey and an additional well.
The potential of the Nida Trough is on trend with the Pławowice (22 MMBO) and Grobla (4.5 MMBO) oil fields. The primary reason for applying for this Concession is the high potential of conventional targets within the Upper Cretaceous sandstones on trend with these fields and undrilled Jurassic reefs.
The addition of this Concession increases the number of San Leon's licenses in Poland to five, as the Company continues its strategy of extending its exposure to conventional targets in underexplored areas.
In order to support its development strategy, San Leon has opened an exploration office in Warsaw, Poland, to provide technical and operational expertise for the Polish assets and also to analyze and interpret data from San Leon's international projects. The team is headed by VP of Exploration, John Buggenhagen, who has more than 15 years experience in exploration. Buggenhagen is an exploration geophysicist with a proven track record of finding new reserves in mature basins. The team is also supported by Polish Country Manager, Witold Weil, former VP of Exploration and Production for the Polish Oil and Gas Company (PGNiG). The team encompasses expertise in geology and geophysics focused on exploration for oil and gas using the latest technology and methodologies.
Oisn Fanning, Chairman of San Leon, commented:
"We are pleased to have been awarded the Nida Concession which we believe provides access to a proven fairway of underexplored conventional oil potential. Our ability to access seismic evaluation will enable us to determine the potential of this play. We are delighted with our team in Warsaw as they fulfil a very valuable role in ensuring our projects are properly and scientifically catered to."
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