San Leon to focus on Nigeria oil investments

Oil & gas developer San Leon Energy PLC has disclosed that is planning to sell its interest in its remaining Baltic Basin shale gas concessions, onshore in Poland in order to focus on Nigeria.
The corporation said on Tuesday that it has informed Poland’s Ministry of Environment it plans to relinquish its interests in the Gdansk West and Szczawno concessions.
According to the corporation, it represent a “significant” reduction in its involvement in Polish operations.
In September, San Leon sold six Polish assets: the 100 per cent owned Cieszyn and Bielsko-Biala concessions; 100 per cent interests in the Prusice and Kotlarka concessions; and two concessions at Gora and Nowa Sol.
The move is expected to significant reduce its expenditure with an annual saving cost of around EUR 250,000, plus any work commitments.
Chief Executive, San Leon, Oisin Fanning said: “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.”
In November, San Leon faced a winding-up petition in the Dublin High Court over the non-payment of outstanding liabilities to Avobone NV, the corporation later said the petition was dropped after a revised repayment schedule was agreed. It is expected to pay EUR3.3 million by December 19 and a further EUR 8.3 million by January 15. It has already paid EUR 4.2 million due on November 27.
The dispute with Avobone goes back to a 2013 request by Avobone to the International Court of Arbitration of the International Chamber of Commerce, for arbitration over San Leon subsidiary Aurelian Oil & Gas’ acquisition of Avobone’s stake in Energia Zachod.