Diversified oil and gas junior San Leon Energy remains busy on several fronts as it announced a loss of €5.5m (£4.4m) for the year to 31 December 2009, increased from a loss of €3.2m in 2008. The joint-venture agreement with Talisman Energy advances the company's shale gas project in Poland, where Talisman will drill at least three and up to six wells to prove a major shale gas play on San Leon's three Baltic Basin concessions. San Leon will retain a 40 per cent interest.
Construction of the Tarfaya oil shale test plant in Morocco will begin shortly and it should be operational by early 2011. The acquisition of Island Oil & Gas increases the company's interests in Morocco.
