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14 Jan 2011 07:00
San Leon Energy
("San Leon" or "the Company")
Approval Received for Further Expansion of Unconventional Gas Acreage in Poland
San Leon, the AIM-traded oil and gas exploration and development company focusing on projects in Poland, Morocco, Albania and the Atlantic Margin, is delighted to report that it has received government approval for the acquisition of 100% interests in three concessions located in the southern area of the Fore Sudetic Monocline of the Permian Basin, onshore western Poland, as previously announced on 15 November 2010.
Highlights:
·; San Leon's wholly owned Polish subsidiary Liesa Energy Sp. z o.o. ("Liesa Energy") has received approval from the Polish Ministry of Environment for the transfer of the two concessions; 20/2009/p Winsko and 39/2009/p Rawicz, from Mazovia Energy Resources Sp. z o.o. ("Mazovia Energy").
·; San Leon's wholly owned Polish subsidiary San Leon Poland Sp. z o.o. has also received approval for the takeover of Gora Energy Resources Sp. z o.o. ("Gora Energy"), including the 30/2088p Gora Concession, from Mazovia Energy.
·; These three Concessions, which are adjacent to the Company's existing Nowa Sol and Wschowa Concessions, have expanded San Leon's position in western Poland from 2,245 sqkm to 3,560 sqkm (879,695 acres)
The 30/2008/p Gora, 20/2009/p Winsko, and 39/2009/p Rawicz Concessions, totaling 1,314 sqkm, are located in the southern area of the Fore Sudetic Monocline of the Permian Basin, onshore western Poland. These Concessions include portions of license blocks 245, 265, 266, 267, and 268.
The Company now holds 100% of the 30/2088p Gora, 39/2009/p Rawicz, and 20/2009/p Wińsko Concessions for oil and gas reconnaissance and exploration. This includes the transfer of the associated mining usufruct agreements.
San Leon purchased the concessions from Mazovia Energy for a total of USD $1.0 million in cash and shares. As a result of this approval Mazovia Energy were issued with 1,881,125 shares in San Leon Energy on 21 December 2010. San Leon subsidiaries Liesa Energy and Gora Energy have a 100% interest in the Concessions.
Oisín Fanning, Chairman of San Leon commented:
"These acquisitions cement our position as a leading player in unconventional gas in Poland. We believe that this unexplored deeper Carboniferous play, which is prevalent across these Concessions has significant potential. This latest achievement is further testament to the work and the relationships that our own technical team on the ground in Poland have achieved and built in the two years that they have been there."
14 January 2011
ENQUIRIES
Qualified person
John Buggenhagen has over 15 years experience in the oil & gas industry. He has a Ph.D. and M.Sc. in Geophysics from the University of Wyoming and a B.Sc. in Geophysics from the University of Arizona. He is currently the Director of Exploration for the San Leon Energy Group and based in San Leon's Warsaw office in Poland. |
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