San Leon Energy PLC --- Schiefergas in Polen und mehr (Seite 5)

[texas2]

dann hoffen wir dass sie auch wirtschaftliche Raten testen:

There are clear indications that oil has been discovered off the coast of Sidi Ifni, a city in southern Morocco, the National Office of Hydrocarbons and Minerals revealed.

According to a statement, this discovery was made with the help of three oil companies: Genel Energy, Serica Energy and San Leon. The oil was detected on October 16 and is said to be located 59 kilometres off the coast of Sidi Ifni. Exploration projects began in the area last July.

The bureau went on to explain that a series of tests will be conducted on the quality of this petroleum in order to determine how valuable it is.

Genel Energy said it had discovered oil which was more than 3,000 metres deep in the Atlantic Ocean near Sidi Moussa, a city near Salé in southern Morocco.

Abdelkadir Amara, the Minister of Energy, Mines, Water and the Environment in Morocco, told the Anadolu Agency that the government is on the verge of discovering important oil reserves within the coming two years. He stressed that they will expedite the drilling process in 2015 with the hopes of developing a large number of wells in 2016.

zusätzlich warten wir auf 3 geplante SLE Bohrungen in Osteuropa ...

[texas2]

Antwort auf Beitrag Nr.: 47.368.382 von texas2 am 24.07.14 20:10:06

Warten auf die horizontale Bohrung mit den 20-3o fracs:


By Velda Addison, Hart EnergyJuly 31, 2014
San Leon Energy plans to drill a horizontal well that, if successful, could lead to commercial production.

San Leon Energy is gearing up to drill a horizontal well in Poland, targeting commercial production from the Baltic Basin following success this year with a vertical fracture that has provided insight into what could be promising Ordovician shales.

“Engineering, planning and permitting is well advanced. The timing of the well will be partly driven by incorporation of the results of the current hydraulic fracturing and testing activities by other companies on two of the nearby licenses,” Joel Price, COO for San Leon Energy, told E&P.

The Dublin-based company is one of several companies that have refused to give up on Poland’s shale potential. Others pushing forward with exploration plans include 3Legs Resources and its partner ConocoPhillips as well as BNK Petroleum, which both have interest in concessions in the Baltic Basin, as well as Chevron Poland, which has interests in shale formations in southeast Poland in partnership with state-owned Polish Oil & Gas Co. (PGNiG). A lack of immediate success and sometimes redirected focus prompted other companies, including ExxonMobil, Marathon Oil and Talisman Energy, to ditch their plans last year.

But San Leon, which acquired Talisman’s interest in the Baltic Basin, marked a milestone when its Lewino-1G2 vertical well on the Gdansk W concession flow tested at a sustained gas production rate of between 45,000 scf/d and 60,000 scf/d (1,274 cm/d and 1,699 cm/d) after the final frack.

“The original vertical well, Lewino-1G2, required three attempts at fracking before we had a breakthrough in design,” Price said. “That has been the most challenging aspect so far.”

The first attempt yielded improved proppant concentration, but not viable enough for sustained production, according to SIGMA³—part of the team including United Oilfield Services, which provides hydraulic fracturing services for San Leon.

Applying knowledge gained from this stage and techniques applied to U.S. shale wells, the team fracked again, “pumping through a new set of perforations, with a plug above the lower zone to isolate the upper Ordovician from the previously fractured lower zone,” SIGMA³ said on its website.

“After testing two frack strategies in the lower Ordovician, [San Leon’s] objective for the stimulation program in the upper shale interval was to prove the ability to fracture and enable sustained production,” SIGMA³ said in a prepared statement. “The same strategies would then be applied to a multistage stimulated horizontal well in the lower Ordovician—which has superior gas saturation and porosity— intended to open the upper and lower intervals and deliver consistent commercial flow rates.”

Using available flowback data, SIGMA³ performed dynamic simulation modeling to determine the permeability of the upper formation and predicted post-cleanup production of 200,000 scf/d to 400,000 scf/d (5,663 cm/d to 11,327 cm/d), SIGMA³ said in a news release.

Commercial production is being targeted with the new horizontal.

“The horizontal well aims to optimize our frack design, enabling the full height of the shale to be stimulated with each frack,” Price said, later adding that the targeted depth will be about 11,647 ft (3,550 m). “It is possible to have commercial production in 2015 if the horizontal is successful. The quickest would probably be an LNG system, while a connection to existing pipelines would follow.”

For the upcoming horizontal well, 20 to 30 frack stages are being designed, and the proppant used will be ceramic. “In time, when consistently high proppant concentrations have been proven to emplaced in the fractures, it may be possible to revert to sand as a proppant—at a significant cost reduction,” Price said.

The U.S. Energy Information Administration estimates Poland has about 4.4 Tcm (148 Tcf) of technically recoverable shale gas resources. The estimate was revised downward from the 2011 estimate of about 5.6 Tcm (187 Tcf).

[texas2]

Antwort auf Beitrag Nr.: 47.368.382 von texas2 am 24.07.14 20:10:06

Warten auf die horizontale Bohrung mit den 20-3o fracs:


By Velda Addison, Hart EnergyJuly 31, 2014
San Leon Energy plans to drill a horizontal well that, if successful, could lead to commercial production.

San Leon Energy is gearing up to drill a horizontal well in Poland, targeting commercial production from the Baltic Basin following success this year with a vertical fracture that has provided insight into what could be promising Ordovician shales.

“Engineering, planning and permitting is well advanced. The timing of the well will be partly driven by incorporation of the results of the current hydraulic fracturing and testing activities by other companies on two of the nearby licenses,” Joel Price, COO for San Leon Energy, told E&P.

The Dublin-based company is one of several companies that have refused to give up on Poland’s shale potential. Others pushing forward with exploration plans include 3Legs Resources and its partner ConocoPhillips as well as BNK Petroleum, which both have interest in concessions in the Baltic Basin, as well as Chevron Poland, which has interests in shale formations in southeast Poland in partnership with state-owned Polish Oil & Gas Co. (PGNiG). A lack of immediate success and sometimes redirected focus prompted other companies, including ExxonMobil, Marathon Oil and Talisman Energy, to ditch their plans last year.

But San Leon, which acquired Talisman’s interest in the Baltic Basin, marked a milestone when its Lewino-1G2 vertical well on the Gdansk W concession flow tested at a sustained gas production rate of between 45,000 scf/d and 60,000 scf/d (1,274 cm/d and 1,699 cm/d) after the final frack.

“The original vertical well, Lewino-1G2, required three attempts at fracking before we had a breakthrough in design,” Price said. “That has been the most challenging aspect so far.”

The first attempt yielded improved proppant concentration, but not viable enough for sustained production, according to SIGMA³—part of the team including United Oilfield Services, which provides hydraulic fracturing services for San Leon.

Applying knowledge gained from this stage and techniques applied to U.S. shale wells, the team fracked again, “pumping through a new set of perforations, with a plug above the lower zone to isolate the upper Ordovician from the previously fractured lower zone,” SIGMA³ said on its website.

“After testing two frack strategies in the lower Ordovician, [San Leon’s] objective for the stimulation program in the upper shale interval was to prove the ability to fracture and enable sustained production,” SIGMA³ said in a prepared statement. “The same strategies would then be applied to a multistage stimulated horizontal well in the lower Ordovician—which has superior gas saturation and porosity— intended to open the upper and lower intervals and deliver consistent commercial flow rates.”

Using available flowback data, SIGMA³ performed dynamic simulation modeling to determine the permeability of the upper formation and predicted post-cleanup production of 200,000 scf/d to 400,000 scf/d (5,663 cm/d to 11,327 cm/d), SIGMA³ said in a news release.

Commercial production is being targeted with the new horizontal.

“The horizontal well aims to optimize our frack design, enabling the full height of the shale to be stimulated with each frack,” Price said, later adding that the targeted depth will be about 11,647 ft (3,550 m). “It is possible to have commercial production in 2015 if the horizontal is successful. The quickest would probably be an LNG system, while a connection to existing pipelines would follow.”

For the upcoming horizontal well, 20 to 30 frack stages are being designed, and the proppant used will be ceramic. “In time, when consistently high proppant concentrations have been proven to emplaced in the fractures, it may be possible to revert to sand as a proppant—at a significant cost reduction,” Price said.

The U.S. Energy Information Administration estimates Poland has about 4.4 Tcm (148 Tcf) of technically recoverable shale gas resources. The estimate was revised downward from the 2011 estimate of about 5.6 Tcm (187 Tcf).

[texas2]

Das Fackelfoto haben wir Im Jan ebenfalls gesehen.
Die gute Nachricht: die Gasrate hätte längerfristig stärker in die Knie gehen können aber leider steht hier "nach 6 Wochen " und nicht nach 6 Monate im Juli (Seite 10)

http://de.slideshare.net/JustinHayward1/sgcp14price

[texas2]

Antwort auf Beitrag Nr.: 47.257.560 von texas2 am 03.07.14 20:26:38

Poland on brink of shale breakthrough – San Leon
By Tom Hoskyns
Posted 3 July 2014 11:51 GMT

San Leon’s fracking operation in the Lewino field, Poland. (San Leon)
Irish explorer San Leon Energy is one of a host of small players striving to make Polish shale commercially viable.
Interfax spoke to San Leon's Executive Chairman Oisín Fanning and Chief Operating Officer Joel Price to discuss the key issues surrounding Poland’s shale gas industry.
Interfax: Why has the shale industry taken a while to get going in Poland?
Oisín Fanning: A lack of intensity in drilling is the issue in Poland so far.
When you think about it, when ConocoPhillips and 3Legs Resources drilled the first horizontal well three years ago [in Poland], they produced about 65 thousand cubic metres [Mcm] of gas a day and it went down to about 14 Mcm/d at the end. Anywhere else in the world, that would have been seen as a huge success.
In fact, most wells only ever start producing at about 14 Mcm/d and over a number years end up at 140-280 Mcm/d. But in Europe they regarded that [in the same way] as a conventional play, and everyone said: ‘Oh my god’.
Also, I have to say the company was expecting 140 Mcm, which was a bit ridiculous and meant the market was slightly overoptimistic. So that [overoptimism] probably explains it more than anything.
So, to cut a long story short, they’re about to drill their next horizontal well and frack it next week.
I think there has been an unrealistic view in Europe that you can learn from the 20 years of experience in America and squeeze it all into a year or two. Well, you can’t.
When we arrived in Poland – and we were the second company into Poland – there was only one rig there. Now there are 11.
Interfax: So why did the majors leave?
Joel Price: There’s one key factor that is worth mentioning. There are two different shale basins – we’re in the Baltic Basin, in the north near Gdansk, and there’s another to the southeast called the Lublin Basin.
All the success so far has been in the Baltic Basin, and all the companies that have exited – with very few exceptions – have been from the Lublin Basin.
Now, major oil and gas companies are not going to leave and tell everybody ‘we’ve picked the wrong basin’, so you heard a lot more rhetoric from them about ‘well, the government is not being supportive and there are question marks about the tax regime’, and so on. So that has been an issue.
OF: What I think happened is that Poland got overexcited too quickly, everyone’s share price went through the roof, everyone went chasing it, and I believe the same thing is happening in the UK right now. We saw prices of $1,200 per hectare, and now it’s back down to $250 per hectare.
I don’t care what you say, these things take time – they took time in the US. We know there’s gas there; it’s all about how to unlock it.
JP: The politics are not an issue, and the environmental factors that are supposedly an issue in the UK are not an issue in Poland. It’s now all about extracting the oil and gas and that’s what the horizontals are looking to prove right now.
Interfax: Who will be responsible for driving the Polish shale industry forward?
OF: Fundamentally, apart from Conoco, it’s really the small guys who are doing all the work – just like it was in the US. Shale gas there was not found by majors – what majors are very good at is writing cheques when something is proven.
And, in fairness, what they’re also very good at is logistics – because if you look at a [Polish] field such as Lewino, if you’re developing that at about 1,400 wells, obviously you’re drilling from a pad.
It’s about 16 wells per pad, so the countryside isn’t blitzed with rig sites. But it’s like a mining exercise – the driving down of those costs, well after well, fracking all in a row, that’s what makes shale gas profitable.
Interfax: How about the infrastructure in Poland – is that a potential concern?
JP: There is some gas infrastructure within about 15 km of Lewino – that should be able to handle a near-term pilot project of bringing the first wells on and testing them.
We’re only about a 40 minute drive from Gdansk, which is one of the biggest cities in Poland, and of course there’s a very substantial gas network supplying that. So there’s actually not a huge amount to go in.
But bear in mind that, with us and our neighbouring operators, if someone’s successful then most or probably all the others will be in need [of infrastructure] too, and in that case the companies can cooperate to put in the relatively limited infrastructure required to process and market the gas.
So, no, I wouldn’t say infrastructure was a major issue, and in terms of getting permission to install pipelines, the government is desperate to progress things.
Interfax: Are you happy with the government’s approach?
OF: It has changed dramatically – it mainly happened last December, in that the government decided things had to move forward. Two ministers were fired, and [Polish Prime Minister Donald] Tusk basically said: ‘Look, if anyone comes up against me and tries to prevent this shale from being developed, I’m going to get rid of you’.
So we’re looking to get permission to go from a vertical frack to a horizontal frack in maybe six weeks, and last year that would have taken six to eight months, if not a year.
So there has been a complete sea change, and fundamentally it’s only helped by what’s going on now [in Ukraine].
Interfax: So has the Ukraine situation given things an added sense of urgency?
OF: To be honest with you, that sense of urgency was there with Poland anyway. If you asked the average Pole on the street whether he would give you an extra dollar for Polish gas, his hand would be out of his pocket so fast you wouldn’t believe – history is history and there’s a lot of history there.
JP: If anything it may focus potential partners’ minds on the asset and wanting to do a deal – some of them, for instance, have assets in Ukraine. But Poland is a supportive, good place to be doing business.
Interfax: What’s the drilling situation?
OF: BNK are in the middle of cleaning up a horizontal frack they’ve just done, and we should hear from them soon. And then ConocoPhillips and 3Legs are fracking next week I believe, so they are the first two big horizontals that have been done in three years – one after the other.
But to cut through all the technical speak, here’s the reality of life: shales are shales, they hold gas. Every well in Poland has found gas in the shale.
And the reality of the situation is there are no environmental issues, there are no people protesting and stopping you from drilling – in fact they’re writing to you and asking you to drill.
Whatever way you look at it, Poland will be the basis for shale gas in the rest of Europe. It will be the winner because people can drill there, they can frack there, they’re welcome there; we’re learning more and more every day. I’m not saying it’ll be this year, I’m not saying it’ll be these two horizontals – but it could be next year.
Interfax: What date do you have in mind for the first commercial production from shale?
JP: In terms of export – say you have success in the next month or two, then you would get on very quickly with drilling a few more wells. You could install a CNG facility on site without even having to build a pipeline to start selling or doing longer-term testing.
Realistically, tying into the local pipeline system – I would say within a year you could have that permitted and tied in. Maybe even quicker, given the government is so supportive of getting these things up.
So you’re not talking years and years to get to commercial production. What you’re talking about is – by the time you’re able to drill a substantial number of wells, and really ramp up production – [...] a few years; but in the meantime you’re going to be producing and ratcheting it all up.
So commercial production is not a number of years out, but we have to test.

[texas2]

what JB said............................

Now unconventional gas exploration in Poland can start developing as it always should have,” he stated of the industry. “We’re starting to do what the data and the rocks are telling us, and we’re not reacting to this emotional exuberance – positive or negative – that has existed over the past few years.”

Still, Buggenhagen now has reason for some exuberance following some outstanding results for San Leon Poland’s first exploration well in the SW Carboniferous basin.

“I have to tell you, it’s probably the most exciting well drilled in Poland so far,” he remarked, admitting that it might be a bit premature to call it an absolute victory. Still, he said the most exciting things in the well at Siciny were tight gas sandstones in what San Leon terms the A and B sands.

He explained: “What’s most exciting is the amount of gas in place that has been calculated in the wells and that there is a significantly thick tight gas section in the well to test. What’s interesting about the two sands – what we call the A and the B sands – is that combined there’s 290 BCF of gas in place per square mile if you total up all the gas.”

Of that, he said, 227 BFC of gas has been calculated as free gas – gas sitting in the pore space, per square mile.

“So think about that in terms of 10-20% recovery factors. If we were able to drain these with vertical wells, let’s say eight vertical wells per square mile, you’re talking about huge recovery rates, and therefore with our well costs getting lower and lower in Poland and San Leon’s operating capabilities getting stronger and stronger by the day, it’s a huge positive.”

As for what this said about Poland’s Carboniferous play, Mr. Buggenhagen said it showed it was a very viable play.

He commented: “The great thing about the Carboniferous play is we’re sitting in the middle significant gas infrastructure, so all of the problems that people have had in the Baltic basin and other places are avoided.”

However, he added that he had not lost any of his enthusiasm for the Baltic basin. “There’s huge potential up there!”

In connection with that, Mr. Buggenhagen explained of San Leon, “Part of our strategy is to build and diversify our exploration portfolio. We don’t want to rely on any play to make or break this company, and I think it just shows that that strategy had paid off for our company and that there is another viable play in Poland (the Carboniferous) that nobody’s really considered and because of that, we basically picked up all of the land: we have over 2 million acres in the Carboniferous play.”

One could do the math, he recommended.

“Let’s say that 20% of that area works and 20% of my gas in place gets recovered – those are huge numbers.”

According to him, San Leon hoped to tap into that gas with vertical wells, but that had yet to be determined.

“Tight gas should be easier than shale gas,” he explained. “It’s kind of between shale gas and conventional gas.”

He reported the Carboniferous play had very low clay content, very low water saturation and a very thick gas column.

“All of these suggest we’ll be able to use vertical wells will be able to drain them,” he said.

Well results from the old Siciny-1 had been helpful in terms of the shallower shale sections. “But the exciting zones in this well are in the bottom 500 meters, which were not drilled in the first well. And that’s why we came out and said this was a stratigraphic test. We wanted to see what modern data told us about the shallow sections, but, more importantly, wanted to see what was deeper, and that paid off,” said Mr. Buggenhagen.

New 3D seismic data for the play, being acquired by San Leon’s seismic subsidiary, NovaSeis, are set to be processed and interpreted by the end of the summer.

“It’s purpose is to image the deeper structural picture of the Carboniferous, which is more complex than the Baltic in that it’s probably more faulted, but we

bei III rauskopiert

[texas2]

Antwort auf Beitrag Nr.: 47.242.952 von texas2 am 01.07.14 20:41:59

sozusagen mit Ankündigung im Mai 2013 (siehe letzter Absatz)

Anyone with even a slight notion of Poland's developing shale gas potential has likely heard of John Buggenhagen, now former Director of Exploration at San Leon Energy, Poland's biggest independent unconventionals explorer. One of San Leon's Executive Directors and founding member of the company's Polish project, Mr. Buggenhagen submitted his resignation last week.

Explaining his decision to leave San Leon Energy, he says it is his own personal decision and has nothing to do with how the shale gas industry is developing in Poland, where the going has not been easy. The struggle to get unconventional gas up and running there has been punctuated by the recent decisions of Marathon Oil and Talisman Energy to abandon their exploration activities in the country.

An optimistic and steadfast voice at industry events, Mr. Buggenhagen says that he is leaving on good terms with San Leon's Board and will fill an advisory role for the company going forward.

"I started the company in Poland before San Leon, before Poland was on the map," he recalls, "taking Polish shale gas and the Carboniferous Basin forward as a concept. Exploration and production there will work, it just hasn't been given a fair chance."

He explains that now that some of the international oil companies like ExxonMobil and Marathon are leaving Poland there will be more room for smaller pioneering explorers to show up and innovate. "Someone else needs to turn this into reality," he comments.

Of the slow pace of Polish legislation and regulation of shale gas—including a potential huge government take—and how those factors play into his decision to leave Poland, he admits, "We're only human. It's not easy to stay and make such little progress, but my impact on what has happened here will continue for some time."

A geophysicist by trade, he says that San Leon's progress will now come down to the work of engineers like the company's Drilling Manager, Eric Beaumont.

For now, Mr. Buggenhagen says he will spend the next few months resettling and spending time with his family, but he'll also be writing a new business plan. Explaining he'd like to spend his time in the future both in the US and in Europe, he mentions places like Alaska, Wyoming, Romania, Hungary, Croatia and Turkey.

"I don't think many others in Europe know what I know," he says, recalling his exploration successes with Hungarian Horizon Energy.

"You've certainly not seen the last of me," says John Buggenhagen, adding, "I will continue to beat the drum and support the effort and the cause of developing shale gas in Poland. I fully intend to finish what I started!"

[texas2]

eugswinner, in der E&P Industrie sind 10 a Wartezeit weit verbreitet. Und damit meine ich nicht einmal Aktienkurse sondern reale E&P Projekte bei großen und kleineren Ölfirmen. Stranded Gas kann über Jahrzehnte wertlos sein (in Sibirien zB) oder Lagerstätten mit schlechten Permeabilitäten (=shale gas, shale oil) - aber ein nachhaltig erhöhter Ölpreis, geänderte Steuern und Förderzins, eine kleine Ölfirma mit einem sturen Texaner (Mitchell) zeigen dass man es doch wirtschaftlich bekommt und schon kann eine Lagerstätte Milliarden wert sein ....

Jetzt aber zu dem irischen Leon:

Good old Buggenhagen ist wieder aufgetaucht und hat einen Koffer mit Geld auf den Tisch gelegt dh. für mich John Buggenhagen muss von diesen Lagerstätten wirklich sehr überzeugt sein ... Wenn das wirklich klappen sollte mit diesen Feldern, dann wird Buggenhagen in der E&P Industrie noch groß rauskommen (werde ihn auf meine watchlist setzen LOL)

Mir persönlich hat es nicht gefallen als Buggenhagen SLE verlassen hat, weil damit der G&G mastermind von SLE weggegangen ist, während Oissin Fanning wohl ein guter Verkäufer ist, weiß wie man sich die eigenen Taschen vollstopft - aber sonst kein E&P Fachmann ist dh seinen Entscheidungen in Bezug auf E&P das eigene fachliche Fundament fehlt

Heute hat SLE übrigens eben in UK +50% gemacht ; also schauen wir einmal



1 July 2014

San Leon Energy plc
("San Leon" or "the Company")

Joint Venture Focused on Polish Production

Palomar Natural Resources to Develop the Siekierki and Rawicz Gas Fields

Highlights

· Joint venture agreement signed with Palomar Natural Resources ("PNR") across seven Concessions in Poland's Permian Basin
· PNR has paid $5 million and $15 million cash upfront for a 65% working interest in each of the Southern Permian Basin and Northern Permian Basin Concessions, respectively
· San Leon carried for defined initial work programme aimed at bringing the Rawicz and Siekierki fields into production as soon as possible
· PNR was founded in 2013 by John Buggenhagen, former Exploration Director of San Leon, and Robert Price

San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, is delighted to announce that it has signed a joint venture agreement with Palomar Natural Resources ("PNR") across seven Concessions in Poland's Permian Basin initially focused on developing the discovered, unproduced Siekierki and Rawicz gas fields. In return for a 65% working interest in the Southern Permian Basin and Northern Permian Basin Concessions, PNR has paid upfront to San Leon $5 million and $15 million, respectively, in cash and will carry San Leon for a defined initial work programme aimed at bringing the Rawicz and Siekierki fields into production as soon as possible. PNR will become the operator of all of the Concessions.

The Joint Venture ("JV") is divided into two core areas across seven exploration concessions including the Rawicz (39/2009/p), Wschowa (8/2009/p), Gora (30/2008/p) and Nowa Sol (5/2009/p) concessions ("Southern Permian Basin"); and the Poznan North (26/2008/p), Poznan East (4/2003/p), Poznan East (5/2003/p) concessions ("Northern Permian Basin").

Southern Permian Basin - Rawicz Gas Field:

PNR has received a 65% equity interest and operatorship in the Southern Permian Basin concessions, including the Rawicz field. The Company has retained a 35% equity interest. In consideration for this farm-out:

1. PNR has provided San Leon with $5 million in cash up-front; and
2. PNR will carry San Leon's participating interest in the first two development wells on the Rawicz gas field including drilling, evaluation, completion and testing of each well in the Permian Rotliegendes formation.

The carry, plus a 10% return, will be repaid to PNR from half of San Leon's production revenues from the Rawicz field. In the event that there are no production revenues, the carry will not be repaid.

PNR intends to start permitting, operational planning, and well design immediately pending final approvals and permits from the Polish regulatory authorities. The first well is planned to be drilled in Q3/Q4 2014 including completion and testing.

Northern Permian Basin - Siekierki Gas Field

PNR will receive 65% equity interest and Operatorship in the Northern Permian Basin concessions, including the Siekierki field. The Company has retained a 35% equity interest. In consideration for this farm-out::

1. PNR has provided San Leon with $15 million in cash up-front; and
2. PNR will fully carry the work over, recompletion and testing of three existing wells (Trzek-1, Trzek-2H and Trzek-3H) in the Permian Rotliegendes formation.
3. There is no cost recovery by PNR for the carry.

The goal of recompleting the three wells is to focus on higher quality reservoir intervals, and for the work overs to begin during late Q3/early Q4 2014. These wells produced an average of approximately 3 mmscf/d during previous testing, and the work overs will target additional reservoir zones and improved flow rates and ultimate recoveries from the significant resource potential of the Siekierki field.

Further Development Of Assets

On both the Rawicz and the Siekierki fields, the above work programmes aim to provide the justification to construct production facilities and pipelines and to achieve near-term production. If PNR decides to proceed with the development of either or both assets after the above well work, it will include San Leon in seeking project finance.

This completed deal replaces the existing Letter of Intents ("LOIs)" on the concession in these areas.

Oisin Fanning, San Leon Chairman, commented:
"I am delighted to be working again with John Buggenhagen, former Exploration Director of San Leon, who knows these assets as well as anybody. PNR bring a team of US based industry experts who have the expertise to maximize production and ultimate recovery from these significant gas fields. The receipt of the up-front cash payments, and the execution of work programmes on Rawicz and Siekierki to target early production, put San Leon on a strong footing and will provide a basis for continued production growth throughout the Company's portfolio."


John Buggenhagen, Palomar Natural Resources CEO, commented:
"I am very excited to be returning to Poland and once again to work with San Leon, but this time as a partner. I truly believe in these production based assets and the significant exploration upside that exists across all seven concessions. PNR is owned by the management and the Palomar Group, which is fully capitalised to execute its development plans for all of its assets including this joint venture. With PNR's technical expertise and strong financial position, and San Leon's long experience in Poland we expect significant production and strong revenue growth over the next 18 months."


About Palomar Natural Resources
PNR was founded in 2013 by John Buggenhagen and Robert Price in Denver, Colorado with a focus on using modern exploration and production technology, proven and developed in North America, to identify and unlock significant reserves in proven petroleum fairways around the world. PNR is currently focused on near term production projects in the DJ Basin in Colorado where it has established its first oil and gas production; and the San Juan Basin in New Mexico where the Company is currently acquiring 3D seismic in anticipation for a redevelopment program over a proven oil field. The Company has an ongoing US and international new ventures effort looking for high quality projects focused on production.

For further information contact:

San Leon Energy plc
Oisin Fanning, Executive Chairman

[phone]

[eugswinner]

Du bist nicht alleine Texas 2!
ich schaue hier zwar selten rein, aber habe ein gutes Bauchgefühl mit der Aktie. Abwarten.
Wenn Du Eurogas Aktionär bist, dann hast Du das warten gelernt ;-)

Gruß
eugswinner

[texas2]

San Leon Energy (SLE.L, 3.92p) - Speculative Buy

Yesterday, San Leon Energy announcement amendment in the terms of its Letter of Intent (LOI) with Horizon General, originally signed in August 2013. As per the modified terms, Horizon would acquire 22.5% working interest (WI) in San Leon's Cybinka and Torzym concessions at the Permian Basin in Poland. In return, Horizon would provide full funding of San Leon's working interest share at the Sosna-1 exploration well (up to gross costs of €1.5m), the Torzym well (up to gross costs of €6m) and the concessions targeting the Permian Main Dolomite or production facilities or both (up to gross costs of €6m). San Leon and Horizon plan to frack the Sosna well and drill the initial Torzym well by 31st August 2014. After completion of the company’s work programme and this farm-in agreement, San Leon would hold 22.5% stake in the site as operator, followed by SNGN Romgaz SA (30%), Sceptre Oil & Gas (25%) and Horizon (22.5%).

Our view: This farm-in deal with Horizon is likely to lead to an accelerated progress at San Leon’s key projects including the Sosna-1 exploration well, the Torzym well and the Permian Main Dolomite. The Sosna-1 well is intended to evaluate the commercial prospectivity of the Main Dolomite play and the agreement over the Torzym well would facilitate bringing the well into production in the coming period. The LOI is still conditional upon the approval of San Leon’s partners and would offer material upside to the company once finalised. Of late, San Leon has also made good progress at its other acreages in Poland including the Rogity-1 well. Despite some concerns relating to the probable impact of a downward revision of shale reserves in Poland, overall prospectivity of San Leon’s assets looks attractive. We reiterate a Speculative