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San Leon Energy Plc Awarded Two Further Spanish Onshore Exploration Licenses


Monday, 29 Apr 2013 02:00am EDT 

San Leon Energy Plc announced that it has been awarded two new exploration licences in Spain. The two new licences, Aquiles and Cronos (Licences), have been granted to Frontera Energy, San Leon's wholly owned subsidiary, by the Spanish Council of Ministers. The Aquiles Licence, which is located in the Zaragoza and Navarro regions, covers 252,927 acres of the Zaragoza Basin. The Cronos Licence, which is situated in the Soria and Guadalajara regions, covers 239,596 acres in the Almazan Basin. Both Licences contain unconventional Paleozoic resource potential where the Company is targeting Permian, Carboniferous, Silurian and Devonian shales. The Licences have been granted for a period of six years and divided into three two-year stages. During Stage One, the Company will analyse existing seismic, well, and outcrop data and prepare for a seismic acquisition programme. Seismic acquisition, processing and interpretation will be carried out in Stage Two, while Stage Three will require a commitment to drill one exploration well in each licence. These are the second and third licences to be granted to San Leon Energy in Spain, following the grant of the Geminis and Libra licences in the Cantabrian Basin. The company now holds 704,351 acres under licence in Spain. There are a further six licence applications pending with the authorities covering 1,523,757 acres across the Pyrenees and Solsona Basins. 

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11:29am EDT