San Leon Energy PLC --- Schiefergas in Polen und mehr (Seite 8)
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Antwort auf Beitrag Nr.: 44.954.541 von texas2 am 30.06.13 12:16:2503 July 2013
San Leon Energy Plc
("San Leon" or the "Company")
San Leon To Farm Out Baltic Basin Concession
· Wisent Oil & Gas plc ("Wisent") to fully fund a three stage vertical fracture of Rogity-1 well in Braniewo S concession (the "Concession")
· Wisent then has the option to fully fund the drill and testing of a horizontal well to earn a 45% interest in the Concession
San Leon is pleased to announce that it has signed a binding letter of intent (an "LOI") with Wisent, under which Wisent shall carry out a three stage vertical fracture ("Vertical Fracture" or "Fracture") of San Leon's Rogity-1 well on the Braniewo S Concession (the "Concession") in the Baltic Basin, Poland.
Subject to the execution of a comprehensive farm-out agreement, Wisent will fully fund the costs of the Fracture and any subsequent testing. One fracture stage will be executed in the Cambrian Piasnica Formation targeting conventional oil and two fracture stages will be executed in the Lower Silurian section targeting shale oil. Upon obtaining regulatory consent, operations are expected to commence on 31 July 2013.
Following completion of the Fracture, Wisent will have the option to fully fund the drilling, completion and testing of a multi-staged horizontal fractured well on the Concession ("Horizontal Well" or "Well"). The Well will include a horizontal well bore of not less than 800 metres in length and a minimum number of six fracture stages. Wisent shall decide whether or not to perform the Horizontal Well by 31 October 2013, or such later date as the Parties may mutually agree. The Horizontal Well is expected to spud early February 2014.
Upon completion of the Vertical Fracture and the Horizontal Well, Wisent will earn a 45% interest in the Concession. San Leon currently holds a 100% interest in the Concession and will remain operator following the farm-out.
The Rogity-1 well, which was drilled to a depth of 2,788 meters, encountered continuous gas shows with liquid hydrocarbons over more than 500 meters of the Lower Silurian, Ordovician, and Middle Cambrian sections. 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.Wisent is focussed on the shale oil potential in Poland's Baltic Basin. Wisent holds four exploration licences adjacent to the Concession, where it has drilled one vertical well and one horizontal well. Wisent plans to carry out hydraulic fracture operations on its own licences in the coming weeks before moving on to the Braniewo S Concession Concession.
Executive Chairman, Oisin Fanning commented:
"We are very much looking forward to fracking our Rogity-1 well this summer, which will be our second fracture in the Baltic Basin. Our data indicates a more liquids-rich system on the eastern edge of the basin and Wisent agrees with this analysis. This arrangement will combine the knowledge of both parties and help unlock the shale oil potential of this area, particularly in the Silurian formation.
San Leon continues to execute work programmes in diverse plays that could add significant value to our shareholders and this LOI creates a further opportunity to prove the shale oil potential in our portfolio."
For further information contact:
San Leon Energy Plc
Tel: +353 1291 6292
Oisin Fanning, Executive Chairman
San Leon Energy Plc
("San Leon" or the "Company")
San Leon To Farm Out Baltic Basin Concession
· Wisent Oil & Gas plc ("Wisent") to fully fund a three stage vertical fracture of Rogity-1 well in Braniewo S concession (the "Concession")
· Wisent then has the option to fully fund the drill and testing of a horizontal well to earn a 45% interest in the Concession
San Leon is pleased to announce that it has signed a binding letter of intent (an "LOI") with Wisent, under which Wisent shall carry out a three stage vertical fracture ("Vertical Fracture" or "Fracture") of San Leon's Rogity-1 well on the Braniewo S Concession (the "Concession") in the Baltic Basin, Poland.
Subject to the execution of a comprehensive farm-out agreement, Wisent will fully fund the costs of the Fracture and any subsequent testing. One fracture stage will be executed in the Cambrian Piasnica Formation targeting conventional oil and two fracture stages will be executed in the Lower Silurian section targeting shale oil. Upon obtaining regulatory consent, operations are expected to commence on 31 July 2013.
Following completion of the Fracture, Wisent will have the option to fully fund the drilling, completion and testing of a multi-staged horizontal fractured well on the Concession ("Horizontal Well" or "Well"). The Well will include a horizontal well bore of not less than 800 metres in length and a minimum number of six fracture stages. Wisent shall decide whether or not to perform the Horizontal Well by 31 October 2013, or such later date as the Parties may mutually agree. The Horizontal Well is expected to spud early February 2014.
Upon completion of the Vertical Fracture and the Horizontal Well, Wisent will earn a 45% interest in the Concession. San Leon currently holds a 100% interest in the Concession and will remain operator following the farm-out.
The Rogity-1 well, which was drilled to a depth of 2,788 meters, encountered continuous gas shows with liquid hydrocarbons over more than 500 meters of the Lower Silurian, Ordovician, and Middle Cambrian sections. 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.Wisent is focussed on the shale oil potential in Poland's Baltic Basin. Wisent holds four exploration licences adjacent to the Concession, where it has drilled one vertical well and one horizontal well. Wisent plans to carry out hydraulic fracture operations on its own licences in the coming weeks before moving on to the Braniewo S Concession Concession.
Executive Chairman, Oisin Fanning commented:
"We are very much looking forward to fracking our Rogity-1 well this summer, which will be our second fracture in the Baltic Basin. Our data indicates a more liquids-rich system on the eastern edge of the basin and Wisent agrees with this analysis. This arrangement will combine the knowledge of both parties and help unlock the shale oil potential of this area, particularly in the Silurian formation.
San Leon continues to execute work programmes in diverse plays that could add significant value to our shareholders and this LOI creates a further opportunity to prove the shale oil potential in our portfolio."
For further information contact:
San Leon Energy Plc
Tel: +353 1291 6292
Oisin Fanning, Executive Chairman
Antwort auf Beitrag Nr.: 44.954.435 von texas2 am 30.06.13 11:54:57San Leon Energy to Kick off Key Polish Summer of Frackingby Dow Jones Newswires|Iain Packham|Friday, June 28, 2013
LONDON - San Leon Energy PLC will shortly start hydraulic fracturing its first well in the Polish Baltic Basin, kicking off a key and active summer for the country, as companies race to tap Poland's large shale gas potential, San Leon's chief executive said Friday.
Fracking is an unconventional technique in which water, sand and chemicals are injected at high pressure into shale rock to create fractures, inducing gas and oil to flow.
"I think this is a very key summer for Poland. I think by the time the summer's finished I'd be surprised if you don't see 10 to 15 fracks done at least [in the Baltic Basin]," Oisin Fanning told Dow Jones Newswires in a telephone interview.
According to a report by the Polish Geological Institute in March 2012, the country has reserves of between 346 billion and 768 billion cubic meters of recoverable shale gas.
San Leon plans to frack its first vertical well in a couple of days, before moving to horizontal fracks, and anticipates up to five fracks this summer. "A vertical [frack] is a lot easier to do and it teaches you a huge amount for a small amount of cash," the chief executive officer said.
He noted that a vertical frack costs about a third of the price of a horizontal frack, lets the company know if it needs to tweak its methods and also gives an idea of flow rates. As a rule of thumb, the CEO said, a horizontal frack flows at about 10 to 20 times the rate of a vertical frack.
Mr. Fanning said this first frack will show whether San Leon can get these rocks to flow gas, then it is a matter of tweaking the recipe of fracking fluids to maximize flow rates.
"There's a lot of trial and error everywhere in the world on these shale plays until you get it. Genauso ist es leider Once you get it, it's like a cookie cutter, every one's the same, more or less, in the same area," the CEO said.
He noted that all the companies chasing shale gas in the Baltic Basin are co-operating and sharing data.
"Here's the good thing, if somebody else does a frack and it's a cracker, we've all learned because we're all sharing data and we'll all do the same thing in the next frack. A little bit of failure is great for humble pie," Mr. Fanning said.
Once the Lewino-1G2 vertical well in the Gdansk West concession is fracked, and if alright, the company will go immediately into a horizontal frack at Braniewo South or Szczawno, where its previous partner Talisman Energy Inc. drilled wells.
The results of the fracks should facilitate the company's plans to sell stakes in its assets to fund more drilling.Copyright (c) 2013 Dow Jones & Company
LONDON - San Leon Energy PLC will shortly start hydraulic fracturing its first well in the Polish Baltic Basin, kicking off a key and active summer for the country, as companies race to tap Poland's large shale gas potential, San Leon's chief executive said Friday.
Fracking is an unconventional technique in which water, sand and chemicals are injected at high pressure into shale rock to create fractures, inducing gas and oil to flow.
"I think this is a very key summer for Poland. I think by the time the summer's finished I'd be surprised if you don't see 10 to 15 fracks done at least [in the Baltic Basin]," Oisin Fanning told Dow Jones Newswires in a telephone interview.
According to a report by the Polish Geological Institute in March 2012, the country has reserves of between 346 billion and 768 billion cubic meters of recoverable shale gas.
San Leon plans to frack its first vertical well in a couple of days, before moving to horizontal fracks, and anticipates up to five fracks this summer. "A vertical [frack] is a lot easier to do and it teaches you a huge amount for a small amount of cash," the chief executive officer said.
He noted that a vertical frack costs about a third of the price of a horizontal frack, lets the company know if it needs to tweak its methods and also gives an idea of flow rates. As a rule of thumb, the CEO said, a horizontal frack flows at about 10 to 20 times the rate of a vertical frack.
Mr. Fanning said this first frack will show whether San Leon can get these rocks to flow gas, then it is a matter of tweaking the recipe of fracking fluids to maximize flow rates.
"There's a lot of trial and error everywhere in the world on these shale plays until you get it. Genauso ist es leider Once you get it, it's like a cookie cutter, every one's the same, more or less, in the same area," the CEO said.
He noted that all the companies chasing shale gas in the Baltic Basin are co-operating and sharing data.
"Here's the good thing, if somebody else does a frack and it's a cracker, we've all learned because we're all sharing data and we'll all do the same thing in the next frack. A little bit of failure is great for humble pie," Mr. Fanning said.
Once the Lewino-1G2 vertical well in the Gdansk West concession is fracked, and if alright, the company will go immediately into a horizontal frack at Braniewo South or Szczawno, where its previous partner Talisman Energy Inc. drilled wells.
The results of the fracks should facilitate the company's plans to sell stakes in its assets to fund more drilling.Copyright (c) 2013 Dow Jones & Company
SLE ist wie mit der Schrotflinte auf Europa zu schießen und zu hoffen, dass irgendwo unconventional gas, oil rauskommt
These are strange days. Over on the LSE bb, the San Leon posters are reverting to primal shrieks echoing through the trees. Personally, I'd say that if SLE can't find shale gas in Europe then no one will. The only risk to SLE is running out of cash, but in the past 3 years it's always managed to find more to keep it ticking along. By the end of 2014 it will have tested Poland, Morocco, almost certainly Spain and Albania, perhaps some more of Ireland, and at least a little bit of Romania. That's the length of time it needs to survive if it's to prove itself. It has approval to issue another 600m shares if it needs to and it can almost certainly sell Barryroe, so I'd say it WILL survive long enough to run the course. I can't say whether to buy or sell, but I'd repeat that if SLE can't find shale gas in Europe then no one will.
Der Aktienkurs ist grausam und eigentlich kann uns nur die verbesserte Wahrscheinlichkeit über den Schrotflintenansatz helfen. Ansonst hilft nur noch beten .... LoL
These are strange days. Over on the LSE bb, the San Leon posters are reverting to primal shrieks echoing through the trees. Personally, I'd say that if SLE can't find shale gas in Europe then no one will. The only risk to SLE is running out of cash, but in the past 3 years it's always managed to find more to keep it ticking along. By the end of 2014 it will have tested Poland, Morocco, almost certainly Spain and Albania, perhaps some more of Ireland, and at least a little bit of Romania. That's the length of time it needs to survive if it's to prove itself. It has approval to issue another 600m shares if it needs to and it can almost certainly sell Barryroe, so I'd say it WILL survive long enough to run the course. I can't say whether to buy or sell, but I'd repeat that if SLE can't find shale gas in Europe then no one will.
Der Aktienkurs ist grausam und eigentlich kann uns nur die verbesserte Wahrscheinlichkeit über den Schrotflintenansatz helfen. Ansonst hilft nur noch beten .... LoL
Sieht alles nicht so gut aus.
Poland's shale gas future going up in smoke?
http://www.oilvoice.com/n/Polands_shale_gas_future_going_up_…
Update on Czaslaw-1 and Siciny-2
http://www.investegate.co.uk/san-leon-energy-plc--sle-/rns/u…
Wenn das noch was wird, dann wird es wohl zäh und kostenintensiv.
Poland's shale gas future going up in smoke?
http://www.oilvoice.com/n/Polands_shale_gas_future_going_up_…
Update on Czaslaw-1 and Siciny-2
http://www.investegate.co.uk/san-leon-energy-plc--sle-/rns/u…
Wenn das noch was wird, dann wird es wohl zäh und kostenintensiv.
By StockMarketWire | Mon, 20/05/2013 - 08:26
San Leon said exploration director John Buggenhagen is stepping down from the board, effective today.
At 8:26am: (LON:SLE) share price was +0.08p at 8.23p
Ob SLE jetzt die Strategie, möglichst viele Konzessionen zu besitzen, ändert?
San Leon said exploration director John Buggenhagen is stepping down from the board, effective today.
At 8:26am: (LON:SLE) share price was +0.08p at 8.23p
Ob SLE jetzt die Strategie, möglichst viele Konzessionen zu besitzen, ändert?
Trading Spotlight
8 Versuche mit 40 millionen: abwarten und daumen halten
DJ San Leon Energy Hopes to Drill as Many as 8 Wells in 2013
By Iain Packham
LONDON--San Leon Energy PLC (SLE.LN), a Poland-focused oil and gas company, is hoping to drill as many as eight (8) wells this year, whilst it also looks to sell portions of its licenses to help fund its aggressive drilling plans, the CEO said Wednesday.
The company earlier said it has agreed to buy out its partner, Talisman Energy Inc. (TLM), as the Canadian oil company re-aligns its portfolio, focusing instead on its core areas of the Americas and Asia Pacific. San Leon acquired Talisman's Polish subsidiary for no consideration, but gained about $6 million in cash and $4 million of assets, including drilling equipment, Chief Executive Oisin Fanning told Dow Jones Newswires in a telephone interview.
San Leon now holds 100% ownership of the Gdansk West and Braniewo South concessions, and has increased its interest to 50% in the Szczawno concession, all in the Baltic Basin.
"Talisman's original agreement was to drill three wells [on each concession] and to drill a horizontal well to earn 30% [in each concession]. They drilled three wells but they didn't drill the horizontal to earn their 30%, so my view was they should compensate us," he said.
Mr. Fanning estimates that Talisman spent about $60 million to $70 million drilling the three wells and he estimates the cost of the horizontal well that it didn't drill at $6 million to $10 million, making the acquisition "a good deal".
He said gas was found in all three wells and liquids in one of them, so now San Leon is looking to frack the wells -- fracturing the ground using pressurized liquid -- to see what kind of production rates it can get.
As such, it has signed a framework deal with specialist hydraulic fracturing, or fracking, company United Oilfield Services. Mr. Fanning noted that San Leon is just waiting on permits, which are anticipated to come through in about eight weeks, before it starts fracking.
"Their [United Oilfield Services'] drilling rig doesn't come in till June/July so we're just very tentative about putting timing out. They have different ideas about how to frack, so we'll be putting that to the test very shortly," the CEO said.
The agreement with United Oilfield Services means that San Leon can elect to pay the drilling cost either entirely in cash or a combination of cash and shares, with a minimum of one third cash.
The deal will enable San Leon, a small oil and gas company, to better manage its cash resources whilst drilling expensive wells, the CEO noted. Mr. Fanning estimates the company has about $40 million in cash.
To further assist funding its drilling plans, San Leon is actively looking to sell stakes in its concessions and has received several offers to date, but none it believes are good enough to accept yet, the CEO said.
"For a small company, San Leon is putting its head down and moving ahead with testing these wells and these opportunities and we're not waiting on anybody else to do it," the CEO said.
At 1017 GMT, San Leon shares were up 0.6 pence, or 8.4% at 7.5 pence, in a slightly lower AIM index--down 0.03%.
DJ San Leon Energy Hopes to Drill as Many as 8 Wells in 2013
By Iain Packham
LONDON--San Leon Energy PLC (SLE.LN), a Poland-focused oil and gas company, is hoping to drill as many as eight (8) wells this year, whilst it also looks to sell portions of its licenses to help fund its aggressive drilling plans, the CEO said Wednesday.
The company earlier said it has agreed to buy out its partner, Talisman Energy Inc. (TLM), as the Canadian oil company re-aligns its portfolio, focusing instead on its core areas of the Americas and Asia Pacific. San Leon acquired Talisman's Polish subsidiary for no consideration, but gained about $6 million in cash and $4 million of assets, including drilling equipment, Chief Executive Oisin Fanning told Dow Jones Newswires in a telephone interview.
San Leon now holds 100% ownership of the Gdansk West and Braniewo South concessions, and has increased its interest to 50% in the Szczawno concession, all in the Baltic Basin.
"Talisman's original agreement was to drill three wells [on each concession] and to drill a horizontal well to earn 30% [in each concession]. They drilled three wells but they didn't drill the horizontal to earn their 30%, so my view was they should compensate us," he said.
Mr. Fanning estimates that Talisman spent about $60 million to $70 million drilling the three wells and he estimates the cost of the horizontal well that it didn't drill at $6 million to $10 million, making the acquisition "a good deal".
He said gas was found in all three wells and liquids in one of them, so now San Leon is looking to frack the wells -- fracturing the ground using pressurized liquid -- to see what kind of production rates it can get.
As such, it has signed a framework deal with specialist hydraulic fracturing, or fracking, company United Oilfield Services. Mr. Fanning noted that San Leon is just waiting on permits, which are anticipated to come through in about eight weeks, before it starts fracking.
"Their [United Oilfield Services'] drilling rig doesn't come in till June/July so we're just very tentative about putting timing out. They have different ideas about how to frack, so we'll be putting that to the test very shortly," the CEO said.
The agreement with United Oilfield Services means that San Leon can elect to pay the drilling cost either entirely in cash or a combination of cash and shares, with a minimum of one third cash.
The deal will enable San Leon, a small oil and gas company, to better manage its cash resources whilst drilling expensive wells, the CEO noted. Mr. Fanning estimates the company has about $40 million in cash.
To further assist funding its drilling plans, San Leon is actively looking to sell stakes in its concessions and has received several offers to date, but none it believes are good enough to accept yet, the CEO said.
"For a small company, San Leon is putting its head down and moving ahead with testing these wells and these opportunities and we're not waiting on anybody else to do it," the CEO said.
At 1017 GMT, San Leon shares were up 0.6 pence, or 8.4% at 7.5 pence, in a slightly lower AIM index--down 0.03%.
die land verrückten von sle kaufen jetzt noch die Talisman konzessionen in polen
folgend nicht so gut:
7 May 2013
San Leon Energy Plc
("San Leon" or the "Company")
Czasław-1 Stimulation and Test
San Leon Energy is pleased to announce an update on the DFIT, acid clean out, acid stimulation and short-term test of its Czasław-SL1 well in the Permian Basin of Poland.
Operations started on 23 April 2013, including the successful injection of 31 cubic meters of an acid based solution designed to clean up near wellbore damage and stimulate the natural fractures within the Main Dolomite reservoir. During the four days following the acid treatment the well returned 10 cubic meters of burnt acid with minor amounts of oil and gas. Gas was flowing at a steady rate of 10 cubic meters per hour.
This initial stimulation was designed to cleanout the near well bore reservoir interval and test the connectivity of the surrounding natural fracture systems. Based upon the results of the DFIT and the initial test results the reservoir in the well shows limited fracture connectivity. Propant was not used in this initial limited stimulation. Following the clean-up and short term test, the well has been shut-in for a seven day build-up-test to further evaluate the potential reservoir properties of the Main Dolomite and better understand the effectiveness of this initial stimulation. The Company will take the results of the build-up test and determine if a larger, slick-water frac with propant is warranted.
Executive Chairman, Oisin Fanning commented:
"Analysis of the results is focused on the reservoir connectivity at Czasław-SL1 and determining if a larger frac with propant will unlock the unconventional resource potential of the Main Dolomite at this location. The recent recovery of hydrocarbons and build-up of pressure in the Czasław-SL1 well is encouraging and the Company plans to continue to evaluate the potential of the play including additional stimulation of the existing well and the drilling of future exploration wells."
Czaslaw SL - 1 Well
The Czasław-SL1 well reached a total depth of 1,558 meters Measured Depth (1,229 meters TVD). The well penetrated 43 meters of the targeted Permian Main Dolomite reservoir. Petrophysical analysis shows moderate fracturing of the Main Dolomite within an estimated 29 meters of naturally fractured reservoir. Live oil shows were present on 90% of the core plug and detailed petrophysical and core analysis indicates moveable light oil in the Main Dolomite reservoir. The entire Main Dolomite interval shows high fluorescence suggesting both moveable and residual oil. Integrated petrophysical and rock-mechanical analyses suggest the well is a good candidate for artificial stimulation to enhance the natural fractures in the reservoir.
folgend nicht so gut:
7 May 2013
San Leon Energy Plc
("San Leon" or the "Company")
Czasław-1 Stimulation and Test
San Leon Energy is pleased to announce an update on the DFIT, acid clean out, acid stimulation and short-term test of its Czasław-SL1 well in the Permian Basin of Poland.
Operations started on 23 April 2013, including the successful injection of 31 cubic meters of an acid based solution designed to clean up near wellbore damage and stimulate the natural fractures within the Main Dolomite reservoir. During the four days following the acid treatment the well returned 10 cubic meters of burnt acid with minor amounts of oil and gas. Gas was flowing at a steady rate of 10 cubic meters per hour.
This initial stimulation was designed to cleanout the near well bore reservoir interval and test the connectivity of the surrounding natural fracture systems. Based upon the results of the DFIT and the initial test results the reservoir in the well shows limited fracture connectivity. Propant was not used in this initial limited stimulation. Following the clean-up and short term test, the well has been shut-in for a seven day build-up-test to further evaluate the potential reservoir properties of the Main Dolomite and better understand the effectiveness of this initial stimulation. The Company will take the results of the build-up test and determine if a larger, slick-water frac with propant is warranted.
Executive Chairman, Oisin Fanning commented:
"Analysis of the results is focused on the reservoir connectivity at Czasław-SL1 and determining if a larger frac with propant will unlock the unconventional resource potential of the Main Dolomite at this location. The recent recovery of hydrocarbons and build-up of pressure in the Czasław-SL1 well is encouraging and the Company plans to continue to evaluate the potential of the play including additional stimulation of the existing well and the drilling of future exploration wells."
Czaslaw SL - 1 Well
The Czasław-SL1 well reached a total depth of 1,558 meters Measured Depth (1,229 meters TVD). The well penetrated 43 meters of the targeted Permian Main Dolomite reservoir. Petrophysical analysis shows moderate fracturing of the Main Dolomite within an estimated 29 meters of naturally fractured reservoir. Live oil shows were present on 90% of the core plug and detailed petrophysical and core analysis indicates moveable light oil in the Main Dolomite reservoir. The entire Main Dolomite interval shows high fluorescence suggesting both moveable and residual oil. Integrated petrophysical and rock-mechanical analyses suggest the well is a good candidate for artificial stimulation to enhance the natural fractures in the reservoir.
sle hat noch immer nicht genug konzessionen
und saugen sich zusätzliche shale gas/öl prospekte in spanien
und saugen sich zusätzliche shale gas/öl prospekte in spanien
Antwort auf Beitrag Nr.: 44.475.697 von texas2 am 20.04.13 11:01:01Hallwood
Chesapeake Energy ended up buying William Marble’s company for about half a billion dollars. The prospects for similar success in Poland had pulled him out of retirement.
In a panel discussion dedicated to “Shale Acreage and Joint Ventures” at the Unconventional Gas and Oil Summit in Warsaw, Poland, Mr. Marble, Shale Exploration Advisor, Texas, Silurian Hallwood recalled his experiences with shale acreage and joint ventures in the Barnett shale in Texas, where he significantly raised the output of the company’s wells in basin.
He explained: “We are the marriage of a Polish company, Silurian and a US firm called Hallwood. Through this marriage we ended up with about 1 million acres of concessions in Poland and went in and raised GBP 13 million, which ended up being close to GBP 19 million. We have a long history of experience in tight gas and shale in all of North America; we’ve worked in seven different shale basins in North America.
“In 2001we started in Johnson County, Texas, where there had never been any production at all. So if anyone wants a baseline, simply look at Johnson County. There was zero production, 67 dry holes before Hallwood got there. Our first well was a successful discovery and after 71 wells we had one dry hole – it was picked by a geologist. And we turned $6 million dollars of investor capital into $542 million and went on in our life very happily,” he recalled.
Hallwood then went to Canada and later established field rules in Texas, Arkansas, and in Alberta. “Field rules can be changed,” he said. “Shale is not that different than conventional. There’s a lot of mystique about it, but it’s just a word.
He said the company’s history was long in tight sands and shales and was varied.
Of activity in Poland, Mr. Marble said: “We’re now waiting on some concession conversion paperwork and when we get that we will drill three wells. Our plans are to drill the first well and eight days later conduct a multi stage fracc. We expect to drill three wells in 75 days, sometime in the second or third quarter of this year.”
San Leon Energy’s Director of Exploration John Buggenhagen began by saying that his company’s strategy was to build a diversified portfolio of land He recalled, “We used to have a saying when I worked on the North Slope of Alaska: ‘no lease, no grease.’ You can have the greatest idea in the world, but if you don’t have access to the land you’ll never make any money from it.
“So the first step we did was to come into places like Poland and then did a transaction with Talisman Energy who’s farmed in to our acreage and is helping us through their investment and expertise, monetize this asset. That’s the key, because we realized what we’re good at and what we’re not good at. We didn’t stop there, we wanted to continue to build the land portfolio, because we’re not naïve to believe that every concession will work,” explained Mr. Buggenhagen.
He said that if one looked at a map of San Leon’s concessions their blocks were spread all over the place. “We did that on purpose, because to be honest with you, being the geologist/geophysicist I didn’t really know, given he limited amount of data that was out there, where we wanted to be.”
He spoke of San Leon’s acquisition of Realm Energy.
“It was a great opportunity for us to very quickly pick up three blocks in Poland, doubling our position in the Baltic; we instantly added nearly 2 million acres in Spain; and we have tremendous applications in France.”
Buggenhagen said it was becoming increasingly difficult to execute the company’s investment strategy, because investment was required to do that. “Being a public company that requires access to public capital,” he said.
He predicted that there would be a phase of such consolidation transactions across Europe.
“The problem we face is creating a positive investment environment that will encourage not only market or private investment, but that will encourage companies to continue to invest,” he said.
“If people really thought we were going to drill 12 wells and prove Polish shale gas, they were very naïve investors.”
William Marble recalled his capital raising experience to delegates, that Polish shale was valid.
“Unfortunately,” he said, “there’s a wide chasm between those that have ‘been there, done that’ and have a practical knowledge of what it takes to make a shale play or tight reservoir successful and those that live in a world of theory.
“The investment community in London, unfortunately, is mostly the latter,” continued Marble. “They read press releases, they read news reports. Anyone that thinks 12 wells is enough to leave an entire country is fooling themselves. The press seldom gets things right. We need a reality check on the investment community, but getting the reality into the portfolio decision making process is very difficult. They want to see ‘results.’”
He said that when Hallwood had first raised money to drill in the Barnett there were papers written saying why the company couldn’t drill there. “And in 43 months we drilled 71 wells,” he quipped.
“That’s going to be a problem in Poland. Our business plan now is to drill three wells this year, 12-14 next year, assuming we are sure in our minds – no one else’s mind - and then 40 wells the year after. We have the rigs available, the fraccing equipment available, pipe, technology… We’ve done it before,” he said.
He added that there were one or two obstacles to doing that in Poland.
According to Mr. Marble, the advantage that Europe had was that it didn’t need to repeat the first decade of Barnett shale experience by Mitchell Energy. “You can start in 2001, when we started in the Barnett and within 12 months we built our own infrastructure; 6-8 months after that, our typical well was 5 million/day. So the learning curve can be very short.
“If given the opportunity, people who have hands-on experience have shown that the learning curve can be almost be vertical in a matter of just a few wells, not a decade or more. We as operators need the opportunity to do what we know how to do. The investment community needs to understand that, if the first couple of wells show there’s gas there, or oil, or hydrocarbons, a few more wells will actually have some commercial flow rates,” he said.
John Buggenhagen reported that in December 2010, San Leon had raised $100 million on the open markets. “We were able to convince Soros Fund to contribute 50%, and our second largest investor is Blackrock. I’m obviously not speaking for those investor groups, but they understand the value proposition; they’re in it for the long term.
“If people want to continue to make 3-5% on their money, then we can probably continue, but investors are looking for 10, 20 and 100 times on their money, and that’s the difference between North American investors and what I see in London, where I spend more than half of my time educating people about where the value proposition is. You can’t get in at the end and get the return on your investment,” said Buggenhagen.
He said that land prices would spike before the big flow rate came.
“As soon as somebody proves we can extract gas from these shales, you will see a consolidation just like we’ve seen in North America. Who’s it going to be? In my opinion, it will be the North American companies.”
Chesapeake Energy ended up buying William Marble’s company for about half a billion dollars. The prospects for similar success in Poland had pulled him out of retirement.
In a panel discussion dedicated to “Shale Acreage and Joint Ventures” at the Unconventional Gas and Oil Summit in Warsaw, Poland, Mr. Marble, Shale Exploration Advisor, Texas, Silurian Hallwood recalled his experiences with shale acreage and joint ventures in the Barnett shale in Texas, where he significantly raised the output of the company’s wells in basin.
He explained: “We are the marriage of a Polish company, Silurian and a US firm called Hallwood. Through this marriage we ended up with about 1 million acres of concessions in Poland and went in and raised GBP 13 million, which ended up being close to GBP 19 million. We have a long history of experience in tight gas and shale in all of North America; we’ve worked in seven different shale basins in North America.
“In 2001we started in Johnson County, Texas, where there had never been any production at all. So if anyone wants a baseline, simply look at Johnson County. There was zero production, 67 dry holes before Hallwood got there. Our first well was a successful discovery and after 71 wells we had one dry hole – it was picked by a geologist. And we turned $6 million dollars of investor capital into $542 million and went on in our life very happily,” he recalled.
Hallwood then went to Canada and later established field rules in Texas, Arkansas, and in Alberta. “Field rules can be changed,” he said. “Shale is not that different than conventional. There’s a lot of mystique about it, but it’s just a word.
He said the company’s history was long in tight sands and shales and was varied.
Of activity in Poland, Mr. Marble said: “We’re now waiting on some concession conversion paperwork and when we get that we will drill three wells. Our plans are to drill the first well and eight days later conduct a multi stage fracc. We expect to drill three wells in 75 days, sometime in the second or third quarter of this year.”
San Leon Energy’s Director of Exploration John Buggenhagen began by saying that his company’s strategy was to build a diversified portfolio of land He recalled, “We used to have a saying when I worked on the North Slope of Alaska: ‘no lease, no grease.’ You can have the greatest idea in the world, but if you don’t have access to the land you’ll never make any money from it.
“So the first step we did was to come into places like Poland and then did a transaction with Talisman Energy who’s farmed in to our acreage and is helping us through their investment and expertise, monetize this asset. That’s the key, because we realized what we’re good at and what we’re not good at. We didn’t stop there, we wanted to continue to build the land portfolio, because we’re not naïve to believe that every concession will work,” explained Mr. Buggenhagen.
He said that if one looked at a map of San Leon’s concessions their blocks were spread all over the place. “We did that on purpose, because to be honest with you, being the geologist/geophysicist I didn’t really know, given he limited amount of data that was out there, where we wanted to be.”
He spoke of San Leon’s acquisition of Realm Energy.
“It was a great opportunity for us to very quickly pick up three blocks in Poland, doubling our position in the Baltic; we instantly added nearly 2 million acres in Spain; and we have tremendous applications in France.”
Buggenhagen said it was becoming increasingly difficult to execute the company’s investment strategy, because investment was required to do that. “Being a public company that requires access to public capital,” he said.
He predicted that there would be a phase of such consolidation transactions across Europe.
“The problem we face is creating a positive investment environment that will encourage not only market or private investment, but that will encourage companies to continue to invest,” he said.
“If people really thought we were going to drill 12 wells and prove Polish shale gas, they were very naïve investors.”
William Marble recalled his capital raising experience to delegates, that Polish shale was valid.
“Unfortunately,” he said, “there’s a wide chasm between those that have ‘been there, done that’ and have a practical knowledge of what it takes to make a shale play or tight reservoir successful and those that live in a world of theory.
“The investment community in London, unfortunately, is mostly the latter,” continued Marble. “They read press releases, they read news reports. Anyone that thinks 12 wells is enough to leave an entire country is fooling themselves. The press seldom gets things right. We need a reality check on the investment community, but getting the reality into the portfolio decision making process is very difficult. They want to see ‘results.’”
He said that when Hallwood had first raised money to drill in the Barnett there were papers written saying why the company couldn’t drill there. “And in 43 months we drilled 71 wells,” he quipped.
“That’s going to be a problem in Poland. Our business plan now is to drill three wells this year, 12-14 next year, assuming we are sure in our minds – no one else’s mind - and then 40 wells the year after. We have the rigs available, the fraccing equipment available, pipe, technology… We’ve done it before,” he said.
He added that there were one or two obstacles to doing that in Poland.
According to Mr. Marble, the advantage that Europe had was that it didn’t need to repeat the first decade of Barnett shale experience by Mitchell Energy. “You can start in 2001, when we started in the Barnett and within 12 months we built our own infrastructure; 6-8 months after that, our typical well was 5 million/day. So the learning curve can be very short.
“If given the opportunity, people who have hands-on experience have shown that the learning curve can be almost be vertical in a matter of just a few wells, not a decade or more. We as operators need the opportunity to do what we know how to do. The investment community needs to understand that, if the first couple of wells show there’s gas there, or oil, or hydrocarbons, a few more wells will actually have some commercial flow rates,” he said.
John Buggenhagen reported that in December 2010, San Leon had raised $100 million on the open markets. “We were able to convince Soros Fund to contribute 50%, and our second largest investor is Blackrock. I’m obviously not speaking for those investor groups, but they understand the value proposition; they’re in it for the long term.
“If people want to continue to make 3-5% on their money, then we can probably continue, but investors are looking for 10, 20 and 100 times on their money, and that’s the difference between North American investors and what I see in London, where I spend more than half of my time educating people about where the value proposition is. You can’t get in at the end and get the return on your investment,” said Buggenhagen.
He said that land prices would spike before the big flow rate came.
“As soon as somebody proves we can extract gas from these shales, you will see a consolidation just like we’ve seen in North America. Who’s it going to be? In my opinion, it will be the North American companies.”
Czaslaw-1 Stimulation and Test
RNS Number : 7577C
19 April 2013
San Leon Energy Plc
("San Leon" or the "Company")
Czas³aw-1 Stimulation and Test
San Leon Energy is pleased to announce that its planned stimulation and test of the Czas³aw-1 well on the Company's Nowa Sol Concession in the Permian Basin of Poland will begin on April 22, 2013 with the mobilisation of coiled tubing, nitrogen lift equipment, and surface test equipment from Vechta, Germany. Recent measurements of the well have shown that the well is building pressure. After taking samples of the fluid in the wellbore the Company has recovered natural gas (including C1-C8) and light oil. Schlumberger has been contracted to complete this phase of the project. The Company estimates the following timeline:
· 25 April 2013 - acid wash and clean out of the well
· 26-30 April 2013 - acid squeeze into the Main Dolomite reservoir; after soaking lift fluids in the well bore using nitrogen, followed by 3 day flow test up to 400 bbls of oil
· 1 May 2013 - shut-in the well for 5 day build-up with downhole gauges
· 6 May 2013 - decision on a long term test and oil production, based upon results of the acid stimulation and test
The Czas³aw SL-1 well reached a total depth of 1,558 meters Measured Depth (1,229 meters TVD). The well penetrated 43 meters of the targeted Permian Main Dolomite reservoir. Petrophysical analysis shows moderate fracturing of the Main Dolomite within an estimated 29 meters of naturally fractured reservoir. Live oil shows were present on 90% of the core plug and detailed petrophysical and core analysis indicates moveable light oil in the Main Dolomite reservoir. The entire Main Dolomite interval shows high fluorescence suggesting both moveable and residual oil. Integrated petrophysical and rock-mechanical analyses suggest the well is a good candidate for artificial stimulation to enhance the natural fractures in the reservoir. There were no indications of water encountered during drilling. The well is the first well on the Czas³aw structure, with room for additional vertical and/or horizontal wells. Several similar structures have been identified in the Company's Nowa Sol 3D seismic survey which covers less than 15% of the Nowa Sol Concession area.
Executive Chairman, Oisin Fanning commented:
"The recent recovery of hydrocarbons and build-up of pressure in the Czas³aw-1 well is very exciting. We have been studying the Main Dolomite extensively over the past months with experts both in Europe and North America. We are now ready to stimulate and test the well and with success immediately move to production. There is a huge amount of oil in place in the Main Dolomite and we are committed to unlocking both the conventional and unconventional potential of the petroleum system."
RNS Number : 7577C
19 April 2013
San Leon Energy Plc
("San Leon" or the "Company")
Czas³aw-1 Stimulation and Test
San Leon Energy is pleased to announce that its planned stimulation and test of the Czas³aw-1 well on the Company's Nowa Sol Concession in the Permian Basin of Poland will begin on April 22, 2013 with the mobilisation of coiled tubing, nitrogen lift equipment, and surface test equipment from Vechta, Germany. Recent measurements of the well have shown that the well is building pressure. After taking samples of the fluid in the wellbore the Company has recovered natural gas (including C1-C8) and light oil. Schlumberger has been contracted to complete this phase of the project. The Company estimates the following timeline:
· 25 April 2013 - acid wash and clean out of the well
· 26-30 April 2013 - acid squeeze into the Main Dolomite reservoir; after soaking lift fluids in the well bore using nitrogen, followed by 3 day flow test up to 400 bbls of oil
· 1 May 2013 - shut-in the well for 5 day build-up with downhole gauges
· 6 May 2013 - decision on a long term test and oil production, based upon results of the acid stimulation and test
The Czas³aw SL-1 well reached a total depth of 1,558 meters Measured Depth (1,229 meters TVD). The well penetrated 43 meters of the targeted Permian Main Dolomite reservoir. Petrophysical analysis shows moderate fracturing of the Main Dolomite within an estimated 29 meters of naturally fractured reservoir. Live oil shows were present on 90% of the core plug and detailed petrophysical and core analysis indicates moveable light oil in the Main Dolomite reservoir. The entire Main Dolomite interval shows high fluorescence suggesting both moveable and residual oil. Integrated petrophysical and rock-mechanical analyses suggest the well is a good candidate for artificial stimulation to enhance the natural fractures in the reservoir. There were no indications of water encountered during drilling. The well is the first well on the Czas³aw structure, with room for additional vertical and/or horizontal wells. Several similar structures have been identified in the Company's Nowa Sol 3D seismic survey which covers less than 15% of the Nowa Sol Concession area.
Executive Chairman, Oisin Fanning commented:
"The recent recovery of hydrocarbons and build-up of pressure in the Czas³aw-1 well is very exciting. We have been studying the Main Dolomite extensively over the past months with experts both in Europe and North America. We are now ready to stimulate and test the well and with success immediately move to production. There is a huge amount of oil in place in the Main Dolomite and we are committed to unlocking both the conventional and unconventional potential of the petroleum system."
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