Polish Govt OKs San Leon Acquisition
San Leon has received government approval for the acquisition of 100% interests in three concessions located in the southern area of the Fore Sudetic Monocline of the Permian Basin, onshore western Poland, as previously announced on November 15, 2010.
- San Leon's wholly owned Polish subsidiary Liesa Energy has received approval from the Polish Ministry of Environment for the transfer of the two concessions; 20/2009/p Winsko and 39/2009/p Rawicz, from Mazovia Energy.
- San Leon's wholly owned Polish subsidiary San Leon Poland Sp. z o.o. has also received approval for the takeover of Gora Energy, including the 30/2088p Gora Concession, from Mazovia Energy.
- These three Concessions, which are adjacent to the Company's existing Nowa Sol and Wschowa Concessions, have expanded San Leon's position in western Poland from 2,245 sqkm to 3,560 sqkm (879,695 acres)
The 30/2008/p Gora, 20/2009/p Winsko, and 39/2009/p Rawicz Concessions, totaling 1,314 sqkm, are located in the southern area of the Fore Sudetic Monocline of the Permian Basin, onshore western Poland. These Concessions include portions of license blocks 245, 265, 266, 267, and 268.
The Company now holds 100% of the 30/2088p Gora, 39/2009/p Rawicz, and 20/2009/p Winsko Concessions for oil and gas reconnaissance and exploration. This includes the transfer of the associated mining usufruct agreements.
San Leon purchased the concessions from Mazovia Energy for a total of USD $1.0 million in cash and shares. As a result of this approval Mazovia Energy were issued with 1,881,125 shares in San Leon Energy on 21 December 2010. San Leon subsidiaries Liesa Energy and Gora Energy have a 100% interest in the Concessions.
Oisín Fanning, Chairman of San Leon commented, "These acquisitions cement our position as a leading player in unconventional gas in Poland. We believe that this unexplored deeper Carboniferous play, which is prevalent across these Concessions has significant potential. This latest achievement is further testament to the work and the relationships that our own technical team on the ground in Poland have achieved and built in the two years that they have been there."
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