Oil & Gas Corporate News

San Leon Energy (Research restricted) (LON:SLE, 23p, ? (3.37%)) and Talisman Energy Inc. announced that a farmout has been signed between the San Leon Polish subsidiary Oculis Investments Sp. z o.o. and Talisman Energy Inc. for the exploration of shale gas in the Baltic Basin onshore Poland. Under the agreement Talisman has agreed to pay 60% of the costs of a seismic programme and has made a cash payment of EUR1.5m to San Leon. The remaining 40% will be conducted and paid for under the 2009 agreement between PGS and San Leon. Talisman will also drill one well across each of Oculis's three concessions with the option to follow up with a further Fox Davies Capital Update featuring San Leon Energy, Victoria  Oil  & Gas, Tower Resources and Tullow Oil company news imagethree wells should the data encourage further development. Talisman will be assigned a 60% interest in each concession, reducing to 30% if it doesn't elect to drill the optional second well.  This represents a potential estimated investment of more than US$80m in the coming three years to prove a potentially significant gas play in Poland. Based upon San Leon's initial technical evaluation of the shale gas potential of the Silurian and Ordovician rocks in the Baltic Basin the play has an estimated potential of 4.0-6.0 TCF of recoverable natural gas across San Leon Energy's acreage. Currently Oculis has two concessions, Braniewo and Gdansk West, totalling more than 1,820 km2.  Oculis has an additional concession application pending which would add an additional 600 km2.  Oculis selected its concessions to explore a diverse range of depth and rock types based upon previous wells drilled in the basin.  The company believes its diverse position provides a high probability of commercial success.

Victoria Oil & Gas (BUY, £0.09) (LON:VOG, 3.79p, ? (0.26%)) announced that it has completed, conditional on admission, an equity placing of 430,769,231 new ordinary shares at a price of 3.25 pence per share, raising £14m before expenses through its brokers Fox-Davies Capital Limited. The Placing, which was 40% oversubscribed, will allow the Company to complete drilling and testing operations at Logbaba and seek fast-track solutions for revenue generation. The funds raised will also be used for further passive seismic spectroscopy and geochemical surveys at West Med. Another milestone has been achieved on Well La-106 at…

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