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San Leon announces its first Polish commercial gas find

Reuters - UK Focus

WARSAW, Feb 25 (Reuters) - London-listed gas explorer San Leon said on Wednesday it had made its first commercial gas discovery in Poland.

"This is the well we have been waiting for - a significant gas discovery in one of the highest-priced gas markets in Europe," Oisin Fanning, executive chairman at San Leon, was quoted as saying in a statement.

"This well is transformational for the company, a step towards energy independence for Poland".

The well is in Rawicz, in south-western Poland. It commenced flow testing on Feb. 5 and has to date flowed at a rate of up to 4.1 million standard cubic feet per day.

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San Leon said it plans to drill another three to five wells to develop the field.

The Rawicz project is operated by Palomar Natural Resources, which has a 65 percent share in equity. San Leon owns a 35 percent equity share of the first two wells.

The discovery was of conventional gas.

San Leon is also one of the few foreign investors still looking for shale gas in Poland. Hopes for commercial shale gas production dimmed after Chevron became the latest major energy company to quit Poland. (Reporting by Agnieszka Barteczko; Editing by Christian Lowe)