LONDON (Alliance News) - San Leon Energy PLC shares were trading higher Tuesday morning after the company published strong results from well tests conducted at the Rawicz prospect in Poland.
The well tests conducted at the site indicate the field contains more than 50 billion cubic feet of recoverable gas, which would make it the largest gas development in Poland for around two decades, the company said.
The test results also represent San Leon's first bookable reserves, it added.
San Leon is now in the advanced stages of talks for the planning and design of several development options for the prospect, with a view to producing the first gas from the site in early 2016.
San Leon has a 35% equity interest in the prospect, with Palomar Natural Resources holding a 65% stake.
"We are quickly moving forward with the development of the Rawicz gas field, and the confirmation of reserves from the CPR is a very positive step," said Oisin Fanning, San Leon's executive chairman.
Its shares were up 8% to 1.25 pence in early trade, one of the best performers in the AIM All-Share index.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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San Leon (SLE)