San Leon Adds to Unconventionals Exposure in Spain

Frontera Energy, a subsidiary of  San Leon Energy,  has been awarded two new exploration licences in Spain.

The Aquiles Licence, located in the Zaragoza and Navarro regions, covers 252,927 acres of the Zaragoza Basin. The Cronos Licence, situated in the Soria and Guadalajara regions, covers 239,596 acres in the Almazan Basin.

"Both Licences contain unconventional Paleozoic resource potential where the Company is targeting Permian, Carboniferous, Silurian and Devonian shales," San Leon said in a statement.

"Historical well data and geochemical data from nearby outcrops show the potential for a world-class unconventional play. The Company also sees potential for conventional targets in shallower sections within the Licences," it said.

The licences have been granted for a period of six years and divided into three two-year stages.