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LONDON (Alliance News) - Oil and gas company San Leon Energy PLC on Tuesday said it has removed a series of Polish licences from its portfolio in line with its cost-cutting plans.
San Leon said it has relinquished the Czerk, Budzow, Ilawa and Praszka licences. It also has handed its licences in the Bieszczady area to PKN Orlen, the Polish oil company.
"As part of the company's new strategy to focus on development and production, enabling San Leon to transform into a near-term cash-generating producer, the company has made the decision to remove some of its Polish acreage. The decision is also required as a result of the introduction of significant yearly licence fees in Poland over the past couple of years," said Oisin Fanning, San Leon's executive chairman.
"The company remains committed to its remaining acreage in Poland, which includes the Baltic Basin shale licences and the recently announced gas discovery at the Rawicz field," Fanning added.
San Leon shares were down 3.6% to 70.5005 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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