Last checked at 17 Apr 2013 07:00
17 April 2013
San Leon Energy Plc
("San Leon" or the "Company")
Siciny-2 DFIT and Frac Mobilization
San Leon Energy is pleased to announce that its planned diagnostic formation injection test ("DFIT") and frac of the Siciny-2 well in the SW Carboniferous Basin of Poland will begin on April 22, 2013 with the mobilisation of a coiled tubing unit to the well site. The Company estimates the following timeline:
·; 24 April 2013 - mill out cement and pressure test the well
·; 27 April 2013 - run vertical seismic profile (VSP)
·; 2 May 2013 - upgrade the well head to 15,000 psi
·; 8 May 2013 - perforate the well, perform DFIT and observe formation pressure for 3-4 weeks
·; Early June 2013 - perform two-stage vertical frac
In 2012, the Company successfully drilled the Siciny-2 well to 3,520 meters and based upon initial results encountered over 250m of gas saturated tight gas sands with over 200 BCF of gas per square mile, and vintage data, the Company estimates the net Prospect Resource potential of the Carboniferous play on its concession in Poland to be over 60 TCF of recoverable gas.
Executive Chairman, Oisin Fanning commented:
"This DFIT is the first operation to be carried out under our new agreement with Halliburton. The Carboniferous unconventional play contains significant potential for our shareholders and the next few weeks will increase our understanding of the play. Halliburton's commitment of technical expertise and funding to this project underlines the potential for Siciny and we look forward to updating our shareholders at the appropriate time."
For further information contact:
San Leon Energy Plc | Tel: +353 1291 6292 |
Oisin Fanning, Executive Chairman | |
John Buggenhagen, Exploration Director | |
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 | |
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 | |
Rupert Trefgarne | |
Alexandra Roper |
www.sanleonenergy.com
Qualified person
John Buggenhagen, who has reviewed this update, 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.