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23 Aug 2010 07:00
San Leon Energy plc
Slyne 3D Acquisition Completed - Atlantic Margin, West Coast of Ireland
San Leon Energy plc ("San Leon" or the "Company") and its partner, Lundin, are pleased to announce the successful completion of the 300 km2 3D seismic acquisition programme covering the Slyne Basin exploration license F4/06 along the Atlantic Margin, offshore Ireland. The program was completed in 15 days with 100 per cent. of the proposed survey successfully acquired under budget. The data is currently being processed. Final results for interpretation are expected by December.
The initial review of the preliminary 3D volume confirms the existence of the Inishmore prospect with estimated mean case recoverable reserves of 1.3 TCF. Additional large structures have been also identified within the survey area with preliminary estimates of more than 3 TCF of natural gas recoverable across the license.
Oisín Fanning, Chairman of San Leon commented
"We are delighted with the flawless execution of the Slyne 3D acquisition. It demonstrates our ability to mobilise resources and our commitment to progress. The programme was delivered within schedule and under budget at a cost of under $6 million. I'm looking forward to the interpretation of the data and moving onward."
Qualified person
John Buggenhagen has over 15 years' experience in the oil and 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 Vice President of Exploration for the San Leon group and based in San Leon's Warsaw office in Poland.
23 August 2010
For further information contact:
|
San Leon Energy plc Oisín Fanning, Chairman Philip Thompson, Chief Executive Officer |
Tel +353 1291 6292 |
|
Fox-Davies Capital David Porter |
Tel +44(0) 20 7936 5200 |
|
Arbuthnot Securities Nick Tulloch |
Tel +44(0) 20 7012 2000 |
|
College Hill Associates Nick Elwes |
Tel +44(0) 20 7457 2020 |
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