San Leon Energy has scaled back its operations in Poland, in line with the company’s new long-term strategy.
The company revealed in June it planned to reduce exploration activity and refocus on appraisal, development and production to secure operational cash-flow.
In line with this decision, San Leon has relinquished four licences, in addition to PKN Orlen taking on its interests in several other blocks.
Executive chairman Oisin Fanning, said: “The company has made the decision to remove some of its Polish acreage. The decision is also required as a result of the introduction of significant yearly licence fees in Poland over the past couple of years.
“The company remains committed to its remaining acreage in Poland, which includes the Baltic Basin shale licences and the recently announced gas discovery at the Rawicz field.”
The portfolio adjustment is just one of a number of actions the company will take in coming months to execute the new strategy he said.