San Leon Energy PLC Polish Licence Reductions (5765T)
21 July 2015 - 4:00PM
UK Regulatory
TIDMSLE
RNS Number : 5765T
San Leon Energy PLC
21 July 2015
21 July 2015
San Leon Energy Plc
("San Leon" or "the Company")
Polish Licence Reductions
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
Brandon Hill Capital
Oliver Stansfield +44 (0) 20
Jonathan Evans 3463 5000
finnCap Ltd
Corporate Finance
Matt Goode
Christopher Raggett
Corporate Broking +44 (0) 20
Joanna Weaving 7220 0500
Macquarie Capital
(Europe) Limited
Jon Fitzpatrick +44 (0) 20
Nicholas Harland 3037 2000
Westhouse Securities
Ltd
Nominated Adviser
Richard Johnson +44 (0) 20
Antonio Bossi 7601 6100
Vigo Communications
Financial Public
Relations
Chris McMahon +44 (0) 20
Alexandra Roper 7016 9572
Plunkett Public Relations +353 (0) 1
Sharon Plunkett 280 7873
www.sanleonenergy.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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