On 1 July 2014 San Leon plc operating in Poland announced in its release to investors that it signed with Palomar Natural Resources (PNR) an agreement on establishing a joint venture for the development of 7 Polish concessions.
The concession under agreement are:
- Rawicz (39/2009/p),
- Wschowa (8/2009/p),
- Góra (30/2008/p),
- Nowa Sól (5/2009/p),
- Poznań Północ (26/2008/p),
- Poznań Wschód (4/2003/p),
- Poznań Wschód (5/2003/p).
PNR will receive 65% equity interest and operatorship in the aforementioned concessions. PNR has paid $5 million and $15 million for interest in each of the Southern Basin (Rawicz, Wschowa, Góra and Nowa Sól) and Northern Basin (Poznań Północ, Poznań Wschód) Concessions, respectively. See San Leon release for more information about the agreement.
PNR was founded in 2013 by John Buggenhagen PNR President and former Production Director at San Leon plc) and Robert Price in Denver, Colorado with a focus on using exploration and production technology, proven and developed in North America, to identify and unlock reserves in proven petroleum fairways around the world. PNR is currently focused on production projects in the DJ Basin in Colorado where it has established its first oil and gas production; and the San Juan Basin in New Mexico where the Company is currently acquiring 3D seismic over a proven oil field. The Company has an ongoing US and international new ventures effort looking for high quality projects focused on production.
Commentary by PGI-NRI, PGS analysts:
The concessions under the joint venture agreement are for conventional and unconventional oil and gas exploration, in particular for tight gas in Carboniferous and Permian formations. This news should be regarded as most positive considering previous involvement of Mr. John Buggenhagen in the award of exploration/appraisal concessions in the area Fore-Sudetic Monocline (subsequently transferred to San Leon plc) and his later involvement on the part of San Leon plc in the acquisition of the concessions that were initially held by Aurelian Oil & Gas.
authors: hkie, afal