San Leon Sells 65% Working Interest in Two Polish Fields to Palomar

Ireland-based San Leon Energy signed a Joint Venture Agreement with Palomar Natural Resources (PNR) to develop the Siekierki and Rawicz gas fields in Poland.  

‘In return for a 65% working interest in the Southern Permian Basin and Northern Permian Basin Concessions, PNR has paid upfront to San Leon $5 million and $15 million, respectively, in cash and will carry San Leon for a defined initial work programme aimed at bringing the Rawicz and Siekierki fields into production as soon as possible. PNR will become the operator of all of the Concessions,’ reads a note released on Tuesday.  

San Leon received $5 million in cash up-front for the Southern Permian Basin and $15 million in cash up-front for the Northern Permian Basin. 

The company retained a 35% equity interest in both the Southern Permian Basin (Rawicz Gas Field) and Northern Permian Basin (Siekierki Gas Field).

“I am delighted to be working again with John Buggenhagen, former Exploration Director of San Leon, who knows these assets as well as anybody. PNR bring a team of US based industry experts who have the expertise to maximize production and ultimate recovery from these significant  gas fields,” Oisin Fanning, San Leon Chairman, commented.