San Leon Energy PLC --- Schiefergas in Polen und mehr - 500 Beiträge pro Seite

[borazon]

http://www.sanleonenergy.com
http://oilbarrel.com/company/san-leon-energy
http://uk.finance.yahoo.com/q?s=SLE.L
http://www.iii.co.uk/investment/detail?code=cotn:SLE.L&it=le


MktCap @ 8 GBp & 1.15 Mrd shares:
ca. 95 Mio GBP, 150 Mio USD, 115 Mio EUR.
Trotz dieser relativ kleinen MktCap ist San Leon einer der flächenmäßig größten Player in der Schiefergas-Exploration in Polen.
OK, Exxon ist aus poln. Schiefergas raus & die offiziellen Schätzungen zum Gesamtbestand Shale Gas in Polen wurden dieses Jahr 90% nach unten revidiert, aber andere wie Marathon, ConocoPhillips, Chevron, BNK etc machen weiter.
Ein kleiner Fisch wie San Leon kann dabei schnell ein Übernahmeziel werden.

größte Anteilseigner bei SLE:
Quantum Funds (G. Soros) 20%
Blackrock 10%
Management 20%

Cashbestand müßte nach Verkauf des Anteils am Amstel-Feld (Offshore Niederlande) um die 15 Mio EUR liegen,
Barryroe (Irische See) 4.5% net profit interest sollte lt. Fox-Davies 30 Mio USD (+ Upside-Potential) wert sein und könnte evtl als Nächstes monetarisiert werden.

Kursziel von Fox-Davies beträgt 60 GBp!
S. Links bei oilbarrel.com

Aktuelle Kursschwäche könnte IMO an noch fehlenden Zahlen von den letzten (konventionellen Öl-) Bohrungen in Polen liegen. Die Meldungen dazu waren schon arg knapp gehalten, und letztes Jahr hat Polen für SLE deutlich enttäuscht.
Vll kommen jetzt auch schon verstärkt Jahresendverkäufe von Anlegern rein, die 2011 zu weit höheren Kursen gekauft haben. Am Börsenplatz London sind die Abschläge bei marktengeren Titeln gegen Jahreswechsel oft sehr ausgeprägt.
2013 sollte mit 1 Bohrung offshore Marokko und mit Fortschritten offshore Albanien wieder etwas mehr Schwung in den Wert kommen.
Genel und Cairn werden offshore Marokko 110 Mio USD springen lassen, s. Meldungen vom August 2012, seitdem geht Kurs seltsamerweise abwärts; ich kann das nicht ganz nachvollziehen.
Bin hier selber (noch?) nicht investiert.
Verfolgt jemand von euch San Leon und hat eine Meinung dazu?

[der_checker]

hatte die bude mal aufm schirm, nachdem aber exxon sich aus polen zurückgezogen hat hab ichs nicht mehr weiter verfolgt.

[Horst611]

Antwort auf Beitrag Nr.: 43.744.395 von borazon am 23.10.12 23:04:20

Wir sind durch einen anderen Wert, der umbenannt oder übertragen wurde (ich habe das nicht mehr im Kopf) noch mit ein paar Tausend Scheinchen drinnen.

Dieser miese Wert kommt von 6 € !!!

Auch wir sind durch diese Manupulationen oder so etwas, dadurch mit über 90 % im Keller !!

Dieser Titel ist so unbedeutend für uns, dass wir uns nie damit befasst haben und deshalb überhaupt nichts davon wissen.

Schau Dir den Chart an, dann wirds Dir schlecht !

[borazon]

San Leon hat die letzten Jahre wohl 1 oder 2 andere Explorer übernommen, die praktisch gescheitert waren; ich muß das noch nachlesen.
Ohne Übernahme wäre vermutlich Konkurs+Delisting fällig gewesen.
So ist das eben bei Explorern. Hab von Ver-50-fachern bis Totalverlust schon alles nicht nur gesehen, sondern selber mitgemacht.

[borazon]

http://blogs.wsj.com/emergingeurope/2012/10/22/polish-cabine…

October 22, 2012, 3:37 PM CET
Polish Cabinet Reaches Shale Gas Compromise

By Marynia Kruk

Polish Prime Minister Donald Tusk has referred to shale gas as Poland’s “great chance.” But until recently, the Polish government has not acted to demonstrate that nurturing the shale gas industry was a priority.

It appears that the hydrocarbons law the government is set to publish in November is the result of heated, contentious, yet productive discussions between the government’s many strong-willed ministers. Inter-ministerial wrangling, which has been going on since April, has yielded some very fruitful legislative solutions, people familiar with the talks said.

This week, the focus has been on taxes, but the November legislation is going to take a more holistic approach to Poland’s regulatory environment, overlooked so far, which is likely to please license-holders. Each ministry will contribute something to the effort.

The Environment Ministry’s contribution will be a simplification of environmental requirements, while the Ministry of Foreign Affairs will work to keep Brussels bureaucrats from enacting blanket Europe-wide regulations that would hamper shale gas industry development, the people said.

The Treasury Ministry, headed by gas-obsessed Mikolaj Budzanowski, will get to run NOKE SA, the state-owned entity will can take minority stakes in concessions. NOKE will in turn be capitalized by Poland’s planned special purpose vehicle Inwestycje Polskie, funded by privatization revenue.

The creation of a new state-owned company like NOKE may be odious to free market purists, but investors in shale gas licenses in Poland may take a liking to it. According to deputy environment minister Piotr Wozniak, NOKE will give companies exploring for gas in Poland an “injection of capital”. Looking at the depressed stock prices of small companies that have bet on Polish shale, this will be welcome.

“License holders say they have difficulty financing their planned investments,” Mr. Wozniak said at a news conference on Wednesday. “A government shareholder will raise these companies’ credit-worthiness,” making it easier for them to either raise capital by issuing new shares or to get better terms on bank loans.

Having NOKE as a shareholder is also intended to keep these private-sector investors honest, to make sure they pay their fair share of taxes in the country. Will the government be able to find qualified people to staff NOKE who know enough about the sector to hold their own against the industry’s sharks?

There are Polish citizens with the practical knowledge to run NOKE, except that they tend to fan out across the globe rather than stay in Poland, Mr. Wozniak said. Polish Minister of Justice Jaroslaw Gowin, similarly to Mr. Budzanowski, is a big fan of shale gas. Also like Mr. Budzanowski, Mr. Gowin is from Krakow, a region of Poland with a long history of oil and gas exploration. And as part of his drive to deregulate access to professions in Poland, Mr. Gowin’s ministry plans to simplify the requirements for various oil and gas workers, like drillers.

“We are working together on this,” said Justice Ministry spokeswoman Patrycja Loose. “In a few weeks we’ve more information.”

Thanks to the deregulation initiative, “we expect people to come from abroad,” Mr. Wozniak said.

People familiar with the matter said the summer’s conflict between the ministries centered on taxes. The compromise the ministers hammered out gives a much bigger share of tax revenue to local governments, which seems to have pleased everyone, both the sector and the Finance Ministry.

“A positive element of the fiscal proposal is the higher distribution of fees to municipal governments and local communities,” said Marcin Zieba, general director of lobby group OPPPW, or the Polish Exploration and Production Industry Organization.

The intention of this tax revenue reallocations was to bring local governments “with us into this shale gas fever,” a Warsaw-based government official said.

[borazon]

http://blogs.wsj.com/emergingeurope/2012/10/24/polish-offici…

October 24, 2012, 3:24 PM CET
Polish Officials Hint Country May Scrap Nuclear Program

By Marynia Kruk

WARSAW–Poland’s construction of its first nuclear power plant is no longer a foregone conclusion as the country pivots towards the strategic goal of boosting domestic oil and gas production, especially of shale gas, two public officials hinted Wednesday.

The Polish government decided to build a nuclear power plant that is expected to cost around $15 billion to help diversify away from coal-fired power plants. Despite personally overseeing the signing of a nuclear joint venture of a group of state-controlled companies in September, an official Wednesday said the government may still change its mind.

“Our priority is the exploration and production of hydrocarbons,” Treasury Minister Mikolaj Budzanowski said in parliament Wednesday. He added that funds the government plans to earmark for a special purpose vehicle to finance investments will be aimed at increasing domestic production.

“As for nuclear power, the final decision will be made…no earlier than 2014 or 2015,” Mr. Budzanowski added.

As recently as a year ago, Prime Minister Donald Tusk rejected a German call on Poland to cancel its nuclear plans, explaining policymakers shouldn’t “succumb to hysteria” following the nuclear accident in Japan caused by the earthquake and tsunami last year.

Also adding to doubts about Poland’s nuclear determination Wednesday was Krzysztof Kilian, the chief executive of Poland’s largest power utility PGE Polska Grupa Energetyczna SA (PGE.WA), which is spearheading the already-delayed nuclear project, who said of Poland’s two flagship energy security projects —nuclear and shale gas—that one rules out the other.

His statement carries weight because Mr. Kilian is perceived to have close ties with Mr. Tusk, although officially he answers to Mr. Budzanowski, whose ministry oversees state-controlled companies.

“We are in this [Poland's energy security program], because of nuclear energy and shale gas,” Mr. Kilian was quoted as saying by state news agency PAP. “And I’d like to make a digression here, these two programs cannot both succeed…one rules out the other.”

The company wasn’t available to explain Mr. Kilian’s comments.

Poland’s top energy security objectives are freeing itself from dependence on expensive Russian natural gas imports specifically and preserving its right to burn carbon-dioxide emitting coal, of which it has an abundant supply, in the face of the European Union’s ambitious emission reduction targets.

The Polish government could come to the conclusion it doesn’t need nuclear power plants, which it would have to pay foreign contractors billions of dollars to design and build, especially as power consumption isn’t growing as quickly as projected.

During the boom years of the previous decade, Polish officials feared lack of power capacity around 2016 would create rolling blackouts, but economic slowdown seems to have alleviated this risk for now.

Cheap carbon prices on Europe’s Emission Trading System make it less pressing for Poland to diversify its energy mix away from coal, which now generates about 95% of Polish power, by adding nuclear.

In August, Mr. Kilian said his company, state-controlled PGE, which generates 70% of its power from lignite, needed to refocus on its core business, mining and burning lignite to generate electricity.

The effort to move the PGE’s nuclear project forward has been hampered by a dearth of commercial financing, political will and Poles with nuclear energy know-how.

In July, PGE joined an alliance of other state-controlled companies that are helping gas monopoly PGNiG SA finance its exploration for shale gas in Poland and spread the risk of the speculative venture.

[borazon]

und der JV-Partner verlässt das Schiff




Talisman to 'live within means' going ahead

Producer puts focus on profit

BY STEPHEN EWART, CALGARY HERALD OCTOBER 31, 2012

0

STORYPHOTOS ( 1 )



Stephen Ewart is the Calgary Herald's Energy and Economics editor and columnist.
Photograph by: Gavin Young , Calgary Herald
The writing that was on the wall for Talisman Energy when chief executive John Manzoni was shown the door in September showed up Tuesday in huge writedowns and red ink on the company's third-quarter financial results.

New CEO Hal Kvisle laid out his vision for the Calgary-based global oil and gas producer that will see it refocus and "live within our means."

Talisman's issues go well beyond $1 billion in "impairment" charges or a $731 million quarterly loss.

"We need to focus our operations and we need to energize and motivate our people," Kvisle told investors and analysts after the company announced another writedown on a troubled North Sea oil platform as well as plans to abandon operations in Quebec and Peru.

While committing Talisman to remain in its three core operating areas - the Americas, Southeast Asia and the North Sea - Kvisle acknowledged "we are reviewing and ranking our assets through a number of lenses."

More than a dozen countries where Talisman operates around the world were cited at some point in its news release or conference call, including Papua New Guinea in Asia, Sierra Leone in Africa, Kurdistan in the Middle East and Poland in Europe.

Kvisle strongly hinted its shale gas exploration in Poland will soon be history.

Other assets will also go on the block and production, currently 415,000 barrels of oil equivalent a day, could decline by 10 or 15 per cent.

Talisman's treks to far flung corners of the globe in search of oil and gas have taken it to places such as Sudan and Ecuador previously that proved challenging and controversial. The fearless attitude - best embodied by founding CEO Jim Buckee - could also be a thing of the past.

As part of living on its cash flow, Talisman will cut capital expenditures by 25 per cent to $3 billion in 2013. Its spending will also be less adventurous.

"An exploration budget that is 10 or 15 per cent of total capital spending is about right and Talisman had been up in the 25 or 30 per cent level," Kvisle said in an interview. "It will naturally force people to focus on the better projects rather than drilling as many as we have."

It's evident where Kvisle is focused to return Talisman to profitability and it isn't based on geography or even geology.

"We will do things better, faster and at lower cost," Kvisle said.

The key word is the first one ... we.

When Kvisle listed Talisman's four go-forward priorities each started with the same word ... we.

Kvisle is making Talisman's 3,600 employees a priority. In his first eight weeks as CEO, he has visited the company's prized operations in Southeast Asia as well as the prolific Eagle Ford shale in Texas and met hundreds of staff members in Houston and Calgary.

Trips to Scotland, Norway and Colombia are planned for the next month.

In his commitment to improve profitability on each unit of oil and gas produced to add shareholder value, Kvisle's focus is in-house.

"The difference between an employee team that is highly organized and motivated and one that's not is the difference between success and failure," Kvisle said. "We need our employees to be enthused about the direction of the company."

The obvious direction for the company will be up, at least on the stock markets.

Talisman shares lost 55 cents to $11.50 on the Toronto Stock Exchange after its results were announced to lower its market capitalization below $12 billion.

In a world of employee stock options and bonuses, few things generate enthusiasm for the company like a robust share price.

As recently as two years ago, Talisman traded above $24 a share.

Kvisle - who was chief executive for pipeline giant TransCanada Corp. until 2010 - served on Talisman's board for two and a half years when Manzoni abruptly resigned in September amid growing shareholder complaints over the stock price.

His return to the executive suite marked a turning point for Talisman.

As CIBC World Markets' Andrew Potter said in research note: "Q3 was likely a cleanup quarter for the company as the new CEO, Hal Kvisle, begins to move the company forward."

Kvisle cautioned that time frame is too narrow.

"This business is too big and too complex to turn around in a quarter," he said. "I prefer to look at 2012 as a turnaround year. As we come out of 2012 and go into 2013 we're going to do things differently."

One notable difference, despite spending cuts, is Talisman will put funds into to its North Sea operations Kvisle said had been mistakenly deemed "over the hill" by the previous regime. The sale of a 49 per cent stake in its UK North Sea assets to Sinopec will allow more capital to go toward the costly-to-operate assets.

After he gets a first-hand view of its field locations, offshore platforms, processing facilities and people around the world, expect Kvisle's vision for Talisman's future to become clearer to employees and investors alike.



Read more: http://www.calgaryherald.com/Ewart+Talisman+live+within+mean…

[borazon]

wörtlich aus dem Conference Call von Talisman, Teil Q & A



http://seekingalpha.com/article/963071-talisman-energy-manag…


...

(Question)
Bob Brackett - Sanford C. Bernstein & Co., LLC., Research Division

And then a final follow-up on -- what does the future hold for either Poland shale gas or Papua New Guinea? Do those fit in the category of too long to pay out?



(Answer)
Harold N. Kvisle - Chief Executive Officer, President, Independent Director, Chairman of Reserves Committee, Member of Executive Committee and Member of Human Resources Committee

On Papua New Guinea, we have made an arrangement with a third party that's entering into our assets that will put up a fair bit of the funding. That's been previously announced. And so I think that there is such a significant upside opportunity for natural gas in Papua New Guinea and for the development of LNG export, but I wouldn't want to move too quickly to regard PNG as an asset that we would sell or an asset that we would not develop. It's significant. We understand the geology. We've got a great land position. We've got good relationships with a number of parties there, and I would see that one as a very interesting opportunity for us. Shale gas to me is primarily a North American activity. It's one that we've been successful in building up big positions in 4 shale plays and in our conventional asset base in North America. I find it more difficult to contemplate pursuing shale outside of North America, and we'd be very cautious if we went anywhere internationally into the shale game. I think in Poland, we're not particularly enthused by results we've had to date. It's a difficult thing. It's probably maybe one part of our portfolio that is, frankly, beyond our reach right now and you may see us going other directions in Poland.

[borazon]

Wenn ein Ausstieg von Talisman offiziell bekannt gegeben wird, dürfte der Kurs von San Leon kaum positiv reagieren, da hier viele auf die Polen-Story setzen.
Falls San Leon den Anteil von Talisman übernimmt und auch die Kosten für die weitere Entwicklung, brauchen sie eine Kapitalerhöhung mit entsprechendem Druck auf den Kurs.
Ohnehin fraglich, ob San Leon das allein schultern könnte.
Talisman fördert bereits erfolgreich Shale Gas in Nordamerika und hat die Expertise.
Für SLE alleine würde es wohl schwierig.
Bin immer noch nicht investiert und werde abwarten.

[FreddyMercury]

Schon mal überlegt, am möglichen Schiefergasboom in Polen (und damit auch in der Ukraine) indirekt zu partzipieren? Z.B. mittels eines Hardcore-Turnaround-Investments in Stirol-Aktien?

[eugswinner]

Guten Tag,
ich bin seit heute hier Aktionär, bin über Aurelian Oil und Gas dazugestossen - Aurelian hat wohl mit San Leon Energy fusioniert oder ist geschluckt worden.

Bin fest bei Eurogas langjährig dabei, und die haben ein JV in Polen, und Aurelian ist da ein Partner. Deshalb habe ich mir letztes Jahr spekulativ ein paar Aurelian Aktien gekauft.

Ich weis gar nichts über den Wert, schliesse mich daher meinem Vorredner an: wenn jemand hier informiert ist, dann bitte posten oder eine BM schicken, wäre super!

Da ich hier nun unfreiwillig investiert bin, habe ich natürlich schon interesse daran, zumindest etwas auf dem Laufenden zu sein.

Gruß
eugswinner

[texas2]

bin auch über aul bei sle gelandet
folgend die feb 2013 präsentation
http://sanleonenergy.com/media/446612/sle_corp_presentation_…

die vielen km² an konzessionen in eu sind fast schon ein wahnsinn.
die spekulation: irgendwo, irgendwann müßte es doch klappen mit einer wirtschaftliche produktionsbohrung mit hilfe der 50 millionen (soviel wars glaube ich), die aul mitgebracht hat. dann wird weiter ausgefarmt und irgendwann einmal geld verdient

das pariser becken, politisch schwierig aber schon sei jahrzehnten bekannt für sein oil shale; für mich ein favorit

spanien nicht uninteressant,

marokko: kann ich nicht einschätzen aber es sind sicher kohlenwasserstoffe dort

albanien: schwierig zu bohren, warten wir ab was pmi findet

irland: weiß nicht

deutschland: ungewiss ob geologie wirtschaftlich was hergibt, schwierig mit der nachbarschaft die angst vor fracs hat (obwohl seit irgendwann um 1942 bzw rund 2 millionen mal gefract wurde, ohne brunnenwasser zu vergiften)

polen: nach wie vor reduzierte hoffnungen; hat den sweet spot noch nicht entdeckt

karparten: wäre gelacht wenn man mit neuer seismik nicht doch noch übersehene stratigrafische fallen oder ähnliches entdecken würde

an der O-see: shale oil ist da aber auch noch ziemlich am anfang



denke sle wird sich erst ändern wenn irgendwo eine wirtschaftliche produktionsbohrung getestet wird - fürchte aber dass es ein langer steiniger weg wird.
weil sle überall in eu dabei ist, würde es auch schon helfen wenn eine andere firma in einem dieser sedimentbecken etwas interessantes finden würde

[eugswinner]

Antwort auf Beitrag Nr.: 44.189.821 von texas2 am 26.02.13 21:43:07

nun, so wie es aussieht, ist diese Aktie erstmal nicht gewinnbringend.
Ein Schläfer. Also liegen lassen und ab und zu mal nachsehen.
Bei so vielen Projekten und Konzessionen müsste sicherlich irgendwann mal die Aktie in Bewegung kommen.

[texas2]

ja sehe ich auch so
die sle strategie war / ist eindeutig: so viele km² wie möglich besetzen, so dass keiner an sle vorbeikommt, wenns dann irgendwo in eu doch noch klappen sollte
ukraine denke ich wäre auch sehr interessant und würde ganz gut zu der sle sammlung dazupassen

abgesehen davon würde mich ein reverse split ebenfalls nicht überraschen bei ~2 mrd aktien (so etwas schreckt mich normalerweise ab)

[Montekaolino]

Da hätte ich noch was im angebot auch in Polen aktiv. LNG Eenergy

Wird in Canada gehandelt LNG

http://www.lngenergyltd.com/s/home.asp

[texas2]

http://www.sanleonenergy.com/investors/regulatory-news-servi…

sle und hal haben ein protokoll unterschrieben, dass sie siciny fraccen wollen

[texas2]

Antwort auf Beitrag Nr.: 44.269.308 von texas2 am 19.03.13 06:37:32

aus 2011
inzwischen ist sle noch größer was Konzessionen angeht
aber wir müssen noch immer warten
die folgende analyse gilt aber noch immer - meine ich



According to the former CEO of Realm Energy there’s only one phrase appropriate to the newer, bigger San Leon Energy following its pending acquisition of Realm Energy: “shale powerhouse.”


In the wake of the deal, which was announced on 26th August and formally closed November 10th, James Elston, former CEO of Realm commented: “San Leon effectively becomes a shale powerhouse in Europe. The combined San Leon-Realm is so big in so many different plays that in my mind it’s almost got a ‘can’t fail’ sticker on it”


Mr. Elston, now Director of Palladian Energy Advisory, said that the broader shouldered San Leon had the likelihood of some good assets in the Paris Basin, a lot of good assets in Spain and interesting things in Morocco - that they already had - as well.


“If you combine that with San Leon’s acreage in Poland, and the fact that they’re in two plays in Poland: on one they have their JV with Talisman Energy Inc., which was the best farm out deal anyone had achieved at the time, and I think it still ranks pretty highly – San Leon got a good deal in getting Talisman in, and Talisman are brilliant shale players, so they’ve got a brilliant partner in Talisman.


“With Realm they’ve got a lot of un-farmed out acreage close by,” he continued. “So if you like Talisman are effectively going to de risk quite a lot of the combined San Leon-Realm acreage position, while San Leon keeps 100% of that – they keep the upside there and don’t need to spend that much money at the moment.


“It builds real scale in Poland,” said Elston.


On top of that, he added, San Leon had a million acres in Poland’s Carboniferous shale play.


“What’s interesting about the carboniferous is that there are lots of successful carboniferous shale plays – the Barnett, the Fayetteville and the Woodford are all Carboniferous, so the great thing about it is you know that the tiny fossil animals have formed the right kind of pore structures in the shale. You know that that’s going to work.”


In slight contrast, he said that what one might not know with the Silurian or Cambrian shale plays – like that which had been drilled in eastern Poland - is whether or not the tiny fossils in the rock provided the right kind of pore structure for shale. “That’s one of the things that we’re waiting to see with all the testing taking place,” stated Mr. Elston.


He summed up: “In Poland, San Leon now has two massive opportunities in different shale plays and it’s really augmented that with Realm.


“But in terms of what Realm brings to San Leon, there’s this JV with applications in the Paris Basin, which is the play closest to my heart. San Leon will acquire ConocoPhillips as a partner there for when they get license awards in Paris for the future time when I believe that fracking will be allowed again.”


In August, he believed that in other places Realm had made massive moves. In fact, on 21 September Realm was awarded two out of the 10 permits it applied for in Spain, with a likelihood of a further six 100% awards for concessions comprising over 1.7 million acres.


“Despite the market collapse after the deal was announced, effectively Realm shareholders who took San Leon stock or exchangeable shares will hopefully get the chance to see the rise in value over the coming months with the security at a greater scale that there is in working with the San Leon team for whom there’s a tremendous set of opportunities to exploit. They’ve got the capital, staff and systems – it’s a operationally much bigger company than Realm; they’ve got 15 people just working in Warsaw on the Polish plays.”


“For former Realm shareholders who took San Leon stock or exchangeable shares you’ve got the chance, to actually follow that through and see the upside,” he explained. “This wasn’t a cash deal that capped the upside for the Realm shareholders, it’s the opportunity to really see the growth through San Leon shares into the future, so it’s a ‘win-win’ situation.”


Regarding James Elston’s relationship with Realm, he recalled he was lucky enough to meet a gentleman called Craig Steinke (Realm Energy International’s Executive Chairman) at a conference in London in late 2008.


“We started talking, which ended up in the formation of Realm Energy, which I think was really timely because we were able very rapidly to get up the learning curve on shale in Europe, with Halliburton’s help, and quickly build a business at a time when things were getting immensely competitive. The Majors had woken up and you were up against them in a lot of jurisdictions, you had to move very rapidly.”


“In North America, with his previous vehicles he’s been an early mover in basins where coal bed methane (CBM) and to a degree shale gas have been developed” he explained of Mr. Steinke. “So he’s made his first fortunes from those plays, which was the attraction to me to get it together with him. We basically got together with another angel investor, started the company and then reversed it onto the Toronto Stock Exchange.”

Elston recalled, “I was CEO for the first year, but with the movement towards rapidly getting more operational on the ground, particularly in France (Pre the frack ban surfacing), and just bigger in general, there was a need for someone operationally more experienced in the senior management team than me. So it was the right time to move on.”


He explained Karl DeMong, Realm’s new VP of Operations, who is well versed in operating very complex shale drilling and fracking operations in Canada, was from large E&P Apache Corporation. Recently Realm strengthened their team further adding Lindell Bridges, the eminent shale geoscientist, as VP Exploration. Mr. Bridges has helped large US E&Ps EQT, EOG Resources, Inc. and Chesapeake Energy Corporation crack the shale codes in the Marcellus, Barnett and Fayetteville respectively in leading their geoscience teams in those plays. Elston added “Lindell is probably the most renowned shale geoscientist working in Europe at the moment.”


Meanwhile, Mr. Elston said he had a mixed initial reaction to San Leon’s pending purchase of Realm Energy.


“The team at Realm was strengthened tremendously in second quarter, and I think they really had the ability to take things forward themselves. I thought Craig and the team could’ve done a lot more on their own. The two main shareholders in Realm, (one of which is Quantum, a George Soros vehicle) are also shareholders in San Leon, so I think it was shareholder driven consolidation really,” Elston explained of the merger.


“I would’ve liked to have seen Realm go on for a bit longer on its own. C’est la vie.”


Without the merger, he contended that Realm was not going to have any “drilling newsflow” for some time, but that San Leon had plans to drill a lot of wells in Poland.


As Director of Palladian Energy Advisory, James Elston now spends his time helping small energy companies raise money by working with small investment banks and private equity firms. Elston is working on several startups, as well as giving sermons as a “rational evangelist” on shale gas.

[texas2]

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."

[texas2]

Antwort auf Beitrag Nr.: 44.475.697 von texas2 am 20.04.13 11:01:01

Hallwood
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.”

[texas2]

sle hat noch immer nicht genug konzessionen
und saugen sich zusätzliche shale gas/öl prospekte in spanien

[texas2]

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.

[texas2]

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%.

[texas2]

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?

[borazon]

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.

[texas2]

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

[texas2]

Antwort auf Beitrag Nr.: 44.954.435 von texas2 am 30.06.13 11:54:57

San 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

[texas2]

Antwort auf Beitrag Nr.: 44.954.541 von texas2 am 30.06.13 12:16:25

03 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: [phone]

Oisin Fanning, Executive Chairman

[texas2]

Antwort auf Beitrag Nr.: 44.998.051 von texas2 am 07.07.13 13:34:19

Europe’s Shales: Understanding the Value Proposition

Source: Silurian Hallwood
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.”

[texas2]

Antwort auf Beitrag Nr.: 44.998.169 von texas2 am 07.07.13 14:09:01

der kumpel von krauze ist über aul zu sle gekommen

Our new best friend Wisent is partly owned by PetrolInvest
http://www.reuters.com/article/2013/06/21/poland-shale-idUSL…

which is partly owned by Ryszard Krauze
http://www.petrolinvest.pl/en/akcjonariat.html

who is a Polish billionaire
http://pl.wikipedia.org/wiki/Ryszard_Krauze

seen here having a cosy moment with our fellow shareholder, Poland's richest man Jan Kulczyk:


http://www.google.com/imgres?imgurl=http://bi.gazeta.pl/im/d…

...the circle is complete!

[texas2]

Antwort auf Beitrag Nr.: 44.998.217 von texas2 am 07.07.13 14:30:58

Fri Jul 5, 2013 10:25am EDT

* Executives say firms may quit unless gas flows soon

* They say red tape, tough geology hold up drilling

* Reform plans do not go far enough - industry lobby

By Agnieszka Barteczko

WARSAW, July 5 (Reuters) - Hopes that Poland could lead a U.S.-style shale gas boom in Europe are fading fast as energy companies say red tape is delaying commercial output and Warsaw's draft proposals to cut bureaucracy do not go nearly far enough.

The firms say there is plenty of gas but its exploitation is frustrated by difficult geology and onerous, unclear regulation.

Prospects darkened this year after Marathon Oil and Talisman Energy followed Exxon Mobil in pulling out of Poland, which was once seen as Europe's best shale prospect with substantial reserves and a friendly government.

These companies may not be the last, unless one or more of the 46 exploration wells drilled so far starts producing commercial-scale quantities of gas.

The government, hoping shale gas will deliver Poland from reliance on energy imports from Russia, is proposing new legislation to ease conditions for investors.

"If the law is adopted in its current shape, plus two or three more unsuccessful wells, and other investors will leave," said an official with a foreign firm prospecting for shale gas, expressing views echoed by several other executives.

"The situation is very bad, everyone is discouraged," said a second company official, who also asked not to be identified.

Global players remaining in Poland's shale sector include Chevron, ConocoPhillips and Eni.

Under pressure to retain investors, the deputy environment minister and chief geologist, Piotr Wozniak, has drafted proposals for new rules that are awaiting cabinet approval.

These include allowing firms to extend exploration licenses by two years if needed, instead of the previous proposal of one year; letting them convert exploration permits into production permits without having to bid again; and making it easier to lease state-owned land on and around drilling sites.

But a document from the main lobby group for oil and gas firms operating in Poland, seen by Reuters, said that while some changes were positive, most reforms it had sought were omitted.

The Polish Exploration and Production Industry Organization document said in particular that the government could still use loopholes to force firms to re-tender for production permits.

It was unhappy with a requirement that a new Polish state-owned operator, NOKE, should participate in all concessions and it wanted exploration to be extendable beyond two years.

The lobby group also said penalties for falling behind work schedules were too harsh under the proposals.

"The new proposal is better than the previous ones, but this is not a remedy to the sector's ailments," said Witold Weil, country manager at San Leon Energy, which has licences in Poland. "There are many proposals which were not included in the draft".

He added that San Leon Energy is staying in Poland, but would put some licences under review. This month it announced it was reducing its role in one Polish shale gas field, and bringing in a partner, Wisent Oil and Gas.

Asked about its plans, a Chevron spokeswoman said the company was committed to Poland. An Eni spokesman declined to comment. A ConocoPhillips media representative in Warsaw did not respond to a request for comment.

If shale gas fails to live up to the government's ambitions, the chief beneficiary will be Russia's Gazprom, which will continue to be Poland's biggest gas supplier.

FUNERAL OF SHALE PREMATURE

"The funeral of shale gas in Poland is premature," said Jerzy Nawrocki, the head of the Polish Geological Institute. "However, politicians' optimistic forecasts on fast explo

[texas2]

Antwort auf Beitrag Nr.: 44.998.415 von texas2 am 07.07.13 15:45:55

http://issuu.com/cleantechpoland/docs/sgig4

[texas2]

Jetzt kauft SLE noch mehr Konzessionen!

San Leon Acquires 16 Licenses in TurkeySeptember 25, 2013Region - North Sea / EuropeSeptember 25, 2013Region - North Sea / Europe
San Leon Energy has entered into an agreement to acquire 75% of the issued share capital of Alpay Enerji from Server Fatih Alpay for $4 million. Under the transaction, San Leon will receive interest in seven licenses from Alpay Enerji and nine licenses from ARAR Petrol in Turkey. Server Fatih Alpay has controlling interest in Alpay Enerji and ARAR Petrol.
Alpay Enerji assets overview
Holds a 100% interest in seven conventional licenses in Turkey
Licenses cover 842,094 acres
Existing licenses have gross 2P gas reserves of 46.6 Bcf and Contingent resources of 140.7 Bcf
Nine additional conventional licenses in Turkey, currently held by ARAR Petrol, will be transferred to Alpay Enerji
Post-transaction ownership: San Leon (75%), Server Fatih Alpay (20%) and Niche Group (5%).

[texas2]

Antwort auf Beitrag Nr.: 45.516.857 von texas2 am 25.09.13 20:36:11

iii
Attended the AGM and in general came away with a positive view. Still struggle to believe some of the blatant ramping/deramping posts on the boards, as an example no standing ovation in the AGM, I went to it. I pass on the comments without any judgment as to whether I was being told the truth but after the meeting increased my holding by 15%. Easier to do bullet points and bit short of time so apologies if some a bit random.

Oisin and board made themselves available for discussion/questions before and after meeting for as long as was required.
Cash would have run out by Xmas, at face value VERY pleased with Turkey deal. Several additional global funds involved in part of the placing. Announced after egm. Company changing deal.
Turkey offers many quick fixes in a very supportive system. They expect to not only meet but surpass production expectation. Pipeline should be finished ahead of schedule.
Lowly valued on only one license. 16 licenses involved there is potential for tremendous upside
Alpay is a drilling company with no money. Oisin said some of the reserves that have been proven have not been verified by competent persons report so were effectively free. Additional reserves will be verified as quickly as possible in the coming weeks.
Turkey game changer in that company would be cash positive next year I think he said from May.
After presentation I questioned Oisin repeatedly on further funding/dilution next year and beyond as to me the cash burn this year was very high and 2014 not completely covered by placing. He was adamant that Turkey would outperform and provide the company with all the cash it needed. He stated that he was a shareholder to and there would be no further shareholder dilution. I pass on what he said without comment.

Poland commercial production was a when not an if. Anyone who suggested otherwise didn't understand the industry. This is year 3 of 3-5 year plan.
Buggenhagen still very involved spending approx 80% of his time in consultancy work for San Leon.
Complete data sharing except for state run of companies involved in Poland.
No one has left Baltic Basin, even majors who have pulled out of Poland still have representatives around Data rooms.
Poland has found gas and oil if this was the USA there would be hundreds/thousands of rigs already drilled.
Momentum is at last beginning to build
Rogity 1 secondary target found oil.
UOS focusing on Europe and offering equipment and expertise at very large discounts
Poland 'conventional' legislation complete nightmare stuck in ex communist bureaucracy 6-18 months to get permission for anything.
When Poland is cracked Spain will follow.
Sector valuation remains ridiculous institutions still think sentiment change 6-12 months away though selective buying has begun.
Unfortunately Siciny2 fracking by Haliburton will be corporate decision and though their engineers view is positive no decision yet.
Hopeful of success from this weeks drilling.

Morocco cant think of anything to add to AGM presentation on website but farm out deals always on considerably better terms when two or more involved. Stating the obvious!

Albania was not in near term catalysts in presentation so I asked the obvious question as to why not. Very prospective but very high pressure. Shallow water helps a little but two rigs required at approx. 100 million cost. Two majors/super majors still involved but no decision expected in the near future. Morocco flavor of the month at the moment hopefully Albania at some point will be same. Extension agreement was important.

Joel Jones head of engineering who presented very well took the time to answer questions and we shared taxi on way back to airport. He seemed a vey genuine guy excited by the numerous prospects of the San Leon portfolio. Turkey was completely different to Poland and a very straight forward opportunity which suited his background. Straightforward basic work would lead to a material increase in produc

[texas2]

Daumen drücken

San Leon says Poland shale well results encouraging

26 Nov 2013 - 08:13

LONDON, Nov 26 (Reuters) - Poland-focused shale explorer San Leon Energy <SLEN.L> said on Tuesday results from one of its test wells had been much better than expected, an important boost for the country's shale ambitions. San Leon said the hydraulic fracturing - fracking - of the Lewino-1G2 well in Poland's northern Baltic Basin had been successful. A prolonged flow test to quantify the flow rate of the gas and the well's ultimate potential now needs to be done. "The behaviour of the well during these fracture treatments and throughout the subsequent initial clean-up period has far exceeded expectations," San Leon Chairman Oisin Fanning said in the statement. Shares in the group were up 2.3 percent. Poland has long been regarded as Europe's best shale prospect, but optimism faded earlier this year after Marathon Oil <MRO.N>, Talisman Energy <TLM.TO> and Exxon Mobil <XOM.N> pulled their exploration projects. (Reporting by Stephen Eisenhammer; editing by Kate Holton) (([e-mail])([phone])(Reuters Messaging: [e-mail])) Keywords: SAN LEON WELL

[texas2]

Antwort auf Beitrag Nr.: 45.934.504 von texas2 am 27.11.13 21:17:17

http://s3-us-west-2.amazonaws.com/brr-streamguys/files/SLE/r…

[texas2]

dh bis Anfang 2014 wird SLE den well test an der Lenowo 1 durchgeführt haben. Dann wissen wir, ob mit dieser Bohrung eine Gasprodktionsrate überhaupt erreichbar, die eine wirtschaftliche Inproduktionsnahme erlauben könnte
Wenn damit der Code für das Gasfeld Lenowo geknackt wäre, würde man das Feld abbohren und wenn diese Bohrungen ebenfalls gute Testraten zeigen kann das Feld in Betrieb genommen werden. Bis dahin wird SLE ,schätze ich, einen Farm In Partner präsentieren der uns das Abbohren etc. finanziert.
Hoffen wir das Beste



San Leon E&E needs month to asses gas flow level at Lewino well - country manager

San Leon, an AIM-listed hydrocarbons exploration and extraction firm, needs a month to appraise shale gas flows from its Lewino well in Poland, but considers flows to date as "promissing," San Leon country manager Witold Weil said at a shale gas conference.

"The well is prospective, but we still don't know what amount of gas we are dealing with," Weil said. "We have to conduct additional tests."

"I think that within a month we will be able to answer the question what will be the flow from the well," he added.

At issue is a Tuesday announcement by San Leon Energy that it had conducted a successful re-fracking of its Lewino-1G2 well in northern Poland and recorded initial gas flows. The fracking results have "far exceeded expectations," San Leon's executive director Oisin Fanning said cited in the firm's statement.

[texas2]

Antwort auf Beitrag Nr.: 45.945.044 von texas2 am 29.11.13 09:37:29

http://www.cnbc.com/id/101220363

[Kettenfett]

bin mit einer kleinen risikoposition dabei !

[Horst611]

In Kanada steigt der Kurs heute um über 40 %.

Allerdings keine großen Umsätze (ca. 70000 Stück).

[texas2]

Was mir daran gefällt: SLE hat für die Lewino Bohrung noch einen dritten frac probiert, obwohl die ersten zwei nicht so gut ausgesehen haben. Gibt genug ölfirmen die vielleicht nach dem zweiten frac aufgegeben hätten. Aber lessons learned anwenden und weitermachen: das kann zum Erfog führen.
Dass Lewino die verpumpten Fluids wieder rausspukt ist ein gutes Zeichen. Noch besser wäre es einzuschätzen wenn SLE dazu die Mengen des geförderten Erdgases mitangeben würde.
Türkei: mit den 50.000 m³/d (?) verdient man noch nicht viel. 500.000 oder 5.000.000 m³/d wären da schon besser. Ölfördermengen habe ich überhaupt keine gesehen (oder überhört?) Auf jeden Fall werden auch bei der Ölförderung einige hundert Tonnen Öl /d notwendig sein, damit das Geld für die Finanzierung von Polen aus dem cash flow möglich wird - schätze ich
Bleibt auf jeden Fall spannend und SLE wird eine interssanter 8ter Bahnfahrt, die hoffentlich nicht in der Geisterbahn endet. Der abgestürzte Kurs macht jedenfalls im Augenblick für bereits investierte wenig Spass.

http://www.brrmedia.com/event/119363/partner/oilbarrel

December 17, 2013

Conference report 2: San Leon Energy Provides Polish Shale Insight While Wentworth Resources Highlights East Africa's Overlooked Onshore Potential
By Amy McLellan

AIM-quoted San Leon Energy has never shied away from striking corporate deals to grow its E&P portfolio. It started in 2009 with the acquisition of Gold Point Energy, the beginnings of its Polish adventure, and then continued in 2010 with the acquisition of cash-strapped Island Oil & Gas, in 2011 of Realm Energy while 2013 has seen two corporate deals, the merger with troubled Aurelian Oil & Gas at the start of the year and then September's acquisition of a 75 per cent stake in Turkey's Alpay Enerji.

The latter deal brings some production and near-term development opportunities onto the books so that San Leon can start to build self-sustaining revenues. It reckons it will be cash flow positive in Q2 2014 and those revenues, along with the £31 million raised in a recent placing, should help it fund its flagship projects in Morocco and Poland.

It was the latter country that was the focus of COO Joel Price's presentation, with particular attention to its shale ambitions ( it also has conventional oil and gas opportunities there). Poland has been at the vanguard of Europe's fledgling shale gas industry, with the Government and the population at large supportive of an industry that has the potential to lower high gas prices, drive economic growth and reduce its reliance on Russia.

As we have noted, San Leon was an early mover here, acquiring its licences at around US$5 per acre. Polish exploration shale gas acreage is typically trading at up to US$500 per acre: should the country start to see the same kinds of flow rates and recoveries as North America then valuations could balloon: US development shale gas acreage trades at around US$38,000 an acre.

As Price acknowledged, however, there are many sceptics who don't believe Europe will emulate the same shale gas boon as North America given the higher costs and different geologies.

“But people aren't comparing like with like,” said Price. “Polish gas prices are three times that in the US and the state take is less than half.” It hasn't helped sentiment, however, that a number of high profile players have, for whatever reason, exited the Polish shale sector, including ExxonMobil and San Leon's own former farm-in partner Talisman Energy.

To realise value from its early mover footprint in the Baltic Basin, San Leon needs proof of concept. A key well, Lewino-1G2, has been fracked in the Ordovician and is currently cleaning up. Price provided a high level of detail about this fracking process, which made clear just how sophisticated this process is and the amount of trial and error it takes to get the engineering right to allow the gas to flow from the tight rocks. The first frac on the well involved 10,800 barrels of water pumped in at a rate of 120 barrels per minute along with 42,000 pounds of sand proppant at a very low concentrations: this resulted in a sub-commercial flow of gas and the company and its service contractors went back to the drawing board.

The second frac involved 8,300 barrels and almost double the amount of proppant, this time using ceramic not sand, but still at very limited concentrations. A slick water and gel treatment (the latter being guar gum) were applied to combat pressure spikes but it was still unsuccessful in terms of flow rate. Third time lucky and the company used 10,300 barrels of slickwater and a high concentration of ceramic proppant to hold the fractures open.

“It's evidence that a single frac like that can cover the whole Ordovician interval,” said Price, which would be good news for future development planning and costs.

Well clean up is now underway, with nearly 20,000 barrels, or nearly 3000 tonnes of water, already recovered. “We've got 30 per cent back without even putting in any tubing,” said Price. “Gas also came back very early on and we're continuing to get gas back. When it's sufficiently dry then testing will last for a month.”

Based on what it's seen so far, the company plans a horizontal well with multiple fractures. “We are very encouraged,” said Price, who said if necessary San Leon will be the “last man standing in Poland.” “We see it as a potential company maker,” he said.

It was a technical presentation from someone who clearly knows his stuff. There remain some sceptics about Polish shale, including some shareholders in the audience who were vocal about the stock's performance, but Price did a good job of explaining the complexities and why it takes persistence to try the different iterations to get the fracking job. The coming months, as Lewino-1G2 is cleaned up and tested, will be carefully watched by many company followers and oilbarrel.com delegates will be keen for Price to return next year with an update on the well's performance

[Horst611]

Kurz vor Börsenschluß in Toronto hat einer wieder 80000 für 0,05 gekauft und damit ein Minus von 17 % erzeugt.

Also wieder nur ein Strohfeuer !

[texas2]

die optimisten sitzen bei SLE
die pessimisten glauben dass in den nächsten 10 jahren kein shale gas in europa gefördert werden wird

'Cracking Europe's shale gas potential'
Source: IRIS International (19-DEC-13)

Despite the transformative impact that shale gas has had on the outlook of US energy markets, the European landscape regarding shale gas is very mixed and markets should exercise caution as multiple issues may slow progress, according to a new report issued by EY today.

On the future impact of shale gas on the European energy market, Dale Nijoka, EY's Global Oil & Gas Sector Leader said, ''The US shale gas success story has heightened speculation over the potential for shale gas to transform energy markets in other regions. Energy-intensive industries in Europe and other developed economies are hoping that development of their shale gas resources will provide access to lower-cost supplies and energy security. There is no denying the economic benefit that the evolution of a shale gas industry could bring to individual countries in Europe, helping to reduce their dependence on imports.''

Shale resources are believed to be present in at least 14 countries across Europe, including Ukraine, Germany, France, Poland and the UK, though no shale gas play has yet been brought into production. Three-quarters of estimated European shale gas reserves are concentrated in just four countries: Russia, Poland, Ukraine and France.

Estimates from a number of organizations suggest that while production costs for US shale gas range from USD 3/MBtu to USD 7/MBtu European production costs could be much higher between USD 8/MBtu and USD 12/MBtu.

Nijoka said, ''The price of natural gas was an important factor in the rapid increase in shale gas production in the US, but European prices are likely to be higher until an understanding of the geology improves and further advances in technology can help drive down costs.''

Predicted natural gas demand growth will also be critical for oil and gas companies when contemplating investment in shale gas projects in Europe, as it is not expected that shale gas production in Europe will reach commercial levels for at least another 10 years. The lack of oilfield service sector capacity, suitable equipment and a skilled labor force have been highlighted as potential bottlenecks preventing the faster development of shale gas in Europe. Shale gas will also need to compete with existing energy sources in Europe, where investments in infrastructure have already been made.

The rapid growth in shale gas production in the US has resulted in concerns about the impact of the development processes on public health and the environment. Opinion on the environmental impact of shale gas and its role in the future energy supply mix has become increasingly polarized.

The physical footprint associated with shale gas exploration and production is larger than that for the exploitation of conventional hydrocarbons. Access to land and land usage are likely to be important issues in densely populated Europe. In addition to the environmental issues, there is the issue of social acceptance of the shale gas industry in Europe. Compared with the US, Europe has a higher population density and more stringent environmental regulations. Issues like noise pollution, which has so far been less of a concern in the US than some of the other issues, might be more of a problem in densely populated regions of Europe.

Looking ahead, Nijoka said, ''Many hope that the experience in the US can be replicated in Europe, but this experience also needs to include learning the lessons from studies under way on the environmental and public health impacts of shale gas development in the US. In addition, these studies can help shape appropriate regulation where necessary in Europe.'

[texas2]

nix gefunden in marokko

20 December 2013



San Leon Energy plc

("San Leon" or the "Company")



Morocco Update



San Leon Energy Plc ("San Leon"), the AIM listed company focused on oil and gas exploration in Europe and North Africa, notes today's announcement by Cairn Energy ("Cairn") regarding the proposed plugging and abandoning of the FD-1 wildcat exploration well on the F prospect in the Foum Draa block, offshore Morocco.



Cairn is the Operator of the block and holds a 50% net operated interest, San Leon holds 14.17%, Serica holds 8.33% and Longreach holds 2.5%. ONYHM, the Moroccan National Bureau of Petroleum and Mines continues to hold 25%.



Oisin Fanning, Chairman of San Leon, commented:



"While we are disappointed not to have found reservoir-quality rock in the target interval, we are encouraged by the presence of hydrocarbons in the well, which proves that a working hydrocarbon system is in place. We shall now evaluate the data with a view to deciding on next steps for our equity share in the licence. We now look forward to the drilling of our next offshore Morocco well, on the Sidi Moussa prospect, by its operator Genel."



Enquiries:



San Leon Energy plc


[phone]



Oisin Fanning, Executive Chairman

[texas2]

Antwort auf Beitrag Nr.: 46.099.561 von texas2 am 22.12.13 16:59:36

Auf der ersten Seite hat SLE jetzt ein Foto von der Fackel beim Test fotografiert
http://www.sanleonenergy.com/media/933533/san-leon-macquarie…
Auf jeden Fall genug Gas für SLE um jetzt eine zusätzliche horizontale Bohrung zu bohren.
Von der Größe der Flamme könnte man vielleicht (???) 750 m³/h schätzen. Andererseits wurde die Flamme ziemlich sicher so fotografiert, damit diese möglichst groß aussieht ....

[texas2]

45-60 Mcft/d oder 1.300-1.700 m³/d
bzw. erhoffte 5.600-10.000 m³/d
da liegen wir mit den 750 m³/d geschätzt aus der sehr manipulativ fotografierten Flamme (wie ich jetzt weiß) ja noch ziemlich weit weg. SLE hat da noch einen steinigen weiten Weg vor sich
So eine tagesrate von 2 mio cft/d wäre super gewesen, dann wären wir übern den Berg mit SLE.
Hilft nix, wir müssen weiter Daumen drücken und warten, dass sle mit der kommenden horizontalen Bohrung einen sweet spot erwischt und den frac weiter optimiert
Das mit geförderte Erdgaskondensat hilft ebenfalls und kann zum Zuckerguß+Sahnehäubchen werden beim Lewinokuchen, wenn alles gut geht



RNS Number : 3091Y
San Leon Energy PLC
23 January 2014



23 January 2014

Lewino-1G2: Successful Vertical Frac Leads To Horizontal Well

San Leon Energy Plc ("San Leon" or "the Company"), the AIM listed company focused on oil and gas exploration in Europe and North Africa, announces the successful completion of flow testing in the Ordovician shales in the Lewino-1G2 well on its 221,000 acre (894 km2) Gdansk W Concession in Poland's northern Baltic Basin. The Company has achieved all of its goals in the Lewino testing programme including extensive data gathering of crucial information required to understand the recipe for a successful frac and commercial flow in the Ordovician shales. Based upon these results San Leon plans to spud its first horizontal well and multi-stage frac at Lewino in the near future.


Highlights

· Sustained gas production rate of 45,000-60,000 standard cubic feet per day (scf/d) after 6 weeks of well clean-up, despite the well not yet being fully cleaned of frac fluid.

· Using the data acquired SIGMA3 Engineering (previously known as Apex) estimates a potential rate of 200,000-400,000 scf/d, based upon full clean-up of frac fluid. A commercial decision was taken to stop cleaning up the well (at a cost of $55,000 per day due to coiled tubing and nitrogen lift), as all necessary data has been acquired for planning a long offset horizontal well with a full multi-staged frac programme. Based upon the well performace it is estimated that several more months' flow is likely to be needed for full clean up.

· Condensate yield of around 20 barrels per mmscf improves overall economic potential of the play.

· Based on the results, a long horizontal well with multi-staged frac will now be drilled and tested as soon as possible - subject to permitting, rig availability and planning with technical partners.

· Flow rates are believed to have been achieved relying only on the highly successful frac 3 in the upper Ordovician, leaving considerable upside for future stimulation of the entire Ordovician.

· One of the key learnings of the vertical frac programme was that it is likely the entire Ordovician interval can be stimulated with a properly-planned frac design. This will be targeted with each frac in the upcoming horizontal well and will be invaluable in future commercial production in our concessions.

· In the US, horizontal wells typically yield 7-30 times the production rate and recovery of vertical wells in the same formation, especially after optimisation and learning.

· Further strengthened strategic relationship with United Oilfield Services (UOS) as both companies work together to pioneer shale gas in Poland.

Executive Chairman, Oisin Fanning, commented:

"This is the most encouraging vertical shale well test in Poland to date. We have moved a long way towards "cracking the code" towards commercial production from our unconventional plays. This has been achieved in conjunction with our technical partners, and is the result of the successful iteration of the frac design to the point where we can now see the production potential of our extensive shale gas acreage in Poland's Baltic Basin. These learnings will be put to good use in the planned multi-staged fracced horizontal well in the Lewino area, where we believe we shall be able to stimulate the entire vertical extent of the Ordovician interval with each frac, and prove commercial flow rates."

Dennis McKee, UOS CEO and President, commented:

"The recovery of gas so early in the flowback of frac fluid is highly unusual and very positive. It suggests to me that the formation really wants to flow gas. In the upcoming horizontal well we can use the success from the frac design from the upper Ordovician to target the whole of the Ordovician, as I think that the lower Ordovician only flowed back during the early stages and then closed up. This lower formation layer may well have been the source of the very early gas, and our knowledge of what works from frac 3 should enable us to keep it open in future wells. I look forward to the horizontal with great anticipation as it stands a strong chance of proving up this play."








Lewino-1G2 Results

Previously Reported Frac Operations

Frac 1 was performed in July 2013 in the lower Ordovician, and achieved very low proppant concentration.

Frac 2 was performed in November 2013 and was a re-frac of the lower Ordovician pay section, using ceramic proppant, different frac fluid chemistry, and a different frac programme. More proppant was emplaced than during frac 1, but still at significantly lower concentration than planned. Frac fluid chemistry issues appeared to have been resolved.

Frac 3 was a further iteration of the frac programme based on the results of fracs 1 and 2, this time targetting the upper Ordovician pay section - a secondary target, chosen as the lower Ordovician primary target was already fracced and re-fracced. This time the frac proceeded as per plan, emplacing far higher proppant concentrations into the formation with relative ease.

Flowback and Rate Measurement

Flowback of frac fluid through the 7" casing began on 13th November 2013, and quickly achieved continuously flared gas. On 21st November 2013 the well was shut in to allow the 2-3/8" completion tubing to be run into the hole, at which point 30% of the frac fluid from the November fracs had been recovered.

The well was reopened to flow on 4th December, now through the 2-3/8" completion tubing, and again with continuously flared gas. By 9th December 2013 37% of the frac fluid from the November fracs had been recovered and coiled tubing was run into the hole to assist with further clean up using nitrogen lift. Due to the significant dilution effect of the nitrogen lift on the formation gas, as expected it was not possible to flare during the early days of nitrogen lift. However on 20th December the flare re-lit intermittently and within a day was flaring again continuously, despite the nitrogen dilution effect. This coincided with a steady decrease in gas mixture density (formation gas plus nitrogen from coiled tubing lift) observed at surface, indicating an increase in formation gas rate as the well cleaned up.

Regular technical discussions were held with United Oilfield Services (UOS) and SIGMA3 Engineering (SIGMA3) in Denver to track and analyse the clean up and performance of the well. Considering the high daily cost of coiled tubing lift with nitrogen, the decision was taken that sufficient data had been acquired to enable post-clean up well performance to be predicted. As such, the coiled tubing was removed from the well on 16th January 2014 and a downhole shut-in tool and pressure gauges were run into the well to perform a pressure build up test over the coming weeks. This data will help refine our interpretation of the well and also frac design on future wells.

The typical formation gas rate achieved at the time the clean up was stopped was around 45,000-60,000 scf/d - a highly encouraging rate, particularly given that the well was still in the process of cleaning up, and also that it had flowed for 6 weeks (and so had time to undergo the steepest part of its natural decline curve). The hydrocarbon gas rate was calculated using surface rate measurement at various nitrogen lifting rates, detailed gas sample analysis and gas density.

In addition to the gas flow, 20 bbl of condensate per mmscf gas was observed. This would be expected to add around 20% additional revenue to future gas sales. The gas itself is "rich" and has very low CO2 and N2, and no measurable H2S.

Results Interpretation

Based upon frac and flowback data SIGMA3 calculates the likely achievable rate of the fully cleaned-up well is in the range 200,000-400,000 scf/d. This models the well with the fracs as they have been performed; with no additional optimisation of design. The well would have been expected to clean up given additional time, as occurs on the vast majority of comparable shale fracs. The 200,000-400,000 scf/d figure is also based solely on the upper Ordovician flowing.

Further, SIGMA3, San Leon and UOS are in agreement that the current production most likely comes almost entirely from the upper Ordovician only. The upper Ordovician was the secondary target for the well and was fracced with frac 3 only because the lower Ordovician already had a frac and re-frac within it (albeit with very low proppant concentrations). Indeed the upper Ordovician was only a contingent target during frac planning. Modelling indicated that the lower Ordovician had insufficient proppant concentration for its fracs to stay open once the well was significantly drawn down - something which all technical parties believe can be addressed in the planned horizontal well programme.

The lower Ordovician net pay has higher effective porosity and gas saturation than the upper Ordovician, although slightly lower net pay thickness. Therefore if the technical interpretation of flow from only the upper Ordovician is correct, then the per-frac potential for the Lewino Ordovician formation is materially higher than measured and inferred from the flowback data and SIGMA3's post-clean up extrapolation. Direct downhole flow measurements were not possible due to the presence of coiled tubing in the well.

Next Steps

Following the highly-encouraging testing results from the Lewino-1G2 vertical well, San Leon is preparing to drill a 1,500 metre horizontal well with a multi-staged frac programme. Successful developments of shale in Poland will likely use wells of this design. Long horizontal multi-fracced wells have a number of advantages over vertical wells in terms, not only of higher production rates and recovery, but also of their physical ability to clean up after fraccing, and for that clean up to be performed in a far more economical manner.

The existing well pad and a pre-prepared drilling cellar will be utilised, reducing cost and time. San Leon already has good-quality 2D seismic across the Lewino area. Some seismic lines were deliberately acquired in the most likely direction for horizontal drilling based upon regional stress directions, meaning that the well will have seismic data coverage across its entire length. Limited faulting with relatively minor offsets is expected, and the trajectory has a very slight upward dip from heel to toe. Subject to operational feasibility, the existing Lewino-1G2 wellbore will be used as a downhole listening post for microseismic data acquisition during the multiple fracs in the horizontal well.

The final frac on Lewino-1G2 provided a step-change insight into the frac design which works in this play. Proppant was emplaced very easily, without any material increase in treatment pressure. This was in-line with the final frac design and provides scope for further modification and optimisation in future fracs. This gives us confidence that fracs can be designed in the horizontal well to cover the whole of the Ordovician net pay interval, and be kept open with high proppant concentrations. Design work continues, but it is likely that the horizontal well will be landed towards the top of the lower Ordovician, providing frac initiation in the optimal zone, while also accessing the upper Ordovician.

In the US, horizontal wells typically yield 7-30 times the production rate and recovery of vertical wells in the same formation, especially after optimisation and learning over time. It is also generally accepted that production rate and recovery of wells drilled later in the development learning curve significantly outperform early wells, suggesting further material upside.

The Company is delighted to continue to work with UOS, with whom it has an existing agreement and relationship enabling flexibility over payment (to include Company shares, at its option). San Leon is also in active discussions with various industry players regarding a potential joint venture.

Summary of Lewino-1G2 Vertical Well Achievements

· Rapid first gas on flowback of final frac campaign.

· Continuous production of high-quality "rich" gas.

· Rate of 45,000-60,000 scf/d, plus around 20 bbl/mmscf condensate. SIGMA3 has calculated a current estimated rate of 200,000-400,000 scf/d with the well fully clean-up of frac fluid.

· First known application of ceramic proppant in Poland.

· Breakthrough in frac design and understanding between fracs 1 and 3.

· Ease of emplacement of proppant in frac 3 gives confidence in the ability to optimise fracs even further in the upcoming horizontal.

· Knowledge of expected significant increase in gas rate per frac when targetting both upper and lower Ordovician with each frac in the horizontal. This is based upon the interpretation that the lower Ordovician, the primary target, was inadequately stimulated by fracs 1 and 2 (prior to the breakthrough in Lewino frac design).

· Temperature log from frac 1 gave an understanding of frac height growth, which is now an input to future frac designs.

· Trial microseismic on frac 1 suggests applicability in the upcoming horizontal.

· Oil-wetting tendency of produced fines seen in frac 1 has been overcome with frac fluid chemistry changes.



Further Information

Enquiries:

[texas2]

12 February 2014

San Leon Energy plc
("San Leon")
Siekierki Path to Production
Baker Hughes signs LOI to fully fund production strategy
San Leon Energy plc (AIM: SLE) announces that it has signed a Letter of Intent ("LOI") with Baker Hughes Poland Sp. z o.o. ("Baker") (together "the Companies") to jointly begin to develop the Siekierki Gas Field1 in Poland, including Polish Concessions 206, 207 and 208. The Companies plan to start gas production from four existing wells, namely Trzek-1, Trzek-2ZH and Trzek-3H on the Siekierki structure, and the nearby Krzesinki-1 well (the "Wells").
Under the proposed agreement, it is envisaged that Baker will provide all funding necessary to recomplete and bring into production the Wells. Subject to finalisation of the funding mechanism, Baker's funding may be in the form of cash, in-kind oilfield services, or a combination of both. Baker services will be provided at their standard prices and based upon a Master Service Agreement to be agreed between the Companies.
In return for fully funding the startup of production, Baker will receive a to-be-agreed portion of the profits generated from production until Baker's investment has been fully recovered. Baker will then receive a to-be-agreed net profit interest from the Wells.
The Companies have now entered an exclusivity period during which the final work scope and commercial terms will be negotiated and agreed.
Oisin Fanning, San Leon Executive Chairman, commented:
"We welcome Baker Hughes' involvement in Siekierki. This is a real milestone for San Leon and could lead to the Company's first significant production in Poland. Production from the first four wells in Siekierki will allow San Leon to understand the potential that may exist in the Siekierki complex of fields. During testing, the Trzek wells produced between 2.0-3.0 mmcfd each, and permissions are already in place for various elements of the infrastructure and export systems required to get the gas to market."
1 Acquired in January 2013 on completion of the merger of San Leon and Aurelian Oil & Gas plc.

Bin über Aurelian zu SLE gekommen und war enttäuscht keine Fortschritte zu Siekierki zu sehen. Bei 2-3 mmcf/d sollte gerade so eine wirtschaftliche Produktion darstellbar sein, wenn der Produktionsdecline nicht zu stark und schnell abfällt ...

[texas2]

san leon würde genau so einen treffer benötigen in polen und alles wäre geritzt .... denke lewino könnte das potential haben so eine horizontalbohrung mit 20 fracs zu bohren ...

wenn wenn und wäre nicht wäre wäre :-((



O'Cinneide
14 February 2014 12:19 GMT
.US independent Magnum Hunter has revealed a gas discovery at its first dry gas well in the Utica shale.
The Houston-based player has put the Stalder 3UH well in Monroe County, Ohio on production after testing it at a rate of 32.5 million cubic feet per day.

The well was drilled to a true vertical depth of 10,653 feet with a 5050-foot lateral section, with a 20-stage fracturing job.

“The well is continuing to clean up, and the company believes that the actual gas sales rate will likely increase further over the next several days as this water production declines,” Magnum Hunter said.

The Texas player is operator of the well on 47% and is joined by Norway’s Statoil as well as Eclipse Resources and Northwood Energy.

[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

[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]

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]

[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]

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.: 47.257.560 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]

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.: 47.368.382 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]

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.: 48.109.654 von texas2 am 23.10.14 05:33:38

endlich, endlich eine Erfolgsmeldung. Die 4 mmscf/d schauen sehr gut aus im Vergleich zu den bisherigen Bohrungen. Von den tube Filmchen her hätte ich eher weniger geschätzt. Wenn die 4 mmscf/d durchgehalten werden können und die nächsten Bohrungen in diesem Gasfeld ähnliche Raten haben, kann SLE damit Geld verdienen. +40% der Kurs heute

25 February 2015

San Leon Energy plc

Rawicz Commercial Gas Discovery

San Leon Energy plc ("the Company" or "San Leon"), the AIM listed company focused on oil and gas exploration in Europe and North Africa, announces highly positive well test results for Rawicz-12, which the Company expects will form its first commercial gas discovery.

The Rawicz-12 appraisal well, located in south-western Poland, commenced flow testing on 5 February 2015 and has to date flowed at an increasing rate of up to 4.1 mmscf (million standard cubic feet) per day. No significant amounts of water have been encountered and gas quality matches expectations. Well productivity, gas production rate and surface flowing pressure continually increased during the long high-rate flow period.

The Company anticipates that an additional three to five wells will be drilled to develop the field, with the second well on Rawicz already in planning and being at no up-front cost to the Company. Gas prices in Poland are amongst the highest in Europe.

Rawicz-12 Well Testing Details

The Rawicz-12 appraisal well, drilled to appraise the previously-discovered, unproduced Rawicz gas field, was opened up to flow on 5 February 2015. Since then, apart from a short pressure build-up performed to gain technical data, the well has been continuously flowed to flare.

The well flow rate and flowing wellhead pressure steadily increased (indicating a progressive clean-up of the well) and by the morning of 16 February 2015 the gas production rate was approximately 4.1 mmscf/d, and increasing, at a flowing wellhead pressure of 205 psig (pounds per square inch) on a fixed choke of 80/64". The reservoir volume tested is determined largely by the length of the flow period, and is relatively insensitive to flow rate. Therefore on 16 February 2015, and with flow rate and pressure still increasing, the decision was taken in conjunction with Baker Hughes (the well testing advisors) to choke the well back to limit the flaring of gas for the remainder of the flow period. It should be stressed that the choking back of the well was solely to reduce wasted reserves.

No material water has been produced, and no hydrogen sulphide gas (H2S) has been recorded. Gas quality matches expectations and samples from previous wells in the field, at around 70% methane.

Preliminary evaluation of the data received so far indicates a permeability to gas of around 2mD, confirming the success case assumption that the field can be developed as a "conventional" resource.

The process of cleaning up of the well involves the removal of reservoir "skin" from the drilling and completion process. Skin is an engineering measure of how much the rock near the wellbore is affected by that process, with higher values indicating more restriction to production. The skin value is currently estimated to be around 7 - a relatively high figure - although flowing the well has already significantly reduced it to 7 from initial values. Calculations suggest that a much lower skin factor could increase the gas flow rate at these flowing conditions by around a half. Such a material flow rate upside could be achieved under several scenarios whereby the skin is reduced or bypassed, including:

1) Continued cleaning up of the well
2) Performing stimulation (deep penetrating perforating, or hydraulic fracture) on the well to bypass remaining skin as much as possible
3) Reducing skin in future wells through modification of the drilling and completion programme.

Rawicz-12 has been flowed only over the upper half of the gas-bearing interval, in order to minimise water production during the test. The absence of water production could enable future wells to be completed to a greater depth (where water saturation increases), increasing the flowing interval thickness and therefore the gas production rate. The existing well is vertical through the reservoir, meaning that deviated or horizontal wells during a development could be used to target still higher production rates.

It is expected that the well will complete its flow testing on 28 February 2015, following which pressure build-up data will be acquired for several weeks. This data measures the shut-in pressure response of the well, enabling reservoir characteristics such as permeability and volumetrics to be refined.

The Rawicz project is operated by Palomar Natural Resources ("Palomar") with 65% equity, and San Leon has no up-front drilling costs for its 35% equity share of the first two wells.


Oisin Fanning, San Leon Executive Chairman, commented:

"This is the well we have been waiting for - a significant gas discovery in one of the highest-priced gas markets in Europe. The Rawicz field has existing gas infrastructure nearby and a development feasibility project has already been completed.

This well is transformational for the Company, a step towards energy independence for Poland, and the first of what we anticipate will be a series of such wells for San Leon in the Rawicz field and elsewhere in Poland. These results are gratifying for the management and staff of San Leon Energy and are expected to be beneficial for our shareholders. I would like to thank our investors for their patience, and congratulate the on-site team for a job well done. We look forward to updating the market on the full interpreted results of Rawicz-12, and the next steps for the Rawicz field."


Joel Price, San Leon Chief Operating Officer, commented:

"The preliminary results of the well test are extremely encouraging, showing good permeability to gas and no water production. The data quality is high, as downhole shut in is being used (improving the ability to interpret pressure build up data in a gas well), and this gives confidence in the technical interpretation so far. The high flow rate of over 4 mmscf per day has been achieved even in the presence of what is believed to be a significant (and reducing) remaining reservoir skin, and without flowing the lower part of the reservoir, highlighting the flow rate upside in Rawicz. Once the full test and the final pressure build-up data have been acquired, the interpretation will be completed and will be used as input to defining the next steps for the Rawicz field."

Qualified person

Joel Price, who has reviewed this update, has 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.

For further information contact:
San Leon Energy plc
Oisin Fanning, Executive Chairman

[Kettenfett]

Die Produktionsrate sieht gut aus, aber 70% Methan, was sind die anderen Bestandteile (NGL's oder inerte wie N2/CO2?). Pipeline ready sieht anders aus.

[texas2]

Antwort auf Beitrag Nr.: 49.268.417 von Kettenfett am 07.03.15 12:53:13

CONVENTIONAL GAS IN POLAND: LOWER RISK, HIGH RETURN

It has been a couple of weeks since San Leon Energy made the announcement of a commercial gas discovery at its Rawicz-12 appraisal well in Poland, but now the company's partner and project operator, Palomar Natural Resources, has released further information about the well testing of an important new resource in a place where the price of gas is high.

According to Palomar's press release, the company purchased its 65% interest in the Rawicz concession 9 months ago from San Leon Energy. “In this short time Palomar Natural Resources assumed operatorship of 7 concessions, built a competent operations team, obtained all necessary permits and approval, safely drilled the Rawicz-12 well on budget and successfully flow-tested gas.”

Palomar, which has 65% equity in the project, writes in its release that natural gas production at the Rawicz-12 should start in the near term. The company reports the Rawicz-12's peak test rate was 5.3 MCF/day and sustainable average 24-hour steady flow rate 4.5 MCF/day.

Readers of Natural Gas Europe may recall San Leon's farm-out of the Rawicz well to Palomar in June of last year. That happening signaled the return San Leon's former Director of Exploration, John Buggenhagen (now CEO of Palomar) to exploration and production activities in Poland. Previously, Dr. Buggenhagen had been a robust advocate of San Leon's shale gas projects in Poland, but in May 2013 decided to take some time off as significant results for the company's concessions proved fleeting.

Today, he says of Palomar: “Our focus is on conventional, lower risk, high return oil and gas in Poland. We think that conventional prospects, as I thought when I first got to Poland, have a huge upside and that we are committed to developing this trend.”

Of the Rawicz-12, Dr. Buggenhagen explains, “We really focused on costs and successfully drilled a lower cost well for the region. On our next well, the Rawicz-14, I intend to continue to focus on costs by cutting drilling costs by 30%.

“In the short-term we're focused on a detailed analysis to determine the best way forward to develop the Rawicz field and continue to appraise adjacent prospects in the area.”

Mr. Buggenhagen says that while not an unconventional gas project, Palomar is planning on using newer equipment, rigs and drilling techniques.

“We're literally starting almost from scratch,” he says. “We're not given the benefit of the 80-100 years of exploration and production in Poland. It seems to me that the government would be more willing to share historical data with every foreign explorer that's willing to spend money and bring Polish gas to market.”

Of Palomar's interest in the Siekierki project, he says the company has completely reevaluated it from a subsurface and engineering perspective, “and we are planning to begin our operations, probably in the second quarter.

“Again, in our mind it's not unconventional gas, but conventional gas bordering on tight, therefore we'll use a very similar approach.”

According to him, water disposal is one of the potential issues that the company is working to mitigate in Siekierki.

With operations in Poland and North America, thus far Palomar has drilled four wells in the US, two of them successful and two pending completion, plus its well in Poland. Now, Dr. Buggenhagen reports, the company has the money to prove concept, after which it will receive more equity capital and likely go out and raise funds to proceed.

“We've drilled five wells in less than a year and we're already producing in the US,” he remarks. “That kind of activity will be required to continue going forward. Therefore, if we're successful here (in Poland) I think we could make an impact.”

Meanwhile, he says he's not concerned about the impact of low oil prices on E&P projects. He offers, “Poland is one of the few places, I think, gas prices will continue to maintain its high levels, in Central Europe, because I don't think the Russians will honor the gas price that follows oil by 6 months – they're not cutting their gas price in half – so I think we'll see very strong gas prices, particularly with what's going on geopolitically at the moment.”

Furthermore, according to Dr. Buggenhagen, Palomar is forming partnerships with other companies, looking at new technologies for the removal of water, and for finding new ways of monetizing the gas. “We're not necessarily selling it directly to the pipelines; we're looking at some end users on the industrial side and building a viable business here in Poland.”

Meanwhile, he reports that a lot of people are still asking him to speak about shale gas, but he says Palomar is not a shale gas company. “Although, I'm still very interested.”

He recalls that upon leaving San Leon in 2013, he had intended to take a year or two off, but after 2 months he was back in the exploration and production business. He says he met with a group of investors and sold them on the concept of lower risk, technology-driven conventional plays.

Natural Gas Europe asked him what it was like watching from afar as the shale gas explorers in Poland dropped to the wayside. He comments, “Everybody expected the first couple of shale wells were just going to revolutionize the industry – it's never happened before, and it was unrealistic.”

“We were maybe somewhat unrealistic in terms of the amount of capital it would require to get to some kind of cashflow,” he says in hindsight of his role with the shale plays at San Leon. “Our model was always 'let's prove it and sell it,' but unfortunately it didn't work out.

“Do I still believe in Polish shale? Absolutely. I don't think enough wells have been drilled, and don't think we understand the story well enough,” he says.

Dr. Buggenhagen predicts that San Leon and BNK Petroleum are likely to become the champions of Poland's shale gas production in the next couple of years, until someone finds something compelling to bring others into the fold.

Now, explains Dr. Buggenhagen, he's about to set off on a new crusade to figure out how to monetize and continue Palomar's business in Poland. Final test results on the Rawicz-12 well are due at the end of this month – an anticipated milestone.

He reports, “We'll then put together a reserve report and begin the process of forming and exploitation concession in Poland. When that is done, we can begin to monetize our gas. The next year will be very busy.

“For me it's very exciting,” he continues, “after spending 6 years in Poland and 2 years in Budapest prior to that, this is exciting in that we've proven a gas field we knew was there. We're going to be proactive about developing it and turn it into a commercial success.”

-Drew Leifheit

[texas2]

Antwort auf Beitrag Nr.: 49.378.046 von texas2 am 19.03.15 22:19:29

http://www.irishtimes.com/business/energy-and-resources/san-…


July 15th is the big day for Oisín Fanning’s Aim-listed San Leon Energy, when it asks shareholders to approve a £29 million (€40 million) placing to allow UK investor Martin Hughes’s Toscafund to take a 41.5 per cent stake.
Toscafund already has 22 per cent of San Leon. Hedge fund gazillionaire Hughes is known as the “Rottweiler” in London for his aggressive approach to investments. There is no way anybody can keep this guy on a leash.
The Takeover Panel has granted a rule 9 waiver, according to a circular issued this week. This means Hughes doesn’t have to launch a full takeover bid for the explorer – normally mandatory once an investor breaches 30 per cent.
The cash will be used to fund San Leon’s assets in Poland and Morocco. If shareholders vote down the waiver, the maximum San Leon can raise is £13 million. Former Smart Telecom chief Fanning appears keen to get the full amount.
The shareholders’ meeting will be held in the Herbert Park hotel in leafy Ballsbridge. Shareholders would be well advised to bring along a few biscuits or even a squeaky toy. Anything to keep that Rottweiler happy.

[texas2]

Antwort auf Beitrag Nr.: 50.060.241 von texas2 am 26.06.15 21:48:37

http://sanleonenergy.com/media/1747349/sle-egm-circular.pdf

EXPECTED TIMETABLE OF PRINCIPAL EVENTS
Announcement of the Placing and Share Capital Reorganisation 1 June 2015
Date of this Circular 22 June 2015
Latest time and date for receipt of Forms of Proxy 11.00 a.m. on 13 July 2015
Extraordinary General Meeting 11.00 a.m. on 15 July 2015
Last day of dealings on AIM in the Existing Ordinary Shares 15 July 2015
Record date and time for the Share Capital Reorganisation 6.00 p.m. on 15 July 2015
Admission and commencement of dealings in the New Ordinary Shares, 8.00 a.m. on 16 July 2015
the Adviser Shares and the Placing Shares on AIM
CREST Accounts credited with New Ordinary Shares 16 July 2015
Despatch of new share certificates in respect of New Ordinary Shares by 23 July 2015
to certificated Shareholders
Despatch of cheques in respect of sales of fractional entitlements by 23 July 2015
Notes:
(i) Each of the times and dates shown above and elsewhere in this document are subject to change.
(ii) References to time in this document are to London time unless otherwise stated.
(iii) If any of the above times and/or dates change, the revised time(s) and/or date(s) will be notified to Shareholders by
announcement through a Regulatory Information Service.
SHARE CAPITAL REORGANISATION AND PLACING STATISTICS
Number of Existing Ordinary Shares 2,535,589,975
Number of New Ordinary Shares (excluding the Placing Shares and the Adviser Shares) 25,355,899
following completion of the Share Capital Reorganisation(i),(ii)
Number of Placing Shares being placed on behalf of the Company(iv) 36,250,000
Placing Price per Placing Share(iii) 80 pence
Number of New Ordinary Shares in issue immediately following completion 61,809,052
of the Placing, including all of the Placing Shares and the Adviser Shares(i)(ii)(iv)
Number of Placing Shares as a percentage of the enlarged issued ordinary share capital 58.6 per cent.
of the Company immediately following completion of the Placing(i)(ii)(iv)
Gross proceeds of the Placing(iv) £29 million
Net proceeds of the Placing(iv) £28.06 million

[texas2]

Antwort auf Beitrag Nr.: 50.214.141 von texas2 am 18.07.15 08:30:03

Tosca der SLE Gorilla:

Toscafund has a holding of 563,260,759 Existing Ordinary Shares, representing 22.21 per cent. of the total
issued Existing Ordinary Shares.
Pursuant to the Placing, Toscafund is conditionally subscribing for 20,000,000 Placing Shares at the
Placing Price. Immediately after Admission of all Placing Shares and the Adviser Shares, Toscafund would
hold a maximum of 25,632,608 New Ordinary Shares, representing 41.47 per cent. of the Company’s
issued ordinary share capital following the Share Capital Reorganisation and as enlarged by the Placing
and the issue of the Adviser Shares, and assuming that no options or other convertible securities are
exercised prior to Admission.
As a result, Toscafund would become obliged under Rule 9 of the Irish Takeover Rules to make a general
offer for the balance of the New Ordinary Shares in issue following the Share Capital Reorganisation
unless such obligations were waived by the Takeover Panel. The Takeover Panel has agreed to waive any
such obligations subject to the following conditions:
(i) the Independent Shareholders approve, on a poll, the Rule 9 Waiver Resolution; and
(ii) that a circular is prepared by the Company in accordance with the Whitewash Guidance Note in the
Irish Takeover Rules and such circular is approved by the Takeover Panel. This Circular has been so
approved in that respect only.
Further information in relation to Toscafund is set out in Part II of this Circular.
The participation of Toscafund in the Placing is conditional upon the same conditions as the participation
of the other Placees but will also be entirely conditional upon the passing by Independent Shareholders of
the Rule 9 Waiver Resolution. If the Rule 9 Waiver Resolution is not passed by Independent Shareholders
then Toscafund will have no obligation to fulfil its participation in the Placing and the proceeds of the Placing
will be only £13 million

[texas2]

Antwort auf Beitrag Nr.: 50.214.249 von texas2 am 18.07.15 08:56:19

Company (“Significant Shareholders”) as at the close of business on the Disclosure Date
(being the latest practicable date prior to the publication of this Circular) are as follows:
Percentage of
Number Percentage Enlarged Share
of Existing of issued Capital at
Shareholder Ordinary Shares Share Capital Admission
Toscafund (See Note) 563,263,759 22.21% 41.47%
Quantum Partners LP 216,130,787 8.52% 3.50%
The Capital Group Companies Inc. 155,300,000 6.12% 6.48%
Kulczyk Investments S.A. 88,472,446 3.49% 1.43%
Note: Legal title to: (i) 303,356,229 Existing Ordinary Shares was registered in the name of Morstan Nominees
Limited; and (ii) the balance being 259,904,530 Existing Ordinary Shares was registered in the name of Credit Suisse
Client Nominees UK Limited.

[eugswinner]

Guten Tag,

bei San Leon Energy PLC fand jetzt im Juli 2015 ein Reverse-Split statt im Verhältnis 100:1.

Aktuell wird diese Aktie an keiner Deutschen Börsen gehandelt deshalb.

Letzter Kurs Frankfurt am 15.07.2015: 0,007 Euro

Ich werde mich bei Gelegenheit über die Geschehnisse bei diesem Unternehmen informieren.

Gruß
eugswinner

[eugswinner]

@texas2

Soweit ich als Eurogas Aktionär informiert bin, hatte doch die Aurelian Oil&Gas
große Ölvorkommen in Polen? Eurogas war ja mal Partner mit Aurelian.
Soweit ich hörte, ging da mal eine Probebohrung schief. Bohrt da jetzt keiner mehr?

[eugswinner]

mal sehen wie es hier weitergeht...

Aktueller Kurs Frankfurt: 0,824

[eugswinner]

Kurs per 30.12.2015 in Frankfurt: 0,462 Euro

Aktie hat sich seit meinem letzten Posting fast halbiert. Bedauerlich.

@texas2: wie schätzt Du das hier ein?

eugswinner

[eugswinner]

Nanu? Stelle fest: seit Ende Januar Kursaussetzung!
In www.finanznachrichten.de steht was von einem verlorenen Arbitrage-Fall?

Was ist hier los ?
Werde dorthin schreiben müssen.

eugswinner

[Horst611]

Vielleicht findest Du hier mehr ?


http://www.iii.co.uk/investment/detail?display=discussion;co…

[goldmerry]

Juhu!! Aktie wieder handelbar
Mein Limitalarm hat dies heute angezeigt, weil ich diese Aktie schon lange im Depot habe.
Es gibt auch News vom letzten Freitag, wobei sich die Firma auch bei den Aktionären bedankt für Ihre Geduld und Unterstützung. http://www.finanznachrichten.de/nachrichten-aktien/san-leon-… Kurs FFM: 0,625 Euro per jetzt. Noch jemand hier zugegen?

[goldmerry]

Operating und Corporate Update 19.04.2017 sowie Meldungen über ein Settlement

http://www.sanleonenergy.com/home.aspx

Kurs deutlich gesunken seit meinem letzten Besuch hier. Ich halte entweder meinen Restbestand oder kaufe irgendwann zu, muß ich mir mal in Ruhe überlegen. Seit meinem Kauf vor Jahren jedenfalls ein Verlustposten in meinem Depot.

Hat jemand eine Meinung?

[Horst611]

http://www.independent.ie/business/irish/san-leon-blames-pro…

Kann jemand etwas damit anfangen?

[texas2]

Antwort auf Beitrag Nr.: 55.334.471 von Horst611 am 16.07.17 17:14:58

SLE bekommt Geld

Interim results for the six months ended 30 June 2017

29 September 2017


San Leon Energy, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, today announces its interim results for the six months ended 30 June 2017, and provides an update on its indirect interest in OML 18, a world-class oil and gas block onshore Nigeria, and other assets.

To view the full press release, please click here.

Highlights

Corporate
US$20.6 million has been received to date in relation to the US$174.5 million Loan Notes. The Company is scheduled to be repaid approximately US$19 million per quarter from Q4 2017
The Company previously reached agreement with Avobone in November 2016, which was subsequently revised in June 2017, regarding payment for Avobone’s exit from the Siekierki project in Poland. The remaining amount to be paid is approximately €14.7 million during October and November 2017
In December 2016, the Company announced the receipt of an approach from a possible offeror. In April 2017, we announced that we had signed confidentiality agreements and were in discussions with a further three entities, and in June 2017 we announced an offer, conditional on completing final due diligence, from China Great United Petroleum (Holding) Limited (“China Great”). China Great has remained in a dialogue with the Company and has advised that the delay in its due diligence has been due to it now being in discussions to bring in a large EPC partner to add value in midstream projects on OML 18. China Great will update the Company regarding progress in due course. There can be no certainty that any of these discussions will lead to a firm intention to make an offer
Nick Butler resigned as a Non-Executive Director from the Board effective on 6 September 2017. An executive search has been launched to appoint two new Non-Executive Directors

Operational
Contract is in place for San Leon’s senior operational appointee into Eroton, with his arrival in Nigeria imminent
Eroton is the Operator of OML 18 while San Leon has a defined partner role under the Master Services Agreement. Plans from the 2016 Competent Persons Report (by Petrovision Energy Services Limited) (the “CPR”) are being executed to optimise production using coiled tubing, electric line, and slickline. Challenges regarding pipeline loss allocation, downtime and slower-than-anticipated well work mean that current production is below the production and sales forecasts set out in the CPR, and those challenges are being addressed as they arise.
The Orubiri Field came online in late 2016, and the Krakama Field was brought onto production in early 2017. The Buguma Field is expected to follow in Q4 2017 and will now be brought on by direct tie-back to the Krakama Field
Commencement of heavy workover and new well drilling on various OML 18 fields to boost production expected in Q4 2017
Eroton is near to completing an updated reserves report on OML 18

Financial
Loss for the period ended 30 June 2017 was €5.24m (2016: loss of €6.23m), of which €11.3m relates to a foreign exchange loss on the loan notes
Cash and cash equivalents as at 30 June 2017 of €0.3m (30 June 2016: €0.7m)
As at 27 September 2017:
o US$20.6m has been received in relation to payments due to San Leon under the US$174.5m Loan Notes
o €4.3m received from loans provided to San Leon
o €8.175m has been paid to Avobone during 2017
o €1.7m cash and cash equivalents
Under an agreement with Yorkville, as announced on the 22 June 2017, San Leon issued 6,254,905 new ordinary shares at a price per share of 32 pence with a value of US$2.6m
As announced on 19 September 2017, agreements were entered into for the sale of a majority of the Company’s Polish assets, subject to certain conditions
Decision made to relinquish Sidi Moussa, offshore Morocco

Chief Executive Officer, Oisin Fanning, commented:
“The Company has three targeted cash flow streams from Nigeria: Loan Note repayments, dividends from production via the indirect equity interest in OML 18, and from the provision of drilling and workover rig services to Eroton under the Master Services Agreement. While well activity and dividends from production have been delayed for the reasons set out in the final results for the year ended 31 December 2016, the security package held by San Leon over Loan Note repayments have resulted in $20.6 million being received by the Company to date, and approximately $19 million expected on a quarterly basis as a minimum from Q4 2017 onwards, until the Loan Notes are repaid in full.

San Leon continues to work with Eroton to target the commencement of dividend payments, and I look forward to updating shareholders on progress in that regard in due course.”

Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement. References within this announcement to China Great and its ongoing discussions with the Company are being made with the approval of China Great, being the Offeror in relation to the conditional offer for San Leon referenced in this announcement

[Horst611]

wa ist passiert? Wird heute wieder gehandelt?

[keyar]

Antwort auf Beitrag Nr.: 57.605.928 von Horst611 am 23.04.18 12:31:36

yes - seit 7:30 gmt ( s. homepage)
LG
keyar

[texas2]

Antwort auf Beitrag Nr.: 57.607.257 von keyar am 23.04.18 14:53:00

Nigeria und der Ire Fanning sind irgendwie eine brisante Mischung:

San Leon Energy plc, the AIM listed company, focused on oil and gas development and appraisal in Africa and Europe, notes a media article in the Nigerian press relating to a claim by SunTrust Oil ("SunTrust") in respect of alleged payments due for the sale of their shares in Martwestern. The Company confirms it has received an application from SunTrust seeking leave (asking for permission) from the High Court Nigeria Holden to serve a petition outside the jurisdiction of Nigeria in respect of alleged amounts due.

Having taken legal advice, the Company believes the claim has no foundation (there being no outstanding liabilities to SunTrust from San Leon following the issue of San Leon shares to SunTrust in September 2016), and additionally the Nigerian courts lack jurisdiction for any such claim. The Company confirms it has instructed its Nigerian solicitors to file objections restraining the applications of SunTrust. This would have the effect of striking out the applications

[texas2]

Antwort auf Beitrag Nr.: 57.736.504 von texas2 am 10.05.18 20:28:06

die erste halbwegs gute Nachricht von sle, dieser Ölfirma mit dem komischen verhalten.

http://sanleonenergy.com/media-centre/news-releases/2018/jun…

[texas2]

Antwort auf Beitrag Nr.: 58.101.574 von texas2 am 29.06.18 18:55:07

San Leon Energy swings to profit; to buy back shares
25 September 2018 | 08:42am
StockMarketWire.com - Africa-focused San Leon Energy swung to a first-half profit after it booked higher interest income from its loan notes.

The company said it intended to 'initially' return no less than $10m to shareholders through a share buy-back programme, once it had completed a capital reorganisation in October or November.

For the six months through June, pre-tax profit amounted to €3.7m, compared to a loss of €5.7m on-year.

Finance income of €16.2m was substantially interest income on $174.5m worth of loan notes.

At the operating level, the company booked a €15.0m loss, widening from a €8.3m loss on-year, as it attempted to develop the OML 18 prospect in Nigeria.

'With the Company on an increasingly sound financial footing, with substantial cash in hand, I am pleased to see the effects of Eroton's well work coming through,' chief executive Oisin Fanning said.

'As that activity continues and is joined by new well drilling, I look forward to updating shareholders on OML 18's performance.'

'With the installation of LACT units, and the expected new OML 18 export system, Eroton expects a steady improvement in downtime and allocated losses, which would translate into increased sales volumes.'

[texas2]

Antwort auf Beitrag Nr.: 58.796.561 von texas2 am 25.09.18 19:48:56

In Nigeria wird im Dez 2018 eine neue Bohrung gebohrt und jetzt diese Nachricht vom Aktienrückkauf.


Update on Share Buyback and Expected Completion of SunTrust Exit
18 December 2018
San Leon Energy plc , the AIM-listed company focused on oil and gas development and appraisal in Africa, is pleased to provide an update on its plans for a share buyback of at least US$10,000,000 and also on the expected completion of the Midwestern Oil & Gas Ltd (“Midwestern”) purchase of the remaining San Leon shares held by SunTrust Oil Company Nigeria Limited (“SunTrust”).
Share Buyback
On 25 September 2018, the Company announced its intention initially to return not less than $10 million to shareholders through a share buy-back programme (the "Programme"), once it had completed its capital reorganisation. Whilst the reorganisation was expected to complete during October/November 2018, it has been delayed whilst awaiting confirmation from SunTrust that it has no objection to the Company undertaking the required capital reorganisation nor will it in any way seek to impede the process. The Company is pleased to confirm that it has now received such written confirmation from SunTrust.
Following this confirmation of no objection from SunTrust, San Leon will apply to the High Court in Ireland to approve the reduction in the Company’s share capital so as to create distributable reserves and thereby permit the Company to make distributions to its shareholders, by way of the Programme. The Company is applying to the Irish High Court as soon as practicable and has been advised that this is a procedural process, having already completed all requisite requirements. Upon court approval, the Company must then advertise to provide an opportunity for any creditors to object to the capital reorganisation.
The Company will keep shareholders informed of the progress of these final steps and also the likely timing for commencing the Programme.
Midwestern Purchase of San Leon Shares From SunTrust
On 1 October 2018, the Company announced that Midwestern had entered into a binding agreement with SunTrust to acquire SunTrust’s entire remaining holding in San Leon, being 71,487,179 ordinary shares (representing 14.29 % of the issued ordinary shares of the Company). As of that date 47,243,590 ordinary shares in San Leon (representing 9.44% of issued ordinary shares) had already been transferred to Midwestern. The Company has been informed by Midwestern that the subsequent balance is expected to be transferred in the near term, with a target date of completing the transfer by mid January 2019.
Oisin Fanning, CEO of San Leon, commented: “I am pleased to advise shareholders of the recent developments, which should enable the Company to commence the previously announced share buyback once legal formalities have been concluded, and subject to meeting regulatory requirements. Whilst this is later than originally envisaged, the Company was keen to ensure any potential obstacles had been removed prior to commencing the legal process of the capital reorganisation. The Company would like to thank shareholders for their patience and understanding and I look forward to providing further corporate and operational updates over the coming months.
The Company also looks forward to Midwestern completing its purchase of the remaining San Leon shares held by SunTrust.”
Market Abuse Regulation (MAR) Disclosure
Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement
Enquiries:
San Leon Energy plc
Oisin Fanning, Chief Executive (+ 353 1291 6292)

[texas2]

Antwort auf Beitrag Nr.: 59.465.973 von texas2 am 18.12.18 21:40:02

Positiv:

Sollte eine gute Bohrung sein

http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37…


Und sle will 50 mio Aktie a 46 Pence vom markt aufkaufen


http://www.sanleonenergy.com/media-centre/news-releases/2019…

[keyar]

Antwort auf Beitrag Nr.: 59.990.596 von texas2 am 28.02.19 21:33:50

hmmm
bis 19 März kann mann noch nachdenken, ob man hier einen Schlusstrich ziehen will...

[texas2]

Antwort auf Beitrag Nr.: 59.993.818 von keyar am 01.03.19 09:33:13

Diese Versagerölfirma mit dem Versager Fanning (siehe Polen etc.) und nachdem bei SLE offensichtlich die kurze Leine von Rottweiler Hughes vom Tosca Fund Wirkung zeigt, bekommt SLE jetzt tatsächlich Geld aus einem der korruptesten Länder, Nigeria, Geld überwiesen.

7 April 2020

San Leon Energy plc

("San Leon" or the "Company")

Cash Receipt of US$40 Million

San Leon, the independent oil and gas production, development and exploration company focussed on Nigeria, is pleased to announce that it has received a Loan Notes payment of US$40 million.

The Company also announces that it has entered into an agreement dated 6 April 2020 amending the Loan Notes Instrument (the "Amendment") between San Leon and Midwestern Leon Petroleum Limited ("MLPL"). Under the terms of the Amendment, the remaining balance payable is approximately US$82 million. A further US$10 million will be paid to the Company on or before 6 October 2020, with the balance of the Loan Notes receivable payable in three quarterly instalments, commencing July 2021 and completing by December 2021.

The balance will continue to accrue interest at a coupon of 17% per annum until repaid. All other material terms of the Loan Notes Instrument remain unchanged.

The Company has received just over US$190 million from Loan Notes payments to date, and has a cash balance at 7 April 2020 of approximately US$74 million with no debt.

Midwestern Oil & Gas Company Limited ("Midwestern") remains as the guarantor of the loan notes. Midwestern is a related party of the Company for the purposes of the AIM Rules by virtue of its shareholding of 13.18% of the existing Ordinary Shares. The Amendment is therefore a related party transaction under the AIM Rules. The Directors consider, having consulted with the Company's nominated adviser, Cantor Fitzgerald Europe, that the terms of the Amendment are fair and reasonable insofar as the Company's shareholders are concerned.

Oisin Fanning, Chief Executive Officer, commented:

"The Company is in a very strong position armed with such significant cash. We believe that this is a situation that will continue. San Leon has around US$100 million of additional Loan Notes and interest receipts expected by the end of next year, as well as income from the provision of our technical services to Eroton as operator of OML 18. In addition, the Company expects to receive dividends from its indirect shareholding in Eroton in due course. I look forward with confidence to updating shareholders on the Company's growth and progress."

[texas2]

Antwort auf Beitrag Nr.: 63.270.589 von texas2 am 08.04.20 07:29:40

... und hier noch das Fanning Interview zu der Firmenveröffentlichung
https://www.share-talk.com/zak-mir-interviews-oisin-fanning-…

[borazon]

SLE hatte ich schon ganz vergessen,
nachdem die damals Kohle in die Türkei geschickt hatten,
zum Glück nichts gekauft.
Mit anderen Explorern genug verblödelt.

[texas2]

Antwort auf Beitrag Nr.: 63.382.679 von borazon am 20.04.20 11:01:31

https://shareinvestors.co.uk/2016/09/19/san-leon-19-dividend…

[texas2]

Antwort auf Beitrag Nr.: 63.597.675 von texas2 am 07.05.20 18:07:57

San Leon Energy boss buys over £20m in shares

Hefty director purchases are often used by companies as a beacon of confidence in the business, telling potential investors there is belief somewhere in the company. San Leon Energy (SLE) boss Oisin Fanning did much more than that this week. Mr Fanning upped his stake in the oil producer from 1.8 per cent to 24 per cent, at a price of £20.6m.

He bought the 98m shares at 21p from San Leon’s biggest investor Toscafund Asset Management, which now holds just over 50 per cent of the company. A company spokesman said "others helped" with the purchase but no related parties were involved in financing the deal.

The sale took place on 7 May, which was also the ex-dividend date for a special payout for shareholders announced in late April. Mr Fanning said the 6p special dividend was coming because “visibility of future cash flow is strong”, including from debtor payments, services contracts and income from the OML 18 oil and gas asset, in which San Leon has a 10.6 per cent stake. Mr Fanning’s share of the special dividend would have been close to £6m.

A new pipeline is currently being built at OML 18, and a company spokesperson said this would “immediately” increase revenues by 30-40 per cent.

The debtor payments are linked to OML 18, and San Leon received $40m (£32.5m) in April from Midwestern Leon Oil and Gas, which is also its third-largest shareholder. Another $60m is expected by the end of the year.

This context makes the special dividend more understandable at a time of weak oil and gas prices. San Leon also has no debt and as of last month a cash balance of $74m.

Before the deal, San Leon had fallen to a multi-year low of 11p. The shares kicked up again before the £20.6m purchase, however, and the company is now trading at 25p.

A spokesperson said Mr Fanning had made the investment because he believes “in the company’s distribution policy”, and with $110-$120m coming into the company in the next 15 months, 50 per cent of this would be paid out to shareholders

[goldmerry]

Antwort auf Beitrag Nr.: 59.993.818 von keyar am 01.03.19 09:33:13

die Aktie hatte ich auch mal. Soweit ich mich erinnere gab es ein Projekt in Polen, hatte mir mal welche ins Depot gelegt, die Aktie hatte einen anderen Namen damals. Später erfolgte ein R/S. Vor zwei Jahren den Restbestand verkauft, zwei Tankfüllungen sind nützlich Nur meine Meinung. Investierten viel Erfolg.

[texas2]

http://www.allenbycapital.com/research/20200929-San-Leon-Ene…

[texas2]

Antwort auf Beitrag Nr.: 65.245.456 von texas2 am 01.10.20 06:11:13

Sle hat wieder einmal einen Durchhänger und ist vom Handel ausgesetzt.

[texas2]

nach wie vor vom handel ausgesetzt aber ein kleines lebenszeichen
https://www.londonstockexchange.com/news-article/SLE/update-…

[texas2]

Sle wird seit heute wieder an der londoner boerse gehandelt

[texas2]

Ganz brauchbare Zusammenfassung:
https://www.energyvoice.com/oilandgas/africa/ep-africa/42731…" target="_blank" rel="nofollow ugc noopener">https://www.energyvoice.com/oilandgas/africa/ep-africa/42731…

San Leon’s Fanning sets out the OML 18 plan
Things are looking up for San Leon Energy (LON: SLE), with the company closing in on the completion of its Nigeria deal and managing to avoid the termination of its listing on London’s AIM

Things are looking up for San Leon Energy (LON: SLE), with the company closing in on the completion of its Nigeria deal and managing to avoid the termination of its listing on London’s AIM.

On July 8, the company faced a deadline of publishing its admission document on how it would reorganise its OML 18 partnership – or lose its AIM listing. San Leon managed to publish that day and has now returned to trading, after just over a year of suspension.


At the heart of the deal is a move to clean up the ownership of OML 18, a formerly Shell held asset in Nigeria.

San Leon had held a 10.6% stake in the licence, held via a 40% stake in MLPL, which owned Martwestern, which has a 98% stake in Eroton. The latter owns a 45% stake in OML 18.

The deal San Leon has been working on for so long sees it take a 98% stake in Eroton, giving it an effective stake of 44.1% in OML 18. While Bilton Energy will continue to participate in the licence, via the outstanding 2% in Eroton, Sahara Group will no longer be involved.

Eroton will pay Sahara $485 million, of which $75mn will be vendor financed, for its 16.8% stake. Nigerian National Petroleum Corp. (NNPC) owns the remaining 55% in OML 18.

Once the dust settles, Midwestern will have swapped its 60% stake in MLPL for a 55% stake in San Leon.

Making merger sense
San Leon has profited from a loan it provided to MLPL worth $174.5 million in 2016, which had an annual 17% coupon. “Where were we going to go next?” San Leon CEO Oisin Fanning asked. The 10.6% stake in OML 18 was fairly small and “wasn’t particularly super exciting”, he noted.

Head shot of man with glasses smiling© Supplied by San Leon Energy
Picture shows; San Leon CEO Oisin Fanning. Supplied by San Leon Energy
Given the relationship with Midwestern chairman Onajite Okoloko a merger “just made more sense. Here you have a growth company in Nigeria that needs access to capital. The licence is around 1,000 square km, there’s at least 600 million barrels recoverable, there’s a lot of gas.”

Combining the two companies would see them grow together, he continued. The 45% owned by Eroton has “huge potential for growth”.

Paraphrasing the complicated deal, Fanning said it would see San Leon double the number of its shares but with four times the asset exposure.

Infrastructure
Another part of San Leon’s proposal is the new pipeline. The Niger Delta is infamous for oil theft, with reports indicating this has only got worse in the last year.

OML 18 has not been immune from this. The licence delivered around 4,400 barrels per day of oil to the Bonny terminal in 2021, down from 21,100 bpd in 2020.

This is on the verge of changing. Energy Link Infrastructure (ELI) is building a new pipeline, which it calls the Alternate Crude Oil Evacuation System (ACOES). This should be in operation by December, Fanning said.

ACOES will run to an FSO around 50 km offshore. Shell continues to act as offtaker for oil from the asset. San Leon will end up with a stake of just over 50% in this link. Even if prices dip, the ACOES will still be available for exports and for other operators to use – and to pay tolls.

In the meantime, as of last weekend, the operator has begun using barges to move its crude. This has reduced theft and losses to “zero”, the San Leon official said. “Theft disappears overnight. It was averaging 35-40% for us and had gone up during COVID.”

Exports via barge cost around $17 per barrel, while the pipeline will reduce this to $5. Paying that extra premium to export via barge was “worth every penny compared to having it stolen”, Fanning said.

Assuming production grows in the area, there may be scope for additional pipeline export works.

Scaling up
The decision was taken to turn down crude production while so much of it was being lost and stolen. Now, with improved security, production should rise. Fanning said it would take four to six weeks to restore each well. He predicted that, by the end of the year, production would return to around 40,000 bpd.

By this July 2023, he said the asset could be producing 80,000-100,000 bpd.

The previous operator did not exploit the wells to their full potential. Existing wells have potential to tap additional productive zones, Fanning said. “The only question is how to get the equipment and the cash in.”

Shell drilled 175 wells on the licence before selling out. San Leon is in the process of working out which of these wells may have additional potential.

San Leon has continued paying out dividends to shareholders while expecting pipeline losses to fall once the delayed ACOES link starts.
San Leon’s OML 18 and the ACOES
Shell had been producing at around 80,000 bpd although volumes fell as a result of community problems. The Eroton team now employ around 600 people for security and, as a result, vandalism has fallen.

“Providing jobs to local people is vital. You have to set up something. You can’t have a bloody big pipeline going through someone’s land while they’re on the breadline,” he said.

One area of potential growth is in gas production. Fanning said OML 18 had a “huge amount” of gas, but said the company would not be able to provide the infrastructure required. “We could turn it on but it has nowhere to go, without infrastructure.”

Corporate moves
While Nigeria’s hydrocarbon potential is clear, the country’s aboveground risks are a challenge for many. Demonstrating the challenge is Seplat Energy, which has been refused permission to go ahead with its proposed deal for ExxonMobil’s local unit.

Nigeria can seem a hostile place for operators, leaving financiers sceptical of providing support for such plans. Fanning pointed to the company’s history of providing the loan and seeing it paid back.

While there are some concerns around approval from the government, Fanning was unconcerned. “I’m not worried about that. We’ve got until the last quarter of the year, but I hope we can do better than that.”

Nigeria is “screaming out for more oil production”, Fanning said. Given this imperative, he said, it would be unlikely that it rules against the transaction. Given the scale of the opportunity at OML 18, San Leon has no plans to expand further as yet.

He also made a number of commitments around the corporate plans. San Leon’s free float is not large enough, Fanning said, and it plans to move to the Main Market on the London Stock Exchange within six to eight months.

Finance plans
The UK has posed an increasing number of challenges for oil and gas companies, particularly those working in Africa.

Acknowledging this, Fanning said the company had announced a new facility on July 8 for $50 million, to finance its ELI investment and for working capital.

This cash came from Abu Dhabi, the executive noted. “There are people in the United Arab Emirates who understand the oil and gas business and are not frightened by super green shareholders.” San Leon is working to firm up its relationship with UAE financiers and is “exploring” a dual listing on the Abu Dhabi stock exchange.

“We have to find countries that are not afraid of Africa, and Nigeria in particular. There’s a huge hunger to invest from the UAE. If we want to be a multi-billion company, we’re going to need access to capital.”

Part of Fanning’s strategy involves an unusual commitment to paying dividends. The company has already made substantial returns and this is set to continue as free cash begins to flow from OML 18.

There are clearly risks ahead, around government approval, around security, around financing. But San Leon has a real chance to become a significant producer, linking up access to capital with local Nigerian links.

[texas2]

https://www.energyvoice.com/oilandgas/africa/pipelines-afric…
San Leon deal paves the way for a “simpler story”, CEO says
“OML 18 will only contribute about 30% of the exports. So many people have signed up and want to sign up – we’re going to reach full capacity very quickly,” Fanning said.
By Ed Reed
10/10/2023, 3:50 pm
Photo of Ed Reed
San Leon has continued paying out dividends to shareholders while expecting pipeline losses to fall once the delayed ACOES link starts.
San Leon's OML 18 and the ACOES

San Leon Energy’s deal to secure financing from a North American fund will make the company’s story “much simpler and less complicated”, CEO Oisin Fanning explained today.

“San Leon has always suffered from a complicated story,” he told Energy Voice. The company struck a deal to enter OML 18 and various agreements came and went with other parties. “It was a square peg in a round hole,” Fanning said.

The agreement announced this morning with Tri Ri Asset Management, worth $187 million, cuts out much of this uncertainty. The deal has support from San Leon’s largest shareholder, Toscafund, and the EGM to approve the lending is virtually a foregone conclusion.

San Leon was suspended from trading on AIM because the company was unable to file its accounts. Fanning explained this had been a result of its Nigerian partners not providing it with timely records.

This is changing. “One set of accounts has been signed and by the end of this month, or early November, we should be back up and running.”

Toll road
In exchange for the funding, San Leon will also be able to increase its stake in export infrastructure – through which OML 18 will send some of its oil.

Head shot of man with glasses smiling© Supplied by San Leon Energy
Picture shows; San Leon CEO Oisin Fanning. Supplied by San Leon Energy
Two years ago, high levels of theft drove the OML 18 partners to cut back production. “We were only producing it for thieves,” Fanning explained.

This drove the companies to come up with an alternative strategy for exports. Energy Link Infrastructure (ELI) commissioned the FSO Akaso last week. The vessel is now ready to receive barges full of crude.

“All the certificates are issued and today it can take oil. The only thing to complete is the pipeline from OML 18, which will take another 90 days to connect and complete,” he said.

San Leon will increase its stake to 55% in ELI, while Tri Ri’s financing give it 50% of dividends paid from ELI for 15 years.

Fanning highlighted the importance of the move into the midstream for San Leon. He compared the export route to a toll road, with exporters paying $5 per barrel for throughput, with operational expenditure of $1 per barrel.

OML 18 has reached 20,000 barrels per day of production recently. It will increase this to 60,000-70,000 bpd within about 12 months.

The FSO will be able to take 100,000 bpd of exports via pipeline and another 100,000 bpd through barges.

“OML 18 will only contribute about 30% of the exports. So many people have signed up and want to sign up – we’re going to reach full capacity very quickly,” Fanning said.

The company’s local partners have suffered from a shortage of funding. This has allowed San Leon to increase its stake in ELI.

Solving the problem
On OML 18, though, Nigerian National Petroleum Corp. (NNPC) has made progress in reducing the amount it owes to its partners. Fanning described the new government as “very open to business and foreign capital”.

Earlier this year, Eroton Exploration and Production – and by proxy San Leon – ran into problems with NNPC and Sahara Group on the licence.

Fanning said this had now been resolved. “NNPC, which has a 55% stake, will be the operator of the licence, neither Sahara nor Eroton. NNPC as operator solves the problem

Tri Ri, überrascht mich sehr positiv dass ein Laden wie dieser bei SLE einsteigt.

[texas2]

.. und dass die national oil comp von Nigeria das operating übernimmt könnte ebenfalls positiv sein (hoffe ich)

[texas2]

[texas2]

unglaublich, hätte es nicht für möglich gehalten was es nicht alles gibt: da sagt einer über eine offizielle börsenveröffetlichung 125 mio $ werden überwiesen und dann sagt er wenig später das geld kommt nicht an nach meinem dafürhalten geht das schon richtung betrug. extrem interessant, diese nigerianische sle story zu verfolgen

https://www.irishtimes.com/business/2024/01/08/san-leon-in-t…