1 step forward 5 steps back. Main points of interest to me is, clearly this has not gone as well as expected.The original plan for Wisent to drill a horizontal with multiple fracs will not now take place. Instead Wisent has 1 of 2 other choices (both pretty vague) That is if they still wish to have a 45% stake. I'd say they have a 3rd choice, cut and run and forget the 45%. Theres nothing meaningful in this RNS whatsoever, yet another in a long, long line of rubbish with an attempt to disguise it as successful. Rogity will soon slip into distant memory. Note Joel Price did'nt even make a comment.... Ah well and so it goes on, for now anyway.
San Leon Energy plans second well on Poland concession after recovering high quality oil from first
By Ian Lyall
March 10 2014, 7:22am San Leon has mapped a large Cambrian structure at the Rogity-1 well, which it believes is a sweet spot for commercial oil production via fractures from the middle Cambrian sandstones. San Leon has mapped a large Cambrian structure at the Rogity-1 well, which it believes is a sweet spot for commercial oil production via fractures from the middle Cambrian sandstones.
San Leon Energy (LON:SLE) and its partner are assessing where to place a second well on the Braniewo S Concession, in Poland’s North Baltic Basin, after flowing oil from the first.
A three-stage fracking programme on Rogity-1 helped the AIM-listed explorer and farminee Wisent recover high quality, mobile oil from the Silurian and Ordovician shales as well as the Cambrian sandstone.
The latter is thought to be the oil-water contact, while the crude had a gravity of around 39 degrees API, with no sulphur.
There are two options for the follow-up well, the first of which would be to drill on the crest of the Rogity Cambrian structure.
San Leon has mapped a large Cambrian structure at the Rogity-1 well, which it believes is a sweet spot for commercial oil production via fractures from the middle Cambrian sandstones.
Alternatively, San Leon and Wisnet may drill south of the initial hole, where regional geology and the results of the Rogity-1 indicate that the Silurian shale has higher organic content.
San Leon chairman Oisin Fanning said: "Proving the presence of mobile oil in the Cambrian tight sandstone and overlying shales at Rogity-1 is a major step forward.
“We look forward to drilling the next exploration well and shall promptly evaluate which of the two targets to drill first in order to prove up a commercial oil accumulation."
San Leon Energy Plc (LON:SLE)‘s stock had its “corporate” rating reiterated by equities research analysts at FinnCap in a research note issued to investors on Monday, AnalystRatingsNetwork.com reports.
San Leon Energy Plc (LON:SLE) opened at 4.163 on Monday. San Leon Energy Plc has a 52 week low of GBX 3.50 and a 52 week high of GBX 8.425. The stock’s 50-day moving average is GBX 4.29 and its 200-day moving average is GBX 4.40.
SLE has been the subject of a number of other recent research reports. Analysts at Beaufort Securities reiterated a “speculative buy” rating on shares of San Leon Energy Plc in a research note on Thursday, February 13th.
San Leon Energy plc is engaged in the exploration and production of oil and gas. The Company holds a 100% participating interest in the Durresi Block, offshore Albania.
Because Imo someone is not exactly thrilled by the results and progresses made and so unloading while someone is happy to pick them up relentlessly...impatient vs patient, all depends on your personal timeframe. Have been here long enough to learn that it s more gonna look like years than months for SLE to properly make it but still all projects are looking good and promising really, just going to need loads of patience...and money from Turkey before we run out.
Rogity and SLE's farm out with Wisent proves successful, great news following on from Lewino. Positive affirmation that the portfolio is being actively managed as promised by JP. Just need the Turkish government to pull it's finger out and get the Alpay acquisition approved and production to start. Good news from Poland to start the week.
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