San Leon Energy secures two licences in Spain

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.

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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."

RD