LONDON (Alliance News) - San Leon Energy PLC Tuesday said it swung to a loss in the first half of 2014, after a big exceptional gain booked the year before wasn't repeated, but said it is optimistic on the prospects for its exploration assets.
The company's pretax loss in the six months to June 30 was EUR6.8 million, against a EUR1 million profit a year earlier. The profit last year resulted a EUR6.8 million one-off gain the company made on the acquisition of Talisman Polska ZOO. San Leon makes no significant revenue.
The company said it is planning well activity across its portfolio in the next few months, including eight confirmed wells and a further three anticipated for its Polish operations. It also has one well drilling offshore in Morocco.
The group was also boosted in the period by the Lewino-1G2 well in Poland. It is now in the planning stage for a horizontal multi-frac and is in talks with partners to participate in the project.
"We look forward to updating our shareholders on well results, and to the outcome of our continuing transaction activity including the highly promising Gdansk W shale gas asset," said San Leon Chairman Oisin Fanning.
San Leon shares were down 3.5% to 2.2 pence on Tuesday.
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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San Leon (SLE)