San Leon Expands Baltic Basin Portfolio in Poland

San Leon announced that it's wholly owned Polish subsidiary Oculis Investments Sp. z o.o. ("Oculis") was awarded the Concession for oil and gas reconnaissance and exploration and the mining usufruct agreement. San Leon has 100% interest in the Concession.

The Concession, totaling 603.4 km2, is located in the Baltic Basin, onshore northern Poland, across the northern half of license blocks 151 and 152.

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. The license also has an optional 3D seismic survey and an additional two wells.

This award gives San Leon access to a third highly prospective area for significant gas production from the Palaeozoic shales.

The Szczawno Concession completes the third license in the farm-out agreement with Talisman Energy.

Oisín Fanning, Chairman of San Leon commented, "We are excited to continue to expand our Baltic Basin portfolio in Poland. Szczawno is a high potential area for unconventional gas production from the Palaeozoic shales. This area is on trend with recent licensing and is within the remit of our farm-out agreement with Talisman Energy. We are very much looking forward to the operational period of these prospects which are in the advanced planning phase."