San Leon Energy Plc (SLGYY: OTC Link) | Nowa Sol Operations Update

Nowa Sol Operations Update

Sep 24, 2012

OTC Disclosure News Service

Wilton Place, Dublin, Ireland –

24 September 2012

 

San Leon Energy Plc

(“San Leon” or the “Company”)

 

 

Nowa Sol Operations Update

 

Following the Lelchow SL-1 Update dated August 30, 2012 that confirmed an oil find on the Company’s Nowa Sol Concession in the Southern Permian Basin in southwest Poland (San Leon 100%), the Company is now proceeding with the planned completion for the well.

 

Well completion has been designed for near-term commercial production from the well. An electric submersible pump (“ESP”), including all required downhole and surface completion equipment to clean out the well and maximize oil flow rates during initial production testing, have been ordered from Schlumberger and are currently being shipped to the well site in Poland. Well completion is expected to be performed within the first two weeks of October to be followed by cleanup and initial flow testing immediately thereafter.  The timing of initial flow testing will be later than initially indicated due to the need to retrofit the wellhead to make it compatible with the proposed ESP.

 

The spud of the Czasław SL-1 well, the second of a two-well exploration programme focused on the Main Dolomite trend, has been delayed due to permitting delays with the local mining authorities.  The surface location is complete and ready for immediate mobilization of the drilling rig pending final permits.  The well is expected to spud within the next 30 days.

 

Executive Chairman, Oisin Fanning commented:

 

“We will keep the market informed of developments on our proposed production testing on our encouraging Lelchow oil find and on progress on obtaining a permit to spud our second well in this drilling programme. We are working with our suppliers and the authorities to minimize future operational delays and to streamline the process for our future drilling activity.  These delays are unfortunate but reflect the fact we are working in an evolving regulatory environment in Poland.”

 

 

For further information contact:

 

 

www.sanleonenergy.com

 

Qualified person

 

John Buggenhagen, who has reviewed this update, has over 15 years experience in the oil gas industry. He has a Ph.D. and M.Sc. in Geophysics from the University of Wyoming and a B.Sc. in Geophysics from the University of Arizona. He is currently the Director of Exploration for the San Leon Energy Group and based in San Leon’s Warsaw office in Poland.

 

The above news release has been provided by the above company via the OTC Disclosure and News Service. Issuers of news releases and not OTC Markets Group Inc. are solely responsible for the accuracy of such news releases.

Article source: http://www.otcmarkets.com/stock/SLGYY/news?id=52828

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