San Leon Exploration Director Resigns

San Leon Energy, one of Europe’s largest unconventional oil and gas companies by acreage, announced yesterday that John Buggenhagen is stepping down from the board with immediate effect.

Having relocated to Poland during the last four years, Buggenhagen developed San Leon’s portfolio and exploration team in Warsaw.

Bloomberg reports today that Buggenhagen reiterated also yesterday his concerns about the Polish Government taxes.

“Who is going to come and invest billions of dollars to monetize this gas if the government is talking about taking huge profit margins away from the companies?” said recently Buggenhagen to the news agency.

Exxon Mobil left Poland in June after the country scaled down the estimates of shale gas deposits, Talisman followed early this month and Marathon Oil said that it would exit the country soon.

San Leon, like Chevron and Total, retains its position in Polish shale gas. Two weeks ago, the company acquired the interests of Talisman Energy at a number of key sites in Poland.

San Leon wrote that Buggenhagen left for personal reasons and will continue to serve as an advisor to the Board on strategic decisions.