San Leon to spud Polish well in next few days

1st Sep 2011 14:56

Europe- and North Africa-focused oil and gas group San Leon Energy saw shares jump higher on Thursday after it revealed that drilling is ready to commence at its Belvedere-1 exploration well in Poland.The firm said that drilling equipment for Belvedere-1 has now arrived on site and it is expected to spud on Monday 5 September. The well is located in the Nida concession which is wholly-owned by San Leon."We are delighted to be spudding our first conventional well on the Nida Trough on Monday. This is an important concession for San Leon and has the potential to provide the company with near term revenue," said chairmen Oisin Fanning.The group expects to drill two exploration wells in Nida in September, targeting multiple one to two million barrel prospects.Shares were 12.16% higher at 20.75p by 15:12.BC