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San Leon Energy Plc Sells 45% Of Braniewo S To Wisent Oil & Gas PLC-DJ

Wednesday, 3 Jul 2013 02:26am EDT 

Dow Jones reported that San Leon Energy Plc said it has sold a 45% interest in its Braniewo S concession in the Baltic Basin to Wisent Oil & Gas PLC in return for funding a three stage vertical fracture of the Rogity-1 well. Wisent will fully fund the costs of the Fracture and any subsequent testing. One fracture stage will be executed in the Cambrian Piasnica Formation targeting conventional oil and two fracture stages will be executed in the Lower Silurian section targeting shale oil. Upon obtaining regulatory consent, operations are expected to commence on July 31. Following completion of the Fracture, Wisent will have the option to fully fund the drilling, completion and testing of a multi-staged horizontal fractured well on the Concession. The Well will include a horizontal well bore of not less than 800 metres in length and a minimum number of six fracture stages. Wisent shall decide whether or not to perform the Horizontal Well by Oct. 31, or such later date as the Parties may mutually agree. The Horizontal Well is expected to spud early February 2014. 

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0.025 +1.01%
24 Jul 2014