San Leon Energy is reducing its Polish licenses in order to secure near-term operational cash flow and focus on long-range goals.
To reduce costs, the following Polish licenses are being removed from the company’s current portfolio: Czersk (relinquishment); Budzów (relinquishment); Ilawa (relinquishment); Praszka (relinquishment); Bieszczady area (blocks 437, 438, 456, 457, 458, and the company’s interest in partial blocks 416, 417, and 436 – taken on by PKN ORLEN, which has assumed past and future benefits and liabilities).
Oisin Fanning, San Leon executive chairman, commented, “As part of the company’s new strategy to focus on development and production, enabling San Leon to transform into a near-term cash-generating producer, the company has made the decision to remove some of its Polish acreage. The decision is also required as a result of the introduction of significant yearly license fees in Poland over the past couple of years. The company remains committed to its remaining acreage in Poland, which includes the Baltic Basin shale licenses and the recently announced gas discovery at the Rawicz field.”