San Leon Rises to Three-Month High on Gas Find in Poland
San Leon Energy Plc (SLE), an oil and gas explorer drilling shale rock, rose to the highest in almost three months in London trading after a well in Poland found gas across four intervals.
San Leon climbed 8.2 percent to 13.25 pence, the highest since Nov. 16, valuing the Dublin-based company at 150.3 million pounds ($236 million).
The Siciny-2 well “encountered more than 500 meters (1,640 feet) of potential reservoir for further analysis,” Chairman Oisin Fanning said in a statement. “The complex nature of the Carboniferous source rock, including natural fracturing, shows real promise for gas production.”
San Leon gained 14 percent Feb. 10 after the Rogity-1 well, operated by Talisman Energy Inc. (TLM), found liquids-rich shale.
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