Rig Preparing to Spud OSMU-1 Well on OML 18

RNS Number : 8931J

San Leon Energy PLC

10 December 2018

 

10 December 2018

San Leon Energy Plc

("San Leon", "SLE" or "the Company")

Rig Preparing to Spud OSMU-1 Well on OML 18

San Leon Energy plc (the "Company"), the AIM listed company focused on oil and gas development and appraisal in Africa, announced on 25 September 2018 that Eroton, the operator of the OML 18 licence, onshore Nigeria, was preparing to mobilise a rig to the Akaso field to drill the first new well under its operatorship.

Eroton has confirmed that a rig has now been fully positioned at the well site, and is expected to commence drilling in the next few days. Well OSMU-1 is expected to take up to 60 days to drill to around 11,900 ftMDBRT (measured depth below rotary table) and complete, targeting the E4500 and E3000 formations, and is then expected to be connected to the OML 18 production system.

Oisin Fanning, CEO, commented:

"Drilling the first new well of Eroton's operatorship marks the start of a new chapter in the development of OML 18. Increasing oil production at the wellhead is an important step in increasing cash flow from the asset, and I look forward to providing shareholders with an update on the performance of this new well in due course, in addition to providing further information on further development activities."

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement

Enquiries:

San Leon Energy plc

Oisin Fanning, Chief Executive (+ 353 1291 6292)

Cantor Fitzgerald Europe (Nominated adviser, financial adviser and joint broker to the Company)

Nick Tulloch ([phone])

David Porter ([phone])

Whitman Howard Limited (Financial adviser and joint broker to the Company)

Nick Lovering ([phone])

Brandon Hill Capital Limited (Joint broker to the Company)

Oliver Stansfield ([phone])

Jonathan Evans ([phone])

Vigo Communications (Financial Public Relations)

Chris McMahon ([phone])

Simon Woods ([phone])

Plunkett Public Relations

Sharon Plunkett ([phone])     

 

END

 

 

MSCFKCDNDBDBABK