Bloomberg News

San Leon Rises to Three-Month High on Gas Well Find in Poland

February 14, 2012

Feb. 14 (Bloomberg) -- San Leon Energy Plc, an oil and gas explorer drilling shale rock, rose to the highest in almost three months in London trading after a well in Poland found gas across four intervals.

San Leon climbed as much as 8.2 percent to 13.25 pence, the highest since Nov. 17. The shares were 6.1 percent higher at 13 pence at 8:39 a.m. U.K. time, valuing the Dublin-based company at 147.4 million pounds ($231.8 million).

The Siciny-2 well “encountered more than 500 meters (1,640 feet) of potential reservoir for further analysis,” Chairman Oisin Fanning said in a statement. “The complex nature of the Carboniferous source rock, including natural fracturing, shows real promise for gas production.”

San Leon gained 14 percent on Feb. 10 after the Rogity-1 well, operated by Talisman Energy Inc., found liquids-rich shale.

--Editors: Randall Hackley, Alex Devine

To contact the reporter on this story: Eduard Gismatullin in London at egismatullin@bloomberg.net

To contact the editor responsible for this story: Will Kennedy at wkennedy3@bloomberg.net


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