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Link: http://www.otcmarkets.com/stock/SLGYF/company-info Ticker: $SLGYF OTC Market Place: Grey Market CIK code: 0001555600 Company name: San Leon Energy Plc Company website: http://www.sanleonenergy.com/home.aspx Incorporated In: Ireland
Business Description: San Leon Energy is an oil and gas exploration company and is Europe's leading shale gas company by acreage. San Leon's assets are located in Poland, Morocco, Albania, Ireland and Spain. The Company's portfolio across these geographies is made up of both shale and conventional oil and gas assets.
$SLGYF share structure
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Market Value: Not Available Shares Outstanding: Not Available Float: Not Available Authorized Shares: Not Available Par Value: Not Available
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Company name: San Leon Energy Plc Company website: http://www.sanleonenergy.com/home.aspx
WOOHOO...JV with Halliburton Strategic relationship with Halliburton to prove the unconventional gas potential of the SW Carboniferous Basin in Poland
18 March 2013
San Leon Energy has signed a Memorandum of Understanding (“MOU”) with Halliburton Company Germany GmBH Sp. Z.o.o. (“Halliburton”) to develop a strategic relationship to jointly explore and develop the Carboniferous unconventional gas potential in San Leon’s Wschowa, Gora, and Rawicz Concessions (”the Concessions”) in Poland. San Leon will continue to serve as operator and manage the operations on the Concessions. All activities covered under this relationship will be limited to the Carboniferous and deeper sections. For clarity, the shallower Permian Rotliegendes and Main Dolomite sections are excluded from this relationship.
Under the MOU, it is anticipated that Halliburton will perform and fund a Diagnostic Fracture Injection Test (“DFIT”) for the Siciny-2 well in Q2 2013. Upon completion of the DFIT, Halliburton will have the option to perform and fund a minimum two-stage vertical hydraulic fracture in the Siciny-2 well with San Leon paying 50% of the wholesale proppant (fracturing fluid) cost to Halliburton. This procedure is also planned for Q2 2013. San Leon will fund other third party costs on the well-site, such as security and waste disposal, in connection with the DFIT and fracture.
Subject to the execution of a further binding agreement, completion of the DFIT and hydraulic fracturing phase shall give Halliburton the option to earn up to a 25% working interest in the Carboniferous and deeper sections within the Concessions by fully funding two vertical exploration wells, including full technical evaluation with core, DFIT, and vertical hydraulic fracturing if technically warranted. Halliburton will have 120 days following the hydraulic fracture on the Siciny-2 well to elect to drill the first exploration well to earn a 12.5% interest; and 120 days following the hydraulic fracture on the first earning well to elect to drill the second earning well to earn an additional 12.5% interest, making a total of 25%.
Based upon the initial results of the Siciny-2 well drilled by San Leon in 2012, which encountered over 250m of gas saturated tight gas sands with over 200 BFC of gas per square mile, and vintage data, the Company estimates the net Prospect Resource potential of the Carboniferous play on its concession in Poland to be over 60 TCF of recoverable gas.
Executive Chairman, Oisin Fanning commented: “We are very excited about our evolving relationship with Halliburton which will help us prove the huge resource potential of the Carboniferous unconventional gas play across our vast acreage position in the SW Carboniferous Basin in Poland. This relationship is further proof of our strategy of creating value through strong technical effort followed by the drill bit. Halliburton brings the expertise and capabilities to prove the potential of the Carboniferous and quickly take the project from exploration to development.”
San Leon Energy is pleased to announce that it has spud the Rogity-1 well on its Braniewo S Concession in the Baltic Basin, Poland. The well, which is operated by Talisman Energy Poland, is targeting unconventional shale gas in the Lower Silurian, Ordovician and Upper Cambrian. This is the second well in a three well program in the Baltic Basin, with an additional well to be drilled in the Szczawno Concession in early 2012. The Rogity-1 well will be the easternmost penetration of the Paleozoic section in the Baltic Basin. This area is believed to be less thermally mature and is considered to carry more risk than the western part of the Baltic basin, but the Company believes it has the potential for a more liquids rich production.
Oisin Fanning, Chairman of San Leon, commented:
“Our understanding of the geology of the Paleozoic section in the Baltic Basin is evolving with each well. We are excited to test the eastern potential of the Basin which we believe is in the oil window.”
For further information contact: San Leon Energy Plc (Oisin Fanning, Executive Chairman) - Tel: + 353 1291 6292 Macquarie Capital (Europe) Limited (Paul Connolly/John Dwyer) - Tel: +44 (0) 20 3037 2000 Arbuthnot Securities (Richard Johnson/Antonio Bossi) - Tel: +44 (0) 20 7012 2000 College Hill Associates (Nick Elwes) - Tel: +44 (0) 20 7457 2020
We have had a very active first half in preparation for our forward exploration programme: Poland: completion of the drilling and evaluation of the exploration well in the Nida Concession in September; completion of the 2D seismic programme over the Gdansk W, Braniewo and Szczawno Concessions in June; interpretation and prospect evaluation is ongoing of the Szczecinek Block 106; completion by Acoustic Geophysical of 165 km2 of 3D seismic on the Company's 100% owned Nowa Sol Concession; and work is ongoing in the Carboniferous shale play across the Wschowa, Gora, Winsko and Rawicz Concessions (San Leon 100%). Ireland: San Leon completed a 250 km2 3D seismic survey on the North Porcupine Licence (FEL 1/04) in May 2011. Albania: the 840 km2 Durresi Block 3D seismic acquisition survey was completed in April 2011. The data is currently being processed by Western Geophysical in London, who are expected to deliver the final processed data in early Q4 2011. Morocco: Novaseis has completed the 600km of seismic on the Tarfaya Licence and is now commencing acquiring 600km of seismic on the Zag licence.
Outlook for next 6 months
Poland
We are currently drilling both our unconventional shale gas and conventional oil plays in Poland and continuing with our strategy of trying to deliver near term cash flow through low cost exploration targeting shallow, oil plays whilst concurrently drilling the high impact and step-change value prospects in the Baltic and Carboniferous Basins.
We announced on 29 September 2011 the spudding of our first of three back to back wells in the Baltic Basin with Talisman Energy and are looking forward to the results.
The drilling location for our first Carboniferous unconventional gas well is currently being prepared in anticipation of spudding a well in the next month. A second well is also planned in late 2011 to early 2012 to extend the play fairway.
The first ever horizontal results in the Baltic basin have recently been announced by 3Legs Resources who reported sustained gas flows from multiple potential zones. The results from this first horizontal will lead to a decreased learning curve and we believe that the knowledge of this well and future wells will lead to significant gas production in Poland in the future. We have seen nothing to date that has indicated that this play will not work and in fact continue to get excited about the potential for big production in the coming years.
There will be a significant ramp-up in operational activity from other operators in Poland and this should lead to further derisking of the acreage and better understanding of the large upside potential of the play.
Realm acquisition
We are also delighted to have agreed terms to acquire Realm Energy International Corporation (“Realm”) which will add a further 464,919 acres leaving us with 1.7m net acres in our core areas of Poland in these very exciting plays. We look forward to a completion of the acquisition at the beginning of November. In addition, Realm’s recent award of 1.72m net acres in Spain provides us with new shale gas potential for future exploration making San Leon one of the leading shale gas land holders in Europe.
Albania
Final processing of the 840km2 of 3D seismic survey that we shot in April 2011 is expected during October this year and the operational programme following this will be decided following a thorough analysis of this data.
Ireland
We are currently seeking farm-in partners for the Slyne licence and have opened a data room to facilitate this process. Several companies are reviewing data and we will update the market as appropriate.
Processing of the recently acquired3D seismic survey over the C1/Conemara area is near completion and in Barryroe we are also awaiting final processed volumes very soon.
Morocco
The Novafor Rig is currently on the Tarfaya Well A location in preparation to run an injection and frac tests of the oil shale.The test will be monitored with Microseismic to determine fracture pattern. Once the test is complete we will drill Tarfaya Well C and core. We will then start our injection process between the three wells. This should take place at the end of a three weeks.
San Leon Energy annual loss decreases 7 days 5 hours 39 minutes ago - DTM via Comtex DatamonitorSan Leon Energy plc has reported a loss of E3.98 million, or 1.02 cents per share, for the year ended December 31, 2010, compared to E5.52 million, or 1.92 cents per share, for the year ended December 31, 2009.
Operating loss for the year 2010 was E2.57 million, compared to E5.08 million for the year 2009.
Total comprehensive loss for the year 2010 was E3.59 million, compared to a total comprehensive loss of E5.52 million for the year 2009.
Final audited results for year ended 31 December 2010
San Leon Energy plc ("San Leon”, “Group” or the “Company"), the AIM listed company focused on oil and gas exploration in Europe and North Africa today announces its audited final results for the year ended 31 December 2010.
2010 Highlights:
Financial:
· Raised US$93 million (GBP £59.6m) via an equity placing
· Loss for the year decreased to €3.98m (2009: €5.52m) with a resulting decrease in loss per share to 1.02 cent per share (2009: 1.92 cent per share).
· Administrative expenses decreased to €4.21m (2009: €5.08m)
· Group net assets increased by €88.2m to €121.23m (2009: €33.03m)
· Cash balances of €67.17m at 31 December 2010 (2009: €1.98m)
Operational:
· Signed Farm-in Agreement with Talisman across Baltic Basin acreage
· Awarded 1,167 km2 Nida Concession, Poland
· Awarded 603 km2 Szczawno Concession, Baltic Basin, Poland
· Completed 300 km2 3D seismic acquisition programme, offshore Ireland
· Awarded expansion to the Gdansk W Concession, Baltic Basin, Poland
· Commenced 480 km2 Baltic Basin 2D seismic acquisition programme
· Signed Iraq Joint Venture Agreement with Al Meinaa Oil Services Company
Corporate:
· Completed acquisition of Island Oil & Gas Plc
· Appointed Macquarie Capital (Europe) Limited as corporate broker
Outlook:
· Drilling up to 13 wells in 2011
· Three well drilling programme commencing in Q3 2011 on Baltic Basin acerage
· First of a three well programme targeting conventional oil in Poland will be drilled in Q3 2011
· Drilling of two wells at Tarfaya Oil Shale project began in Q2 2011, a third well is currently being planned
· 1,200 km 2D seismic survey to be acquired over Tarfaya and Zag licences – expected to be completed by the end of 2011
· Acquiring 220 km2 of 3D seismic over Barryroe licensing option
· Seeking Farm-in partners to drill wells / acquire seismic data on Atlantic Margin licences
· Established seismic acquisition Company – Novaseis Sp.z o.o.
· Joint Participation Agreement signed in March 2011 with Governorate Council of Karbala in central Iraq
Oisin Fanning, Chairman of San Leon, commented:
“Throughout 2010, the board raised significant finance to fund our operations. These financing efforts culminated in the successful US$93m (£59.6m) equity placing in December 2010. This placing marked a sea change in the financial position of the Group and provides sufficient resources to fund our comprehensive planned work programme, across our portfolio, over the next 18 months. We have delivered on our stated objectives to date and now have an extensive drilling campaign ahead of us which will continue to generate significant value for our shareholders.”
Enquiries to: San Leon Energy plc +353 1291 6292
Oisin Fanning, Executive Chairman John Buggenhagen, Director of Exploration
Macquarie Capital (Europe) Limited +44 (0) 3037 2000 John Dwyer Paul Connolly Ben Colegrave
Fox-Davies Capital Limited +44 (0) 203 463 5010 David Porter
Arbuthnot Securities Limited Nominated Adviser +44 (0) 20 7012 2000 Nick Tulloch Henry Willcocks
College Hill Investment Relations Adviser +44 (0) 20 7457 2020 Nick Elwes
Qualified person
John Buggenhagen has over 15 years experience in the oil & gas industry. He has a Ph.D. and M.Sc. in Geophysics from the University of Wyoming and a B.Sc. in Geophysics from the University of Arizona. He is currently the Director of Exploration for the San Leon Energy Group and based in San Leon's Warsaw office in Poland.
Chairman’s Statement
2010 was a pivotal year for San Leon. We have successfully built a diversified and high-impact portfolio of assets comprising acreage positions in Poland, Albania, Morocco, Ireland and Italy. We completed a US$93m (£59.6m) equity placing in December 2010 that added significant strength to our shareholder register. This placement was very well received and signalled our shift in strategic emphasis from acreage acquisition to putting the drill-bit to work in 2011 and beyond.
We have delivered on our stated objectives to date and now have an extensive drilling campaign ahead of us which will continue to generate significant value for our shareholders.
We accumulated two major shale gas positions in Poland, one of which was farmed out to a leading North American shale operator, Talisman Energy, in February 2010. We expanded our acreage in Morocco; secured new licence interests in Albania and Ireland; and underpinned our future growth.
We are extremely grateful for the support of all our shareholders. San Leon has truly established itself as a strong niche player in the oil and gas industry and we are continuing to build on that success through 2011.
San Leon delivered high growth and a strong financial performance in 2010. Two key contributing factors have been the ability of the Board to generate funds to finance its activities through successful equity placings and prudent use of equity to finance acquisitions which have expanded our asset base.
Throughout 2010, the board raised significant finance to fund operations and the group also issued approximately €14.9m in non-cash share consideration to complete the Island Oil & Gas Plc (“IOG”) and Gora Energy Resources Sp. z o.o. acquisitions. The Board’s financing efforts culminated in the hugely successful US$93m (£59.6m) equity placing in December 2010. This placing marked a sea change in the financial position of the Group and will provide the resources to fund an extensive planned work programme over the next 18 months. This placing also added strong institutional shareholders to the existing base.
The net loss for the year attributable to equity shareholders decreased to €3.98m in 2010 (2009: €5.52m) with a resulting decrease in loss per share to 1.02 cent per share (2009: 1.92 cent per share). Administrative expenses decreased to €4.21m (2009: €5.08m). The group also received €1.5m under the terms of its Polish Baltic Basin farm out agreement with Talisman Energy. We also received £3m post year end from OMV when they relinquished their interest in the Rockall Licence, offshore Ireland. Finance expenses increased to €1.41m (2009: €0.45m) primarily due to the interest charge on debt acquired on the IOG acquisition.
Group net assets increased by €88.2m to €121.23m (2009: €33.03m). The Group had cash balances of €67.17m at 31 December 2010 (2009: €1.98m).
2010 Highlights
• January – announced award of 1,167 km2 Nida Concession, Poland
• January – signed Joint Venture Agreement in Iraq
• February – signed Talisman Farm-in Agreement in the Baltic Basin Poland
• April – awarded 603 km2 Szczawno Concession, Baltic Basin, Poland
• May – completed acquisition of IOG
• August – completed 300 km2 3D seismic acquisition programme, offshore Ireland
• September – appointed Macquarie Capital (Europe) Limited as corporate broker
• September – awarded expansion to the Gdansk W Concession, Baltic Basin, Poland
• November – agreed to acquire Gora, Winsko and Rawicz Concessions totalling 1,314 km2, Southern Permian Basin, Poland
• December – raised US$93 million (GBP £59.6 m)
• December – started 480 km2 Baltic Basin 2D seismic acquisition programme
Poland
Throughout 2010, we continued to secure and develop a diverse portfolio of exploration opportunities consisting of both large-scale company game-changers such as our Baltic Basin and Carboniferous Basin shale gas plays in Poland and several low-cost, onshore oil targets focused on producing short-term cash flow that will continue to fuel our long-term growth.
Our Polish Baltic Basin farm out agreement with Talisman is a significant milestone for the company. The deal offers our shareholders huge upside potential in the most active shale gas exploration play in Europe with minimal cash outlay. Talisman has agreed to fully fund the drilling and operations of up to six wells where we will retain a 40% interest going forward.
Recent drilling results on licences adjacent to our Gdansk W Concession have been very encouraging. San Leon completed the acquisition of 480 km of 2D seismic data over its Baltic Basin concessions in June 2011 and we now look forward to Q3 2011 when Talisman is scheduled to start a three well drilling programme.
Our decision to invest heavily in our Polish based technical team continues to pay dividends. In addition to adding conventional targets to our Polish portfolio, we have identified a new shale gas play in the Carboniferous area of the Southern Permian Basin where we have now amassed over 880,000 acres through licence applications and corporate acquisitions.
We are also pushing forward on our Polish conventional acreage where low cost oil and gas exploration wells could see production in late 2011. While 2010 was marked primarily by expansion, 2011 will be defined by a significant seismic acquisition campaign which will be followed by the drilling of up to 13 wells.
The acquisition of 60 km2 of 3D seismic data over the Szczecinek Block in the Northern Permian Basin was completed in late 2010 and a conventional oil exploration well is now planned for 2012.
In Q2 2011 Geofizyka Krakow acquired 120 km of 2D seismic data over our 100% owned Nida Concession, which is on trend with significant oil production in Poland. The first of up to three wells targeting conventional oil will be drilled in Q3 2011.
San Leon has also awarded Hungary-based Acoustic Geophysical the contract to acquire 165 km2 of 3D seismic data over its Nowa Sol Concession in Q3 2011. A drilling campaign is planned to commence shortly afterwards.
We have found an appropriate solution to the high costs quoted for carrying out our planned seismic acquisition programmes. Through our wholly-owned subsidiary, Novaseis Sp. z o.o., we have established a seismic acquisition company using state-of-the-art wireless technology from OyoGeospace (USA) and vibrators from Sercel (France).
Novaseis will carry out its first operations in Morocco before returning to Poland, where we expect increased countrywide exploration activity to tighten availability of acquisition services and increase costs. Novaseis is expected to become a standalone profit-making subsidiary that will primarily offer services to the San Leon Group as we develop our Polish assets quickly and provide services to third parties when there is spare capacity.
Morocco
In Morocco, we increased our acreage position in our onshore Tarfaya and Zag Licences through the takeover of IOG in 2010. Novaseis is currently preparing for an upcoming 1,200 km 2D seismic acquisition programme over both licences which is expected to be completed by the end of 2011.
Interests in the Foum Draa and Sidi Moussa licences, offshore Morocco, were also acquired in the 2010 IOG takeover. Reprocessing and a full re-interpretation of the seismic data are nearly complete and we plan to seek farm-in partners for drilling in the near future.
Drilling of two wells at our Moroccan Tarfaya Oil Shale pilot project began in Q2 2011 and a third well is currently being planned. Pilot operations are ongoing as we continue to refine our understanding of the geological parameters and technical requirements to extract oil using our in-situ process.
Albania
We have made huge strides in Albania since the acquisition of IOG. Much groundwork in 2010 paved the way for Council of Ministers’ approval for the offshore Durresi Block agreement signed in January 2011. No time was wasted in acquiring an 840 km2 3D seismic survey by mid-April 2011. The 3D seismic programme will evaluate a number of highly prospective structures in the Block, including the existing A4-1X discovery, which has an estimated 60 million barrels of oil equivalents (“MMBOE”), in preparation for a planned 2012 appraisal drilling programme.
This under-explored area is situated on the proven Apulian Margin which extends from Italy into Albania, where one of the largest onshore oil accumulations in Europe, the Patos-Marinza field, is estimated to contain up to 5.7 billion barrels of original-oil-in-place (“OOIP”).
While we see Albania as being under-explored and offering huge potential, we believe the same to be true of the Atlantic Margin, offshore Ireland.
Ireland
The Atlantic Margin offers giant structures in an area as under-explored as the North Sea was circa 40 years ago. Recent onerous tax hikes on UK production should lead to more companies evaluating Ireland, where the fiscal terms are favourable and there is a potentially very large upside. Through the use of our US$50m PGS seismic acquisition facility, we have participated in two Atlantic Margin 3D seismic acquisition programmes in the twelve months since the takeover of IOG. 300 km2 of seismic data was acquired over the Slyne Licence in August 2010, which is currently being interpreted.
A further 250 km2 of 3D data was acquired over the 300 million barrel potential C1 Lead in the North Porcupine Licence in May 2011. The Porcupine Connemara Oil field already offers a future development opportunity within the licence and the C1 Lead could anchor regional development.
OMV assigned its 50% interest in the Rockall Licence to San Leon in March 2011. We now have a 100% working interest in the licence, which has two multi-TCF gas targets.
We are seeking farm-in partners to drill wells and/or acquire further seismic data on the Atlantic Margin licences, including the South Porcupine Basin. Work carried out by our team of geophysicists suggests our South Porcupine Licence area contains features similar to the recent Mizzen discovery in the Flemish Pass Basin, offshore Newfoundland.
We also have a position in the Celtic Sea where a seismic vessel has been contracted to acquire 220 km2 of 3D data over the Barryroe Licensing Option in June 2011. The survey is being acquired to further delineate the Barryroe oil discovery which was last drilled in 1990 and flowed at over 1,600 barrels of oil per day (“BOPD”).
As Barryroe oil is situated below the existing Seven Heads gas field, this 3D survey will also provide San Leon with valuable information on any remaining gas that could be produced from the Seven Heads gas field.
Iraq
Further afield, we have been carefully building relationships in Iraq that we hope will bear fruit for shareholders in the future. San Leon signed a joint venture agreement with Al Meinaa Oil Services Company in early 2010. The partners succeeded in signing a Joint Participation Agreement in March 2011 with the Governorate Council of Karbala in Central Iraq.
Under this agreement, the consortium (San Leon, Al-Meinaa and the Governorate Council of Karbala) plan to submit a joint proposal to the Ministry of Oil in Iraq for the development of the fields of Kifil, West Kifil and Merjan.
Iraq is another slow-burning interest in the growing portfolio of high impact assets that could catapult us to another level.
Conclusion
While we continue to grow, I can assure shareholders we have not lost sight of our primary goal to deliver value from our Polish assets. Within the next twelve months, and subject to timing on interpretation and permitting, we expect to have drilled up to 13 wells in Poland, including three to six shale gas wells committed to by Talisman Energy in the Baltic Basin.
We know real success in this industry is only achieved by producing oil and gas. 2010 positioned San Leon to drill wells. 2011 will see us executing that part of our development, and by this time next year, I sincerely expect that I will be reporting on discoveries and strong first revenues to our shareholders.
Oisín Fanning Chairman
Click here to download our statements
Notes to the Financial Statements
General
San Leon Energy Plc ("the Company") is a company incorporated in Ireland. The Group financial statements consolidate those of the Company with those of its subsidiaries (together referred to as "the Group"). These consolidated financial statements were authorised for issue by the Board of Directors on 27 June 2011. These results are extracted from the full annual report and audited accounts. The annual report and audited accounts are being distributed to shareholders, and the full annual report and audited accounts including all the notes to the accounts are available at the Company's website www.sanleonenergy.com.The notice of AGM is also being distributed to shareholders and is also available on the Company's website.
Independent Auditors’ Report
We have audited the Group and Company financial statements (the "financial statements") of San Leon Energy Plc for the year ended 31 December 2010 which comprise the Consolidated Income Statement, the Consolidated Statement of Comprehensive Income, the Group and Company Statement of Changes in Equity, the Group and Company Statement of Financial Position, the Group and Company Statement of Cash Flows and the related notes. These financial statements have been prepared under the accounting policies set out on therein.
This report is made solely to the Company's members as a body in accordance with Section 193 of the Companies Act, 1990. Our audit work has been undertaken so that we might state to the Company's members those matters that we are required to state to them in the auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company or the Company's members as a body for our audit work, for this report, or for the opinions we have formed.
Respective Responsibilities of Directors and Auditors
The Directors' responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and International Financial Reporting Standards as adopted by the European Union ("IFRSs") are set out in the Directors' Responsibility Statement on page 20.
Our responsibility is to audit the financial statements in accordance with relevant legal and regulatory requirements and International Standards on Auditing (UK and Ireland).
We report to you our opinion as to whether the financial statements give a true and fair view in accordance with IFRSs as adopted by the European Union and in the case of the Company in accordance with the Companies Acts 1963 to 2009. We also report to you to whether, in our opinion; proper books of account have been kept by the Company; whether at the Statement of Financial Position date, there exists a financial situation requiring the convening of an extraordinary general meeting of the Company; and whether the information given in the Directors' Report is consistent with the financial statements. In addition, we state whether we have obtained all the information and explanations necessary for the purposes of our audit and whether the Company's Statement of Financial Position is in agreement with the books of account.
We report to the shareholders if, in our opinion, any information specified by law or the listing rules of AIM regarding Directors' remuneration and Directors' transactions is not disclosed and, where practicable, include such information in our report.
We read the other information contained in the Annual Report and consider whether it is consistent with the audited financial statements. This other information comprises only the Directors' Report and the Chairman's Statement and Operating Review. We consider the implications for our audit report if we become aware of any apparent misstatements or material inconsistencies with the financial statements. Our responsibilities do not extend to any other information.
Basis of audit opinion
We conducted our audit in accordance with International Standards on Auditing (UK and Ireland) issued by the Auditing Practices Board. An audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the directors in the preparation of the financial statements, and whether the accounting policies are appropriate to the Group's and Company's circumstances, consistently applied and adequately disclosed.
We planned and performed our audit so as to obtain all the information and explanations which we considered necessary in order to provide us with sufficient evidence to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or other irregularity or error. In forming our opinion we also evaluated the overall adequacy of the presentation of information in the financial statements.
Opinion
In our opinion
- the Group financial statements give a true and fair view, in accordance with IFRSs as adopted by the EU, of the state of the Group's affairs as at 31 December 2010 and of its loss for the year then ended;
- the Company financial statements give a true and fair view, in accordance with IFRSs as adopted by the EU and as applied in accordance with the provisions of the Companies Acts, 1963 to 2009, of the state of the Company's affairs as at 31 December 2010; and
- the financial statements have been properly prepared in accordance with the Companies Acts, 1963 to 2009.
Emphasis of matter
In forming our opinion, we have considered the adequacy of disclosures made in Note 9 to the financial statements in relation to the Directors' assessment of the carrying value of the Group's exploration and evaluation assets amounting to €76,064,855 at 31 December 2010. In view of this we consider that it should be drawn to your attention but our opinion is not qualified in this respect.
Other matters
We have obtained all the information and explanations we consider necessary for the purposes of our audit. In our opinion, proper books of account have been kept by the Company. The Company Statement of Financial Position is in agreement with the books of account.
In our opinion, the information given in the Directors' Report is consistent with the financial statements.
The net assets of the Company, as at the financial position date, are more than half of the amount of its called up share capital and, in our opinion, on that basis there did not exist at 31 December 2010 a financial situation which under Section 40(1) of the Companies (Amendment) Act 1983 may require the convening of an extraordinary general meeting of the Company.
Yahoo Profile :"San Leon Energy Plc engages in the exploration and production of oil and gas projects. It holds interests in projects located in Poland, Ireland, Italy, Morocco, the Netherlands, and North America. The company was incorporated in 1995 and is headquartered in Dublin, Ireland."
"Company Background San Leon Energy Plc is an oil and gas exploration company. The Company is focused on the exploration and production of oil and gas projects in Italy, Poland, Netherlands, United States and Morocco. SLE enjoyed success in acquiring all five permits it applied for in Italy which comprises of three offshore licenses near Sicily and two onshore in the Po Valley. SLE has worked with ONHYM in Morocco to explore the available and massive oil shale opportunities. The Company's projects include Talisman Energy, Baltic Basin, Permian Basin South, Permian Basin North, Tarfaya Oil Shale Project, Zag and Tarfaya Licences, and Foum Draa & Sidi Moussa. The Company's wholly owned subsidiaries consists of San Leon (Morocco) Limited, San Leon (USA) Limited, San Leon (Netherlands) Limited, San Leon Energy Srl, San Leon Services Limited, Gold Point Energy Corp., San Leon Energy USA Inc, San Leon (Poland) SP. Zoo, and Vabush Energy SP. Zoo. In 2009, the Company acquired Gold Point Energy (GPE)."
Trading on London Stock Exchange.
Trades as British Pence (on London Exchange). http://www.stockexchangesecrets.com/london-stock-exchange-prices.html "London Stock Exchange prices are quoted in pounds and pence. This may seem a little obvious to mention, but there are a few exceptions quoted in euro. The most accurate place for the casual investor to receive his or her London Stock Exchange prices is in a daily paper. The most highly regarded of these is obviously the London Financial Times. Companies apply for and have to pay to be listed in the FT 'London Share Service'. Unless indicated, the price of shares is shown in pence. The prices are taken at the mid-market at the close of the previous days business. Mid-market is the price point half way between the buying and selling price of the share...."
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