RNS

San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, announces a reduction in its Polish licences in line with the Company’s new long-term strategy, announced in June this year, to reduce the exploration component of its portfolio and focus on appraisal, development and production, and thus securing near-term operational cash flow.

In order to reduce costs the following Polish licences are being removed from the current portfolio:

  • Czersk (relinquishment)
  • Budzów (relinquishment)
  • Ilawa (relinquishment)
  • Praszka (relinquishment)
  • Bieszczady area (Blocks 437, 438, 456, 457, 458 and the Company’s interest in partial Blocks 416, 417 and 436 - taken on by PKN ORLEN, who have assumed past and future benefits and liabilities)

Oisin Fanning, San Leon Executive Chairman, commented:

“As part of the Company’s new strategy to focus on development and production, enabling San Leon to transform into a near-term cash-generating producer, the Company has made the decision to remove some of its Polish acreage. The decision is also required as a result of the introduction of significant yearly licence fees in Poland over the past couple of years. The Company remains committed to its remaining acreage in Poland, which includes the Baltic Basin shale licences and the recently announced gas discovery at the Rawicz field.

This portfolio adjustment is just one of a number of actions the Company will be taking over the coming months to execute the new strategy and we look forward to updating shareholders in due course.”

Qualified person

Joel Price, who has reviewed this update, has more than 20 years' experience in the oil & gas industry and is a member of the Society of Petroleum Engineers. He holds a BA in Natural Sciences from Cambridge University, an MEng from Heriot-Watt University, and an MBA from Durham University. Joel is Chief Operating Officer for San Leon Energy and is based in San Leon's London office.

Enquiries:

San Leon Energy plc
Oisin Fanning, Executive Chairman
+353 1291 6292

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