San Leon Energy Plc, 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., found liquids-rich shale.