San Leon shares rocket on gas and oil recovery in Poland

Shares in oil and gas producer San Leon Energy leapt by almost a third on Friday after the company revealed natural gas and light oil were recovered from the Czasław-1 well in its Nowa Sol Concession in Poland.

Shares in oil and gas producer San Leon Energy leapt by almost a third on Friday after the company revealed natural gas and light oil were recovered from the Czasaw-1 well in its Nowa Sol Concession in Poland.

The firm said recent measurements of the well have shown that the well is building pressure and it estimates that by early May it will be able to make a decision on long-term test and oil production, based on the results of an acid stimulation and testing.

Subscribe to MoneyWeek

Become a smarter, better informed investor with MoneyWeek.

Executive Chairman, Oisin Fanning said: "The recent recovery of hydrocarbons and build-up of pressure in the Czasaw-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."

Advertisement - Article continues below

The group said analysis suggests the well is a good candidate for artificial stimulation to enhance the natural fractures in the reservoir and there were no indications of water encountered during drilling.

The well is the first well on the Czasaw structure, with room for additional vertical and/or horizontal wells.

The share price rose 28.14% to 6.42p by 13:15.




Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020
Share tips

Class acts going cheap: buy into Europe’s best bargains

Value investing appears to be making a comeback, while shares on this side of the Atlantic are more appealing on metrics such as price/earnings ratios…
16 Jan 2020

Most Popular


What does the coronavirus crisis mean for UK house prices?

With the whole country in lockdown, the UK property market is closed for business. John Stepek looks at what that means for UK house prices, housebuil…
27 Mar 2020
EU Economy

The European Central Bank throws away the rulebook to bail out Italy

The ECB has removed all constraints on asset purchases and will now buy “whatever it takes” to tackle the coronavirus. John Stepek explains what it me…
26 Mar 2020

Gold is hard to find right now – so should you be buying?

With demand through the roof and the physical metal hard to find, it's not the best time to buy gold. But right now, says Dominic Frisby, you want to …
25 Mar 2020
UK Economy

The UK’s bailout of the self employed comes with a hidden catch

The chancellor’s £6.5bn bailout of the self employed is welcome. But it has hidden benefits for the taxman, says Merryn Somerset Webb.
27 Mar 2020