The concession totaling 1042.69 square kilometers is located in the Baltic basin including portions of license blocks 52, 72, 73, 92 and 93.
The license is valid for up to five years and covers a work programme which includes geological studies, seismic acquisition and a one well drilling obligation. If a discovery is made the term extends to 30 years with an additional 30 years, if required.
The primary reason for applying for this license is the high potential of the Paleozoic shales that could lead to a commercial shale gas development akin to the Barnett shale in the USA. In addition, San Leon Energy believes that while testing the shale gas potential of the area there are conventional oil targets above and below the shale intervals further reducing the risk of exploration.
Philip Thompson, chief executive officer of San Leon Energy commented, “We are excited to expand our portfolio in Poland into the under explored Baltic Basin. There is a potentially significant unconventional gas play in the Palaeozoic shales that we believe will unlock an overlooked high potential play in the wider region. We also believe there is significant potential that has been overlooked in several conventional targets on the license.”
