Irish Exploration Company San Leon Energy Acquires Alpay Enerji's 75% Stake for $4 Million

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Researched by Industrial Info Resources (Sugar Land, Texas)--Shale and oil exploration company San Leon Energy (LSE:SLE) (Dublin, Ireland) has signed an agreement to acquire a 75% stake in oil company Alpay Enerji Oil (Ankara, Turkey), which has both oil and shale exploration licenses in seven regions of Turkey. The Irish company will pay $4 million to Alpay Enerji owner Server Fatih Alpay, as well as a $50 million placing to develop its assets.

The acquisition will be finalized after the receipt of regulatory approvals from the General Directorate of Petroleum Affairs in Turkey. According to a statement, San Leon estimates that production from the licenses will generate monthly revenues of approximately $3 million.

At present, San Leon Energy's main focus is Poland, as it has promising shale ventures. The company plans to generate cash to fund these ventures, because it does not have a success story in Poland. Large U.S. energy companies like Exxon Mobil (NYSE:XOM) (Irving, Texas) quit after a long period of exploration for shale gas.

"Poland takes longer, you've got to be there," said Oisin Fanning, the chairman of San Leon Energy. "We can be there as long as we need to be now, to monetize effectively our big shale gas plays, and we won't be coming back to market looking for cash to do so."

"The deal will bring around $2.7 million per month from October next year. I'll spend what I need to spend as long as I'm earning it," Fanning was quoted as saying in Reuters News Agency. "These are big plays, they're not for small companies, you need to get partners to pay some of the costs."

"Currently, we have seven conventional oil and gas exploring licenses," said Fatih Alpay, owner of Alpay Enerji. "Also, we'll give nine more licenses from our subsidiaries to expand its operation in Turkey. The exploration for shale gas may take longer than estimated. Also, the production of shale gas fields may take seven to 10 years to become fully operational commercially."

At present, San Leon Energy has operations for exploration in Poland, Albania, Morocco, Ireland, Spain, Romania, Germany, France and Italy.

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