San Leon Drops Project in Turkey, Focuses on Poland

Ireland-based San Leon decided not to proceed with the Share Purchase Agreement with Aplay/Server Fatih Alpay relating to 75% of Alpay in Turkey, explaining that it prefers to invest in Poland.

‘The company has determined that its capital will be better spent in Poland, particularly in the Baltic Basin where San Leon’s Lewino-1G2 well shows great promise for shale gas production in the northern Baltic Basin of Poland,’ reads a note released on Monday. 

The Irish company announced the agreement on 25 September 2013. The U-turn is related to a changed strategy due to recent developments in Poland.

 ‘This decision has been made following a new round of successful deal making in Poland where Baker Hughes will be developing the Siekierki gas field and TransAtlantic will be developing the Rawicz gas field and continuing to appraise the upside of the Carboniferous Basin,’ explained the company.