San Leon sells 7 Polish concessions

San Leon Energy sold six of its Polish concessions to Horizon Petroleum, the company said in a market filing. The sale concerns oil and gas licenses in Cieszyn, Bielsko Biała, Prusice, Kotlarka and one concession which is under application. In a separate deal, San Leon sold concessions in Góra and Nowa Sól to Gemini Resources. The Horizon Petroleum deal is worth $1 million in cash, CAD 1 million in shares and 6 percent of profits from the sites. Gemini will pay €1 plus a 5 percent net profits interest in each concession. According to San Leon the disposals represent a loss of approximately €400,000 over the book value of assets, after adjusting for the reduction in San Leon’s decommissioning liabilities. Both deals need to be approved by the Polish government. San Leon still holds two oil and gas concessions in Poland.