San Leon announces relinquishment of certain Polish assets

San Leon, the AIM listed company focused on oil and gas development and appraisal in Africa and Europe, has informed the Ministry of Environment in Poland of its intention to relinquish its interest in its remaining Baltic Basin shale gas concessions (Gdansk West & Szczawno), onshore Poland. This represents a significant reduction of SLE’s involvement in exploration operations in Poland, leaving the Company with the conventional assets which are subject to the transactions announced on 19 September 2017.

The impairment charge on the balance sheet as a result of relinquishing these assets is approximately €7.3 million. The annual cost saving from the relinquishments is approximately €250,000, plus any work commitments.
 

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