San Leon Energy PLC Rawicz-12 Update and Field Reserves (5741N)
May 19 2015 - 1:01AM
UK Regulatory
TIDMSLE
RNS Number : 5741N
San Leon Energy PLC
19 May 2015
19 May 2015
San Leon Energy plc
("San Leon" or "the Company")
Rawicz-12 Update and Field Reserves
-- Rawicz field contains more than 50 Bcf recoverable gas
according to CPR, expected to be the largest gas development in
Poland for around 20 years
-- Buoyant Polish gas price
-- San Leon's first bookable reserves
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 an update to the results of the Rawicz-12
well test in Poland.
Following the Company's announcements dated 25 February and 6
March 2015, describing the highly positive preliminary well test
results for Rawicz-12, Ryder Scott Company has finalised a
Competent Persons Report ("CPR") on the Rawicz Gas field for
Palomar Natural Resources ("PNR"), the operator. Ryder Scott has
issued an estimate of the gross Proved plus Probable (2P) reserves
for the Rawicz field of 50.3 billion cubic feet (Bcf) based upon a
five-well development plan (including the Rawicz-12 well). Both San
Leon and PNR expect to move reserves to Proved (1P) based upon a
signed gas contract, which is currently under negotiation. All
estimates produced by Ryder Scott comply with the 2007 Petroleum
Resources Management System (PRMS) prepared by the Oil and Gas
Reserves Committee of the Society of Petroleum Engineers (SPE).
PNR, together with the Company, is currently in the advanced
stages of the planning and design of several development scenarios
focused on bringing gas online in early 2016. A development plan
will be submitted to the Polish regulators, based on the CPR. The
current development plan is based upon building a scalable central
processing facility to handle the gas production from adjacent
prospects on the Rawicz Concession, which PNR estimates to be in
excess of 100 Bcf.
The Rawicz project is operated by Palomar Natural Resources 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 Energy Executive Chairman,
commented:
"We are quickly moving forward with the development of the
Rawicz gas field, and the confirmation of reserves from the CPR is
a very positive step. San Leon and PNR are focused on first
production and expanding our development using modern drilling and
completion technology to unlock the significant remaining reserves
in this under-explored basin, where some of the best gas prices in
Europe can be found."
John Buggenhagen Palomar Natural Resources CEO commented:
"This is an exciting time for Palomar and San Leon, and for
Poland - the Rawicz field development is the beginning of a larger
exploration and production business for conventional gas in Poland.
We have already mapped several other large, undrilled structures on
our 3D seismic database at Rawicz and across our broader acreage
position, that bring significant upside potential to the area and
justify a larger, fast-paced development plan. Based upon our
current prospect portfolio and the current fiscal regime in Poland,
we see the potential for a highly profitable, sustainable E&P
business in Poland for the long term. Rawicz is the first step in
realizing this potential."
For further information contact:
San Leon Energy plc
Oisin Fanning, Executive
Chairman +353 1291 6292
finnCap Ltd
Corporate Finance
Matt Goode
Christopher Raggett
Corporate Broking +44 (0) 20
Joanna Weaving 7220 0500
Brandon Hill Capital
Oliver Stansfield +44 (0) 20
Jonathan Evans 3463 5000
Macquarie Capital
(Europe) Limited
Jon Fitzpatrick +44 (0) 20
Nicholas Harland 3037 2000
Westhouse Securities
Ltd
Nominated Adviser
Richard Johnson +44 (0) 20
Antonio Bossi 7601 6100
Vigo Communications
Financial Public
Relations
Chris McMahon +44 (0) 20
Alexandra Roper 7016 9572
Plunkett Public Relations +353 (0) 1
Sharon Plunkett 280 7873
www.sanleonenergy.com
Qualified person
Joel Price, who has reviewed this notification, 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.
Glossary of key terms
Proved reserves or 1P
Proved Reserves are those quantities of petroleum, which by
analysis of geoscience and engineering data, can be estimated with
reasonable certainty to be commercially recoverable, from a given
date forward, from known reservoirs under defined economic
conditions, operating methods, and government regulations. If
deterministic methods are used, the term reasonable certainty is
intended to express a high degree of confidence that the quantities
will be recovered. If probabilistic methods are used, there should
be at least a 90% probability that the quantities actually
recovered will equal or exceed the estimate.
Probable reserves
Probable Reserves are those additional reserves which analysis
of geoscience and engineering data indicate are less likely to be
recovered than Proved Reserves but more certain to be recovered
than Possible Reserves. It is equally likely that actual remaining
quantities recovered will be greater than or less than the sum of
the estimated Proved plus Probable reserves (2P). In this context,
when probabilistic methods are used, there should be at least a 50%
probability that the actual quantities recovered will equal or
exceed the 2P estimate.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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