San Leon signs joint venture deal with PNR on seven Polish licenses
July 2, 2014
Oil & gas exploration firm San Leon Energy has signed joint venture deal with Palomar Natural Resources ("PNR") across seven licenses in Poland, San Leon said on its website.
"In return for a 65% working interest in the Southern Permian Basin and Northern Permian Basin Concessions, PNR has paid upfront to San Leon USD 5 million and USD 15 million [for each], respectively, in cash and will carry San Leon for a defined initial work program aimed at bringing the Rawicz and Siekierki fields, central Poland, into production as soon as possible," San Leon said adding that PNR will become the operator of all of the licenses.
In both Rawicz and Siekierki gas fields PNR received 65% stake, while San Leon retained 35% stake.