Award of Additional Blocks

RNS Number : 9399K

San Leon Energy PLC

29 August 2012

 



29 August 2012

San Leon Energy Plc

("San Leon" or the "Company")

Award of additional blocks to its existing Tarfaya Oil Shale Acreage and extension of exclusivity period

San Leon is pleased to announce that it has been awarded four additional blocks covering an area of 16 km² through the addition of permits number 13, 14, 15 and 16, on its Tarfaya oil shale project area in Morocco. These blocks can be mined and are candidates for the application of surface retorting processes.

These four new blocks are in addition to San Leon's existing oil shale acreage of 6,000 km² awarded in 2009 under an exclusive MoU dedicated to application of its In Situ Vapor Extraction process ("IVE Technology"). The Office National des Hydrocarbures et des Mines ("ONHYM"), the Moroccan national petroleum and mining agency, and San Leon have agreed to an amendment to extend the duration of the exclusivity period of the original MoU for an additional two years to March 2014 and to extend its scope to include application of any other ex-situ (retort) process .

Oisin Fanning, Chairman of San Leon, commented:

"We are delighted by the continued support received from ONHYM in extending our original MoU dedicated to in situ extraction for a further two years and for awarding us the additional blocks. We remain committed to early development of the huge potential of our existing Moroccan oil shale acreage and we now have two parallel strategies; applying our in situ IVE Technology to the deeper resource and, applying existing proven surface retort technology. This should help us to accelerate early exploitation and commercial production of this world-class resource."

For further information contact:

San Leon Energy Plc	Tel: [phone]
Oisin Fanning, Executive Chairman
John Buggenhagen, Exploration Director
Macquarie Capital (Europe) Limited	Tel: [phone]
Paul Connolly
John Dwyer
Fox Davies Capital	Tel: [phone]
Daniel Fox-Davies
Richard Hail
FirstEnergy Capital LLP	Tel: [phone]
Hugh R. Sanderson
David Van Erp
Westhouse Securities (Nominated Advisor) Richard Johnson	Tel: [phone]
Antonio Bossi
College Hill Associates	Tel: [phone]
Nick Elwes
Alexandra Roper

www.sanleonenergy.com

Qualified person

John Buggenhagen, who has reviewed this update, has over 15 years' experience in the oil & gas industry. He has a Ph.D. and M.Sc. in Geophysics from the University of Wyoming and a B.Sc. in Geophysics from the University of Arizona. He is currently the Director of Exploration for the San Leon Energy Group and based in San Leon's Warsaw office in Poland.

 

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