San Leon Chairman buys up one million shares

San Leon Energy's Chairman, Oisin Fanning, has purchased one million shares in the company less than a week after the oil and gas explorer reported strong results from Poland.

Fanning purchased the shares at 8.63p for £86,300, taking his stake in the company to 60.84m shares 5.33%.

The firm unveiled a positive set of initial results from the Siciny-2 well in Poland, saying it has proved the 'huge upside potential' of the carboniferous basin.

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The firm said it encountered continuous gas shows throughout the well and that based on the results of the analysis of the core, it has been able to deterine the quality of five prospective zones for unconventional gas accumulations.

In zone 1,151 metres of net oil pay was indentified, resulting in a free gas in place estimate of 163bn cubic feet (bcf) and a total gas estimate of 193 bcf.

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