San Leon Energy has signed a binding Letter of Intent with Aspect Energy (through its subsidiary, Horizon General Ltd, "Aspect") under which Aspect will acquire a 22.5% working interest (half of San Leon's current interest) in a portion of San Leon's Cybinka and Torzym Concessions (the" Concessions") in Poland's Permian Basin (the "Area of Interest" or "AOI"). The Area of Interest is defined based upon the paleogeography of the Main Dolomite formation, to include areas north of the Platform edge, a shallow water depositional area, into the deeper basin deposits. The AOI and current drill ready prospect inventory have all been defined using San Leon's 220 km2 3D survey acquired in 2010.
The terms of the LOI require Aspect to carry San Leon's interest in the drilling of two exploration wells, targeting oil in the Main Dolomite formation. The first well is estimated to be drilled on the Torzym AOI in Q1 2014. The location of the second well will be determined by results of the first well and continued evaluation of existing 2D and 3D seismic, and well data. The second well will be drilled on either the Torzym AOI or the Cybinka AOI. The farm-in is subject to, amongst other things, the execution of a final farm-in agreement and partner approval of the transaction.
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