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San Leon Energy announces three well drilling programme in Poland

Published: 08:13 21 Aug 2014 EDT

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San Leon Energy (LON:SLE) has announced plans for its Polish assets and updated on oil shale sampling in Morocco.

In Poland, San Leon says it plans to drill two exploration wells in the Karpaty area and one exploration well in the Permian basis, starting in mid-September.

All three wells are relatively shallow, in proven hydrocarbon trend areas, and should be completed by the end of the year.

Meanwhile, the planned Lewino horizontal well in the Gdansk W shale gas concession is in advanced engineering planning.

News flow from the Polish joint venture is picking up, with Palomar Natural Resources, its joint venture partner on the Siekierki and Rawicz gas fields, now running the various joint operations on a day-to-day basis.

Palomar plans to spud a well on Rawicz in the fourth quarter of 2014 and is actively working up plans for the other areas of the joint venture, San Leon said.

Palomar farmed in to the Siekierki and Rawicz gas fields in July, and has a 65% stake.

In Morocco, surface and core sampling of oil shale from the Timahdit oil shale project was completed earlier this year, and the samples are currently the subject of bench tests at the EOT/Enefit facility in Frankfurt, Germany to confirm the quality of the various layers of oil shale, and the oil yield possible from those layers.

The initial results are very encouraging, San Leon said.

Autumn may now be nearly upon us, but San Leon has decided it is not too late for a spot of spring cleaning, relinquishing some of its licences and selling some assets.

The company has relinquished its licence in Germany and its Tarfaya oil shale licence, onshore Morocco.

The company has decided it is better to focus its efforts in Morocco on the Timahdit licence.

“Our Timahdit oil shale project continues to show its long-term potential to generate up to 11,000 bopd [barrels of oil per day] for 30 years and the current work is designed to build the business case to attract capital investors. With the Nour well, offshore Morocco, also currently being drilled, we are excited by the potential for abundant news flow and look forward to updating the market in due course," said Oisin Fanning, San Leon’s chief executive.

The company has relinquished all or part of nine Polish concessions (totalling 680,000 net acres, or 14% of the previous Polish total), and it has sold its Slovakian subsidiary, Aurelian Oil & Gas Slovakia (AOGS) to a private company based in Texas.

AOGS holds a 50% interest in the Svidnik, Snina and Medzilaborce concessions. San Leon received back €153,054 in relation to costs incurred and an overriding royalty interest equal to 3.5% of all hydrocarbons produced in the concessions.

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