Bloomberg: San Leon Buys Turkish Assets, Sells Shares to Fund Polish Shale

San Leon Energy Plc, a U.K.-listed oil and gas explorer focused on shale in eastern Europe, bought three-quarters of Alpay Enerji AS to support drilling in Poland.

The $4 million deal will give San Leon a stake in 16 conventional oil licenses in Turkey and should generate $3 million a month for the company from next year, it said in a statement in London. Separately, the explorer is raising 31 million pounds ($50 million) in a share placement.

Exxon Mobil Corp, Marathon Oil Corp. and Talisman Energy Inc. have withdrawn from shale exploration in Poland after the first wells failed to produce commercial finds. The country is sitting on the European Union’s biggest shale-gas reserves, enough to last at least 50 years and free the nation from dependence on Russia, the Polish Geological Institute says.  MORE