San Leon Energy (SLE) is looking to raise up to £31 million in two separate placings priced at 4.75p a share to acquire a collection of gas fields and conventional oil and gas licences in Turkey.
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The first placing, totalling £5.2m, would enable San Leon to buy a 75 per cent interest in Alpay Enerji AS, a private Turkish company which holds rights to licences that have gross proved and probable gas reserves of 46.6 billion cubic feet. The second placing of £25.8m would pay for exploration drilling, a well workover programme, a production facility upgrade and a small pipeline.
