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Share Name | Share Symbol | Market | Type |
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NYSE:TLM | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 7.99 | 0 | 01:00:00 |
LONDON--San Leon Energy PLC (SLE.LN), a Poland-focused oil and gas company, Wednesday said it has signed a deal with Talisman Energy Inc. (TLM) to regain 100% ownership of the Gdansk W and Braniewo S concessions, and increase its interest to 50% in the Szczawno concession, in the Baltic Basin.
MAIN FACTS:
-Talisman's decision to exit Poland is driven by its strategic priority to focus on production in its two core areas, the Americas and Asia-Pacific.
-In February 2010, Talisman signed a farm-in agreement to earn a 30% working interest in the concessions in return for certain commitments, including drilling one well in each concession, with the option to increase its interest to 60% by drilling a further well in each concession.
-To date, Talisman has drilled one vertical well in each concession.
-San Leon and Talisman have now signed an agreement whereby San Leon has acquired 100% of the shares of Talisman's subsidiary in Poland, Talisman Polska. In consideration, San Leon has assumed all assets and obligations of Talisman Polska.
-In addition to the interests in the three concessions, Talisman Polska's assets are valued at an estimated $10 million, and include cash and drilling equipment.
-Talisman Polska has no debt.
-Talisman had carried San Leon on all expenses related to drilling the three wells in the Baltic Basin.
-San Leon will now use Talisman Polska's cash to fund the planned fracture of its Lewino-1G2 well in the Gdansk W Baltic Basin concession.
-The vertical fracture is intended to prove the unconventional gas potential of the Lower Silurian and Ordovician shales.
-Operations will begin as soon as permitting and regulatory approval is granted.
-Shares closed Tuesday at 6.9 pence.
-Write to Iain Packham at iain.packham@dowjones.com
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