25 May 2012

Polish concession for San Leon

23/12/2009 Robert Tyerman

San Leon Energy has won a 780 sq km concession in Poland and is providing a £450,000 loan facility to bid candidate Island Oil.

The Dublin-based company, with existing exploration and production interests in North America, Morocco and Holland, says the Polish authorities have awarded it the Gdansk W onshore concession in the north of the country in the Baltic Basin, covering portions of two licence blocks, 48 and 49. Oisin Fanning, chairman of AIM-quoted San Leon, claims this is ‘a high-potential area for unconventional gas production’ and argues there is also potential ‘that has been overlooked in several conventional targets on the licence’.

Meanwhile, San Leon says it has agreed to advance a €500,000 (£450,000) loan facility to fellow Irish AIM counter Island Oil, whose Island (Seven Heads) subsidiary has 12.5 per cent of the Seven Heads gas producing field in the Celtic Sea. The loan is repayable by next March and bears annual interest at 3 per cent over Euro Inter Bank Offered Rate. San Leon has already made a non-binding indicative paper offer for Island worth some £13 million, at a hefty premium to Island’s present 5.13p share price, and says Island’s directors have indicated they would recommend a firm offer on the same terms.

According to San Leon, ‘a further announcement will be made in due course’ about this potential bid. San Leon shares, which have fluctuated between 11.5p and 27.5p over the past year, now stand at 20p, valuing the company at £75 million.

Tags: AIM, Commodities, Fundraisings, Mergers & acquisitions

Sector: Oil & Gas Producers

Companies: San Leon Energy

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