Morocco Update

RNS Number : 7916N
San Leon Energy PLC
30 July 2014
 



31 July 2014

 

San Leon Energy plc

("San Leon" or "the Company")

 

Morocco Update

 

San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, is pleased to announce that Genel Energy plc ("Genel") has commenced drilling operations on the SM-1 well in the Sidi Moussa block, offshore Morocco.

 

Genel has informed San Leon that the Noble Paul Romano, a semi-submersible rig, has arrived on location and that the SM-1 exploration well was spud on 30 July 2014.  The SM-1 well is located 60km off the west coast of Morocco in approximately 990m of water and is expected to take between 60-90 days to drill. 

 

Genel is the Operator of the block and holds a 60% net operated interest, San Leon holds 8.5%, Serica Energy holds 5%, Longreach Oil & Gas holds 1.5% and ONYHM, the Moroccan National Bureau of Petroleum and Mines, holds a 25% interest. San Leon is carried on the drilling costs of the well up to a gross cap of US$50 million.

 

Oisin Fanning, San Leon Chairman, commented:

"Morocco remains one of the last under-explored regions of North Africa and the spudding of the SM-1 exploration well is another step towards our understanding of this basin's hydrocarbon potential."

 

 

For further information contact:

 

San Leon Energy plc 

Oisin Fanning, Executive Chairman

 

+353 1291 6292

finnCap Ltd 

Corporate Finance
Matt Goode

Christopher Raggett
Corporate Broking
Elizabeth Johnson
Joanna Weaving

 

+44 (0) 20 7220 0500

Fox-Davies Capital Limited

Daniel Fox-Davies
Oliver Stansfield
Jonathan Evans 

 

+44 (0) 20 3463 5000

Macquarie Capital (Europe) Limited
Steve Baldwin
Nicholas Harland

 

+44 (0) 20 3037 2000

Westhouse Securities Ltd
Nominated Adviser
Richard Johnson
Antonio Bossi

 

+44 (0) 20 7601 6100

Vigo Communications
Financial Public Relations
Patrick d'Ancona
Chris McMahon

 

+44 (0) 20 7016 9573

Plunkett Public Relations
Sharon Plunkett

+353 (0) 1 280 7873

 


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