News

June 09, 2009

San Leon Energy Acquires Promising Assets In Poland And Continues To Prepare For High Potential Oil Shale Pilot Project In Morocco

Just eight months after its September 2008 debut on AIM, San Leon Energy has completed its first acquisition. The company announced the acquisition of Gold Point Energy Corp in February 2009, adding some interesting near-term development opportunities plus exploration upside in Poland to its international portfolio of E&P projects. The all paper deal valued TSX Venture-listed Gold Point Energy at £1.4 million.

Analysts at Fox-Davies Capital reckoned this was a good deal for the AIM newcomer. “With the Gold Point deal, San Leon has also shown an ability to make strategic acquisitions at a very attractive price,” the analyst wrote in a note initiating coverage, estimating the Polish assets to be worth about US$63m with a seven per cent probability of success – rather more than the US$1.5 million cost of the acquisition.  “Although their [San Leon’s] opportunity pipeline is currently full, it could...