Morocco Update

RNS Number : 5256R

San Leon Energy PLC

28 October 2013

 



28 October 2013

San Leon Energy Plc

("San Leon" or the "Company")

Morocco Update

San Leon Energy Plc ("San Leon"), the AIM listed company focused on oil and gas exploration in Europe and North Africa, is pleased to announce that Cairn Energy ("Cairn") has commenced drilling operations on the FD-1 wildcat exploration well on the F prospect in the Foum Draa block, offshore Morocco.

The FD-1 exploration well is located in 1,500 metres of water approximately 120 kilometres offshore Morocco and will be drilled using the Cajun Express, a fifth generation semi-submersible drilling unit. The well has a planned total depth of 5,500 metres True Vertical Depth Sub Sea ("TVDSS") and is expected to take approximately 60 days to drill.

Cairn is the Operator of the block and holds a 50% net operated interest, San Leon holds 14.17%, Serica holds 8.33% and Longreach will hold 2.5%. ONYHM, the Moroccan National Bureau of Petroleum and Mines will continue to hold 25%.

Oisin Fanning, Chairman of San Leon, commented:

"We are delighted that the FD-1 exploration well offshore Morocco has been spud. The farm-out to Cairn last year has reduced the Company's financial exposure but keeps San Leon's interest at a level which still offers attractive upside for our shareholders.

Morocco is an area that is attracting a significant amount of interest due to its stability and potential resources offshore, and we look forward to benefiting from the high impact  conventional exploration upside in this Atlantic Margin region."

San Leon Energy plc		[phone]
	Oisin Fanning, Executive Chairman
Fox-Davies Capital Limited		[phone]
	Daniel Fox-Davies
	Oliver Stansfield
	Jonathan Evans
Macquarie Capital (Europe) Limited		[phone]
	John Dwyer
	Nicholas Harland
FirstEnergy Capital LLP		[phone]
	Hugh R. Sanderson
	Jonathan Wright
	David van Erp
Westhouse Securities Ltd	Nominated Adviser	[phone]
	Richard Johnson
	Antonio Bossi
Vigo Communications	Financial Public Relations	[phone]
	Patrick d'Ancona
	Chris McMahon
College Hill	Investment Relations Adviser	[phone]
	David Simonson
	Alexandra Roper
Plunkett Public Relations		[phone]  [phone]
	Sharon Plunkett
	Jennie Cotter

www.sanleonenergy.com

 

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