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San Leon Energy Announces Relinquishment of Certain Polish Assets

Source: www.gulfoilandgas.com 12/5/2017, Location: Europe

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San Leon Energy, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, announces that it has informed the Ministry of Environment in Poland of its intention to relinquish its interest in its remaining Baltic Basin shale gas concessions (Gdansk West & Szczawno), onshore Poland. This represents a significant reduction of SLE’s involvement in exploration operations in Poland, leaving the Company with the conventional assets which are subject to the transactions announced on 19 September 2017.

The impairment charge on the balance sheet as a result of relinquishing these assets is approximately €7.3 million. The annual cost saving from the relinquishments is approximately €250,000, plus any work commitments.

Oisin Fanning, CEO, commented: 'The Company continues to focus on its core Nigerian asset, and this reduction in the exposure in Poland is a natural step towards achieving this.'

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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Insurance  Investment  Mergers and Acquisitions  Risk Management 

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