San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, announces the spud of the Rawicz-12 appraisal well yesterday on the 742 km2 Rawicz Concession in Poland's southern Permian Basin.
The well, which is operated by Palomar Natural Resources ("PNR"), is targeting the previously-discovered Rawicz gas accumulation in the Permian Rotliegendes sandstones. The well is estimated to take 45 days to reach a total depth of 1,900 meters and is being drilled by Poland's Exalo Drilling. A full testing program is planned immediately after drilling and completion of the well, assuming positive results.
PNR holds 65% and is operator of the concession, with San Leon holding the remaining 35%.
Oisin Fanning, Chairman of San Leon, commented:
"This is a great opportunity for San Leon to establish first gas production in Poland. We are pleased to be working with PNR and are confident in their operational ability. Rawicz is a project that San Leon has worked hard to bring forward over the last three years, and we look forward to updating the market with results in due course."
I can understand where you are coming from Linksdean, it must be very worrying having all your eggs in one basket, especially after (metaphorically) tripping over and breaking 40% of them since last week, nail biting stuff, especially when you must have amassed so many to get that fantastic average of 2p . Well done on that averaging down, you have nerves of steel. My sympathies are with you and I can fully understand how and why you react to people who do not agree with your opinion, we all cope and react to life's trials and tribulations in different ways.
Personally I follow the advice of the professionals that have tough me, they say it's always best to spread your portfolio out and set stop losses on each and every investment. Stop losses have limited my loss to about 18% on SLE over the years, with a bit of averaging down and trading, but never shorting, and I can offset that against capital gains.
You may also be able to offset your loss against capital gains elsewhere if the rest of your portfolio has been as successful as mine. I hope you can, it is very comforting to know the tax man will be giving me back all that lovely cash, certainly contributes to a good nights sleep, as I am sure you are aware!
I am in London for the Jazz festival, before flying to New York for a couple of weeks to do my Christmas shopping, so will be able to attend the meeting in Clerkenwell. As you intimate that you will also be there it would be lovely to meet you and see if you express your opinion in such a robust way as you do on the various bulletin boards. How may I recognise you? I seemed to have missed you at each and every meeting I have attended in the City with Mr. Fanning, and I have been to every one since 2010 so I am looking forward to meeting you at Toms.
It's unlikely I will be posting anything from now until after the New Year as my Festive season starts with a trip to the USA and I will be having fun rather than getting involved in trivial pursuits here so It will be nice discussing our different opinions on SLE's performance thus far, over a pint and a pizza.
Do let me know how to spot you in the crowd, a carnation in the button hole is traditional, if I don't have time to check here for your reply, that's what I shall look out for, any colour will do.
Poland - New drills at Rawicz field development (start Q4 2014) - Well activity on Siekierki (including existing wells), start Q4 2014 - 3 new-drill wells in Karpaty area / Permian Basin (spudding today) - Proposed new oil well in Torzym, frac existing Sosna-1, Q2 2015 - Horizontal in Braniewo (tight sandstone, oil), Q2 2015 - Farm in transaction cash & appraisal at Lewino Ireland - Sale of Barryroe NPI (Operator expects near-term development deal closing)
think your star was shown who the stupidd boy was those with him too...weird dd and chums/ chumps has never confronted OF at a presentation or an agm...theres been around 4 or more in that time and not one of the babies turned up.....if they lost that much money between them you would have though one of them would have...but not 1...what does that tell you!...unless you were with the number..
with $100mill at their disposal+ they wont mess about..pnr backers will see to that..siekierki/rawicz are the anchors for pnr/sle(early production)...scincy and Permian oil are the riskier more rewarding parts of the deal...these will be played out..next year and with pos results into the future...Permian 20mmboe per sq mile and scincy carboniferous upto 450bcf per sq mile....there are around or just over 3000sq miles...if its a hit the 35% sle have....its mega..links
JB knows Sierkierki very well. It was probably that field alone that warranted them paying the $20m farm in. If only Aul had opted to put the pipe line and production plant in place those wells would have clocked up 2 years of production by now. They could have added more wells with more successful fracs and before you know it you've got the beginnings of a pathway to full production. They had the cash to start it off too. . Well let's hope Pnr take up where Aul left off.
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