Last checked at 20 Aug 2013 07:00
20 August 2013
San Leon Energy Plc
("San Leon" or the "Company")
Nowa Sol Update
San Leon Energy announces that it will assume operatorship of the Jany C1 well on the Nowa Sol licence in the Southern Permian Basin in Poland, approximately 15km north of the Company's Czaslaw-1 well. Legal transfer of title to the Jany C1 well is subject to execution of a legally binding agreement, certain ministerial approvals and regulatory consents.
The Jany C1 well was drilled this month by Zielona Góra Copper Sp. z o.o., an affiliate of Miedzi Copper Corp., as the second well in a multi-well programme to assess the potential for copper in the Upper Permian Kupferschiefer. During drilling, oil was encountered in the above-lying Main Dolomite, which was found to be 43 meters thick. Furthermore, an additional 6-meter layer of oil-bearing dolomite was encountered 10 meters below the Main Dolomite. Extensive coring, logging and testing have been undertaken in both the Main Dolomite and the underlying zone to evaluate the full oil potential. As part of the cooperation with Miedzi Copper Corp., San Leon will now evaluate this data in preparation for future reservoir stimulation and test production. In consideration of the transfer of the Jany C1 well to San Leon, San Leon will award Zielona Góra Copper Sp. z o.o. an NPI of 10% on the future production from the Jany C1 well.
Over the past several weeks, San Leon has worked closely with Miedzi Copper Corp. on operational issues in the overlapping exploration licences. Going forward, this co-operation will include data gathering and sharing in the area, joint seismic shoots, and geological analysis and interpretation.
Oisin Fanning, Chairman of San Leon, commented:
"Given that the Jany C1 well was not drilled on a structural high, strong oil shows and encouraging petrophysical analysis in the Jany C1 well underscore the regional nature of the Main Dolomite play. Our next step will be to test the well with modern stimulation techniques, in order to further prove up the resource."
For further information contact:
San Leon Energy Plc | Tel: +353 1291 6292 |
Oisin Fanning, Executive Chairman | |
Macquarie Capital (Europe) Limited | Tel: +44 (0) 20 3037 2000 |
John Dwyer | |
Fox Davies Capital | Tel: +44 (0) 20 3463 5000 |
Daniel Fox-Davies | |
Richard Hail / Susan Walker | |
FirstEnergy Capital LLP | Tel: +44 (0) 20 7448 0200 |
Hugh R. Sanderson | |
David van Erp | |
Westhouse Securities (Nominated Advisor) | Tel: +44 (0) 20 7601 6100 |
Richard Johnson | |
Antonio Bossi | |
College Hill Associates | Tel: +44 (0) 20 7457 2020 |
David Simonson | |
Alexandra Roper | |
Plunkett Public Relations | Tel: +353 (0) 1 284 4414 / +353 (0) 87 826 0833 |
Sharon Plunkett | |
Jennie Cotter |
www.sanleonenergy.com
Qualified person
Lars Hübert, who has reviewed this update, has over 17 years experience in the oil & gas industry. He holds a BS from the University of Oslo, a MS from the University of Wyoming, and a MBA from Heriot Watt University. Lars is currently the Exploration Manager for all unconventional oil and gas for San Leon Energy and is based in San Leon's Warsaw office in Poland.