San Leon Energy to start drilling on two wells, unveils JV deal
Oil and gas explorer San Leon Energy has announced that it is preparing to start drilling on a two-well exploration programme which will test the conventional oil potential of the Main Dolomite in the Southern Permian Basin on its wholly-owned Nowa Sol Concession.
Oil and gas explorer San Leon Energy has announced that it is preparing to start drilling on a two-well exploration programme which will test the conventional oil potential of the Main Dolomite in the Southern Permian Basin on its wholly-owned Nowa Sol Concession.
The first well will be drilling in mid to late July, and the second well immediately after.
San Leon also announced that it has formed a joint venture (JV) with Celtique Energie Poland, with a view to jointly developing the existing Celtique concessions.
MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
San Leon will acquire a 50% working interest in two Polish concessions, namely Block 243 and Laski, for a committed work programme including acquiring two new 3D seismic surveys on the concessions, as well as committing to drilling a well in Block 243 targeting the Permian Main Dolomite. San Leon will become the operating partner on Block 243, which spans 236,480 acres.
The company has the option to participate in a 50% share of the proposed well costs to retain its interest in the concession, otherwise it will relinquish its interest in Laski, which covers an area of 60,047 acres.
Oisin Fanning, Chairman of San Leon, said: "In conjunction with drilling the two exploration wells in Nowa Sol this is a great deal for both San Leon and Celtique.
"It exposes San Leon to additional high quality exploration acreage in Poland on trend with upcoming projects, and gives Celtique access to San Leon's proven operating capabilities, including NovaSeis in Poland. This deal further solidifies San Leon's commitment to developing significant oil and gas reserves in Poland in the near term."
NR
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
MoneyWeek is written by a team of experienced and award-winning journalists, plus expert columnists. As well as daily digital news and features, MoneyWeek also publishes a weekly magazine, covering investing and personal finance. From share tips, pensions, gold to practical investment tips - we provide a round-up to help you make money and keep it.
-
Reeves warned against property tax shake-up – 3 ways it could backfire on first-time buyers
Rachel Reeves reportedly has her eye on high-end property taxes in the upcoming Budget, but there are concerns a shake-up could unintentionally hamper those trying to get on the housing ladder
-
Average Brits want to retire five years before they can – who has the widest retirement gap?
Brits are expecting to work for longer than ever but there are big disparities in the number of extra working years predicted. A small tweak could help close the gap