San Leon Energy plc, Dublin, (LSE: SLE) has been awarded Standard Exploration License 1/11 over the Barryroe oil discovery by the Irish Minister for Communications, Energy and Natural Resources, Pat Rabbitte TD. The License has been awarded for a period of up to six years and is split into two three year phases.
This License is a successor authorization to Licensing Option 08/1, where San Leon and its partners acquired 220 sq km of 3D data in June 2011. The areal extent of the License has been increased by approximately 9% (c. 25 sq km) to cover additional acreage with identified resource potential.
Providence holds a 50% interest in the License and operates on behalf of San Leon (30% interest) and Lansdowne (20% interest).
An upcoming well, the 48/24-J well, is planned for mid-November 2011. This well will offset the previous Marathon Oil operated 48/24-3 (1990) well, which tested c. 45o API light sweet oil at c. 1,600 BOPD from Base Cretaceous sands.
The 48/24-J well is planned to demonstrate higher flow rates through the use of new technologies.
"The higher oil price, new technology and location of Barryroe could certainly see this field being developed in the not too distant future," says Oisin Fanning, executive chairman of San Leon. "We would like to thank the Minister for granting this License to the partners. We believe Barryroe has great potential and we look forward to seeing the results of the new 3D survey over the field and the well result in due course."
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