Aspect Energy Joins in San Leon's Poland Shale Hunt

San Leon Energy has signed a Letter of Intent with Aspect Energy (through its subsidiary, Horizon General Ltd.), under which Aspect will acquire a 22.5% working interest (half of San Leon's current interest) in a portion of San Leon's Cybinka and Torzym Concessions in Poland's Permian Basin ("Area of Interest" or "AOI").

Aspect will carry San Leon's interest in the drilling of two exploration wells, targeting oil in the Main Dolomite formation.  The first well is estimated to be drilled on the Torzym AOI in Q1 2014.  The location of the second well will be determined by results of the first well and continued evaluation of existing 2D and 3D seismic, and well data.  The second well will be drilled on either the Torzym AOI or the Cybinka AOI.


Upon completion of the two exploration wells, the working interests in the AOI will be 22.5% San Leon, 22.5% Aspect, 30% S.N.G.N. Romgaz S.A. ("Romgaz"), and 25% Sceptre Oil & Gas Limited ("Sceptre").
 
The remaining area on the Concessions which is excluded from the LOI  will continue to be held as to 45% by San Leon, 30% by Romgaz and 25% by Sceptre.  The excluded area is focused on the Platform facies of the Main Dolomite in which the Sosna-1 exploration well was drilled by San Leon in 2012.  San Leon and its partners are currently evaluating the commercial viability of further testing of the Sosna-1 well to prove the unconventional potential of the Main Dolomite along the platform edge.
 


Oisin Fanning, Chairman of San Leon, commented:
 


"We are delighted to have Aspect join us in Poland. The success of Aspect in the region brings an experienced and successful partner to our conventional exploration program in the Poland's Permian Basin.  The two well carry to explore the oil potential of the Main Dolomite in the Cybinka-Torzym Concessions, acquired from Aurelian Oil & Gas, is a great step forward for our exploration activities in Poland."