BRIEF-San Leon Energy signs deal with Transatlantic Petroleum

Thu Mar 27, 2014 3:39am EDT
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March 27 (Reuters) - San Leon Energy Plc :

* Term sheet agreement with Transatlantic Petroleum

* Says it is expected that cost of program should decrease with recent increase in service providers in Poland

* Estimated value of work program is $60 mln to $70 mln

* Transatlantic would earn an undivided 50 pct working interest in Nowa Sol, Wschowa, Gora, Rawicz, Prisice, Kotlarka, Olesnica, Praska and Wielun concessions totalling more than 1.9 million gross acres

* Final interests in concessions would comprise 50 pct Transatlantic, who would also become operator, 37.5 pct San Leon, and 12.5 pct Hutton Energy Source text for Eikon: Further company coverage: