LONDON (ShareCast) - (ShareCast News) - Africa and Europe-focussed oil and gas development and appraisal company San Leon has informed the Ministry of Environment in Poland of its intention to relinquish its interest in its remaining Baltic Basin shale gas concessions at Gdansk West and Szczawno, onshore Poland.
The AIM-traded firm said that would represents a "significant reduction" of its involvement in exploration operations in Poland, leaving it with the conventional assets which were subject to transactions announced on 19 September.

It said the impairment charge on the balance sheet as a result of relinquishing the assets was approximately €7.3m.

The annual cost saving from the relinquishments would be approximately €0.25m, plus any work commitments.

"The company continues to focus on its core Nigerian asset, and this reduction in the exposure in Poland is a natural step towards achieving this," said San Leon CEO Oisin Fanning.

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