Apr. 28, 2014, 3:59 PM
- Work to bring Poland's Siekierki gas field online is set to begin shortly following a deal between operator San Leon Energy (SLGYF) and Baker Hughes (BHI -0.5%).
- BHI will receive a return from 75% of profits generated from production, followed by a 10% net profit interest in the wells, in return for the full funding of all stages of the project.
- Separately, Argus Research raises its BHI price target to $80 from $68, as it continues to expect the North American onshore market to drive earnings growth; the stock trades at 17x the firm's 2014 EPS estimate and 13.4x its 2015 estimate, seen as too low based on its forecast for average annual EPS growth of 42% over the next two years (Briefing.com).
Mar. 28, 2014, 4:47 PM
- TransAtlantic Petroleum (TAT) signs a term sheet agreement with San Leon Energy (SLGYF) and Hutton Energy in which TAT would receive a 50% interest in nine Polish concessions encompassing 1.9M gross acres.
- TAT will fund $5M of past expenses in the concession blocks and fund 100% of the cost to drill and complete two wells and re-enter and stimulate four wells.
- TAT will take over operatorship of the concessions and fund its 50% share of all G&A costs going forward; San Leon's interest is reduced to 37.5%.
Feb. 5, 2014, 12:19 PM
- Poland officials say they will speed up work on setting regulations for its nascent shale gas industry, after London-listed San Leon Energy (SLGYF) said last month that it had made significant progress toward commercial production after vertical drilling in northern Poland.
- The development rekindled Poland's hope that shale gas will become a viable source of energy for the economy which relies on Russia for 60% of the gas used each year.
- Chevron (CVX) has continued to move forward on shale gas exploration in Poland after Exxon, Talisman and Marathon Oil abandoned projects after mixed results.
Jul. 5, 2013, 3:38 PM
Poland has plenty of gas, but hopes it can lead a shale gas boom in Europe are fading fast as energy companies say government red tape is delaying commercial output and draft proposals to cut bureaucracy don't go far enough. If shale gas fails to live up to the potential, the chief beneficiary would be Russia's Gazprom, which would continue to be Poland's biggest gas supplier.| Jul. 5, 2013, 3:38 PM | 14 Comments
May 8, 2013, 8:09 AM
Talisman Energy (TLM) is pulling out of exploration for shale gas in Poland, saying it will sell its Polish interests to San Leon Energy after failing to find enough gas to warrant further expensive exploration or extraction procedures. Exxon sold its Polish concessions last year, and the decisions are a blow to the country's hopes that its shale deposits eventually will cut dependence on Russian supplies.| May 8, 2013, 8:09 AM
Mar. 18, 2013, 8:59 AMHalliburton (HAL) signs a strategic partnership that could see it earn up to a 25% stake in three Polish concessions. London-listed San Leon Energy (SLGYF.PK) would continue as manager and operator of the concessions, while HAL would perform and fund fracturing tests for the Siciny-2 well in Q2 2013. | Mar. 18, 2013, 8:59 AM