San Leon Buys Turkish Assets to Fund Polish Shale Drilling
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San Leon Energy Plc, a U.K.-listed oil and gas explorer focused on shale in eastern Europe, bought three-quarters of Alpay Enerji AS to support drilling in Poland.
The $4 million deal will give San Leon a stake in 16 conventional oil licenses in Turkey and should generate $3 million a month for the company from next year, it said in a statement in London. Separately, the explorer is raising 31 million pounds ($50 million) in a share placement.