San Leon Energy PLC Rawicz-15 Well Test Complete (5047U)

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RNS Number : 5047U

San Leon Energy PLC

07 April 2016

7 April 2016

San Leon Energy Plc

("San Leon" or "the Company")

Rawicz-15 Well Test Complete

San Leon Energy Plc ("San Leon"), the AIM listed company focused on oil and gas exploration and production in Europe and Africa, announces the completion of the well testing on the Rawicz-15 well.

The Rawicz-15 development well on the 742 km(2) Rawicz Concession in Poland's southern Permian Basin, was stimulated and flowed at an average rate of in excess of 3.6 mmscfd (million cubic feet per day) over the main flow period of several days. The well is now shut in, and the pressure build-up information will be analysed, interpreted and used to update the reservoir model.

The Rawicz project is operated by Palomar Natural Resources ("Palomar") which holds a 65% participating interest in the concession, and the completion of testing of this well means that this interest has now been fully earned and future work will be funded according to participating interests. San Leon holds a 35% participating interest in the concession.

Field development continues to progress and Palomar is finalising a full development plan to be submitted to the Polish government for approval. Pipeline, facility and final project engineering are nearly complete, while all required permits, rights-of-way and regulatory approvals are being obtained. Gas off-take agreements are being negotiated with several groups. The operator's development plan now envisages at least three wells available for first production (including Rawicz-12 and Rawicz-15), now expected in early 2017.

Qualified person

Joel Price, who has reviewed this update, has more than 20 years' experience in the oil & gas industry and is a member of the Society of Petroleum Engineers. He holds a BA in Natural Sciences (Geology) from Cambridge University, an MEng in Petroleum Engineering from Heriot-Watt University, and an MBA from Durham University. Joel is Chief Operating Officer for San Leon Energy and is based in San Leon's London office.

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April 07, 2016 06:15 ET (10:15 GMT)