Energy Global: San Leon became ‘largest shale gas player in Europe by acreage’ in 2013

Oisin Fanning, Executive Chairman of San Leon, said: “As a whole, 2013 has been a challenging year, not only for San Leon but for many small exploration and production companies. Nevertheless, despite tough market conditions San Leon has made considerable progress – we became the largest shale gas player in Europe by acreage, complemented by a sizeable conventional and tight gas portfolio, and the Company is now poised to move from exploration to production.

Our operational activity in 2013 was dominated by the highly encouraging Lewino-1G2 frac in the Baltic Basin of Poland. Resource play stimulation work in the Main Dolomite and tight Rotliegendes fields was also a priority for the Company, as well as the existing Rogity-1 well on the Braniewo S licence which had three hydraulic fracture treatments performed.

The proposed acquisition of a majority stake in Alpay Enerji (‘Alpay’), announced in September 2013, was aimed at cash generation from its assets. Following the completion of due diligence, and as a result of adverse currency shifts and well performance in the interim period, together with the failure to receive Turkish Government approval for the deal by the long stop date, the Board announced in early April 2014 that it had decided not to complete this deal in its proposed form.
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