San Leon Energy Plc: Testing the Eastern Baltic Basin-Rogity-1 Well Drilled
DUBLIN, IRELAND -- (Marketwire) -- 02/10/12 -- San Leon Energy Plc ('San Leon' or the 'Company') (AIM: SLE) -
San Leon, the fast growing oil and gas company with an extensive portfolio of assets across Europe and North Africa, is pleased to announce the successful completion of its second shale gas exploration well in Poland's Baltic Basin. The Talisman Energy operated Rogity-1 well, on the Braniewo S Concession in Poland, has been drilled to a depth of 2,788 meters. During drilling continuous gas shows were encountered over more than 500 meters of the Lower Silurian, Ordovician, and Middle Cambrian sections. The rich gas shows consisted of heavy hydrocarbons, including C1-nC8. The richness of the gas shows is consistent with a wet gas system, confirming the Company's regional model of the eastern side of the basin being in the oil window. The strongest gas shows, along with indications of oil, were encountered in the Lower Silurian interval, which is estimated to be over 100 meters thick. Oil shows were also encountered in Ordovician limestones and shales, and in Middle Cambrian sandstone.
334 meters of continuous core were taken in the well to evaluate the reservoir properties and mechanical properties of the Lower Silurian, Ordovician, and Middle Cambrian sections. In addition an extensive open hole logging program was also performed to further evaluate the potential of the well. Evaluation and interpretation of the core and logs is expected to take 3-4 months in preparation for continued operations later in 2012. The well was completed and cased for future operations, which could include pressure testing of the formations (DFIT test) and a possible vertical frac across several intervals. Future operations in the Braniewo S Concession are expected to include a long offset horizontal well as well as a multistage frac.
Talisman will next move the rig to the Szczawno concession to drill the Szymkowo-1 well.
Oisin Fanning, Chairman of San Leon commented:
'We are excited by the successful drilling and significant data gathering at the Rogity-1 well. Our initial results show the regional variability of the basin and have confirmed our model of a more liquids rich system on the eastern edge of the basin. This is yet another milestone for San Leon and our successful partnership with Talisman Energy. Our continued systematic approach towards evaluating our geographically and geologically diverse unconventional gas acreage in Poland is paying off.'
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.
Notes to editors:
San Leon is an independent fast growing oil and gas exploration company and is Europe's leading shale gas company by acreage. The Company has an extensive portfolio of assets in Europe and North Africa that will enable it to provide energy solutions for the future.
San Leon's assets are located in Poland, Morocco, Albania, Ireland, Spain and Italy. The Company's portfolio across these geographies is made up of both shale (Poland Baltic Basin, Morocco and Spain) and conventional exploration assets.
San Leon's key objective is to grow the Company significantly and to become a leading European oil and gas player delivering value to all its stakeholders. To achieve this San Leon, since it was founded in 1995, has built a balanced portfolio as well as an exceptional technical team.
The Company is listed on London's Alternative Investment Market (ticker symbol: SLE). As at 30 June 2011 the Company had EUR42.2 million of cash and cash equivalents.
Contacts:
San Leon Energy Plc
Oisin Fanning
Executive Chairman
+ 353 1291 6292
San Leon Energy Plc
Dr John Buggenhagen
Exploration Director
+ 353 1291 6292
www.sanleonenergy.com
Macquarie Capital (Europe) Limited
Paul Connolly
+44 (0) 20 3037 2000
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John Dwyer
+44 (0) 20 3037 2000
Westhouse Securities
Antonio Bossi
+44 (0) 20 7601 6100
Westhouse Securities
Richard Johnson
+44 (0) 20 7601 6100
College Hill Associates
Nick Elwes
+44 (0) 20 7457 2020
