Barryroe Update

RNS Number : 1313K

San Leon Energy PLC

25 July 2013

 



25 July 2013

San Leon Energy Plc

("San Leon" or the "Company")

Barryroe Update

San Leon, the AIM listed company focused on oil and gas exploration in Europe and North Africa, notes this morning's announcement from Providence Resources plc ("Providence") of the operational update by Providence on the Barryroeoil field in the North Celtic Sea Basin, offshore Ireland.

San Leon announced, on 23 December 2011, that the Company has assigned its 30% working interest in Standard Exploration Licence 1/11 to Providence in exchange for a 4.5% NPI on the full field. San Leon Energy will not pay any further appraisal or development costs on the Licence and is not paying any costs towards the 48/24-10 well. 

The full announcement by Providence stated the following:

OPERATIONAL UPDATE
BARRYROE

NSAI CPR FINANCIAL RESULTS ON BASAL WEALDEN RESERVOIR NOW AVAILABLE

Providence Resources P.l.c., ("Providence") the Irish oil and gas exploration and development company, whose shares are quoted in London (AIM) and Dublin (ESM), is pleased to provide an update on the Barryroe oil field ("Barryroe") in the North Celtic Sea Basin, offshore Ireland. Providence (80%) operates Barryroe on behalf of its partner Lansdowne Oil and Gas plc (20%). The area which is located in Standard Exploration Licence (SEL) 1/11 and Licensing Option (LO) 12/4, lies in c. 100 metre water depth and is c. 50 kilometres off the south coast of Ireland.

In April 2013, Providence published a competent person's contingent resource audit on the in place hydrocarbon and recoverable resources from the Basal Wealden A oil reservoir, as independently reported by Netherland Sewell & Associates Inc. (NSAI).

NSAI have now provided an estimate of the cashflows attributable to Providence from the Basal Wealden A oil reservoir at Barryroe. A summary excerpt from this recently issued report is now available on the Providence website, www.providenceresources.com

For further information contact:

San Leon Energy Plc	Tel: [phone]
Oisin Fanning, Executive Chairman
Macquarie Capital (Europe) Limited	Tel: [phone]
John Dwyer
Fox Davies Capital	Tel: [phone]
Daniel Fox-Davies
Richard Hail / Susan Walker
FirstEnergy Capital LLP	Tel: [phone]
Hugh R. Sanderson
David van Erp
Westhouse Securities (Nominated Advisor)	Tel: [phone]
Richard Johnson
Antonio Bossi
College Hill Associates	Tel: [phone]
David Simonson
Alexandra Roper
Plunkett Public Relations	Tel: [phone]
Sharon Plunkett
Jennie Cotter

www.sanleonenergy.com

 

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