Oil & Gas Corporate News
San Leon Energy (LON:SLE) (BUY, £0.50) (SLE, 15.25p, ? 10.29%) announced its interim financials for the six months to end June 2011. The company made a profit before tax of 1.48M for the period, compared to a loss of 1.7M in the six months to 30 June 2010. The earnings per share for the period were 0.19 cents (H1 2010: loss per share of 0.49 cents). In Poland, San Leon are currently drilling both unconventional shale gas and conventional oil plays and continuing with the strategy of trying to deliver near term cash flow through low cost exploration targeting shallow, oil plays whilst concurrently drilling the high impact and step-change value prospects in the Baltic and Carboniferous Basins. The drilling location for the first Carboniferous unconventional gas well is currently being prepared in anticipation of spudding a well in the next month. A second well is also planned in late 2011 to early 2012 to extend the play fairway. The acquisition of Realm Energy adds a further 464,919 acres leaving the company with 1.7M net acres in core areas of Poland. The acquisition is expected to be completed at the beginning of November. In addition, Realm's recent award of 1.72M net acres in Spain provides the company with new shale gas potential for future exploration. In Albania, final processing of the 840km2 of 3D seismic survey that was shot in April 2011 is expected during October this year and the operational programme following this will be decided following a thorough analysis of this data. In Ireland, San Leon are currently seeking farm-in partners for the Slyne licence and have opened a data room to facilitate this process. Several companies are reviewing data and the market will be updated as appropriate. Processing of the recently acquired 3D seismic survey over the C1/Conemara area is near completion and in Barryroe we are also awaiting final processed volumes very soon. In Morocco, the Novafor Rig is currently on the Tarfaya Well A location in preparation to run an injection and frac tests of the oil shale. The test will be monitored with Microseismic to determine fracture pattern. Once the test is complete the Tarfaya Well C and core will be drilled. The injection process between the three wells will then start. This should take place at the end of three weeks.
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