San Leon Energy has been awarded two further Spanish onshore exploration licences.
The company secured a grant for the Aquiles licence, totalling 252,929 acres in Zaragoza, and for the Cronos licence which includes 239,596 acres in the Almazan Basin.
The two licences, which have been granted for a period of six years, contain unconventional Paleozoic resource potential where the firm is targeting Permian, Carboniferous, Silurian and Devonian shales.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE
San Leon will begin analysing existing seismic, well, and outcrop data to prepare for seismic acquisition, processing and interpretation.
The group will then drill one exploration well in each licence.
"The award of the Aquiles and Cronos licences give our shareholders further exposure to the European-wide drive to unlock new unconventional hydrocarbon plays across the continent," Executive Chairman, Oisin Fanning, said.
"Spain is regarded by the industry as a country with growing exploration potential. It is almost 100% dependent on imported gas and offers attractive fiscal terms. We already have two licences in Spain and are confident we will be granted further licences to enhance our position."
Who is the richest person in the world?
The top five richest people in the world have a combined net worth of $825 billion. Who takes the crown for the richest person in the world?
By Vaishali Varu Published
Top 10 stocks with highest growth over past decade - from Nvidia, Microsoft to Netflix, which companies made you the most money?
We reveal the 10 global companies with the biggest returns since 2013. One firm has posted an astonishing 9,870% return, meaning a £1,000 investment would now be worth almost £82,000.
By Ruth Emery Published