27th May 2014 09:25
LONDON (Alliance News) - San Leon Energy PLC said Tuesday that it is in discussions with a further two potential partners in relation to a possible farm-in for the Permian/SW Carboniferous Basin of Poland.
Earlier this month the company said it was continuing talks with TransAtlantic Petroleum PLC about the details of a proposed work programme on sites in Poland that the US-based company is farming in to, after TransAtlantic said that it had decided not to proceed with the full acquisition.
In late March, San Leon Energy said it had signed a farm-out deal under which TranAtlantic Petroleum would fund all of a six well programme on nine concessions in Poland, earning a 50% stake in the sites in Poland's Permian basin and becoming their operator. At that time, San Leon said the estimated value of the work programme was between USD60 million and USD70 million.
TransAtlantic was expected to pay USD5.0 million to San Leon as a contribution to back costs and a further USD5.0 million once a total of 150,000 barrels of oil equivalent have been sold.
The company said Tuesday that it is in discussions with a further two unnamed potential partners and will "make further announcements once these discussions have been finalised."
Shares in San Leon were trading 2.53% higher at 2.717 pence per share Tuesday morning.
By Alice Attwood; [email protected]; @AliceAtAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
SLE.L