Morocco Update

RNS Number : 0186R

San Leon Energy PLC

08 September 2014

 



8 September 2014

San Leon Energy plc

("San Leon Energy" 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 provide an update on its Morocco acreage. San Leon has acquired the following working interests from Petromaroc Corporation PLC, previously called Longreach Oil and Gas Limited:

·     San Leon has acquired Petromaroc's 1.5% net working interest in the Sidi Moussa licence, offshore Morocco. The drilling of the SM-1 well on the Nour prospect is currently underway by the operator, Genel Energy PLC ("Genel"), for a consideration limited to assuming Petromaroc's share of expenditure of the Minimum Work Obligations. Serica Energy PLC and Genel have been notified of this transfer.

·     Petromaroc has also transferred its 22.5% net working interest in the Tarfaya Onshore licence to San Leon, the operator of the licence.  Petromaroc will pay San Leon its share of expenditure during the current exploration period. San Leon is now in the process of obtaining an extension of the current period and a revised work programme.

The above transfers of interest will be effective upon the approval of Moroccan authorities (joint Ministerial orders).

Oisin Fanning, San Leon Executive Chairman, commented:

"We are delighted to have acquired additional interests in our two highly prospective licences in Morocco at no additional costs to the Company. The excellent fiscal terms and high potential upside all contribute to make Morocco one of the last exploration frontiers."

Qualified person

Joel Price, who has reviewed this update, has 20 years' experience in the oil & gas industry and is a member of the Society of Petroleum Engineers. He holds a BA in Natural Sciences from Cambridge University, an MEng from Heriot-Watt University, and an MBA from Durham University. Joel is Chief Operating Officer for San Leon Energy and is based in San Leon's London office.

For further information contact:

San Leon Energy plc  Oisin Fanning, Executive Chairman	[phone]
finnCap Ltd  Corporate Finance Matt Goode Christopher Raggett Corporate Broking Elizabeth Johnson Joanna Weaving	[phone]
Fox-Davies Capital Limited Daniel Fox-Davies Oliver Stansfield Jonathan Evans	[phone]
Macquarie Capital (Europe) Limited Jon Fitzpatrick Nicholas Harland	[phone]
Westhouse Securities Ltd Nominated Adviser Richard Johnson Antonio Bossi	[phone]
Vigo Communications Financial Public Relations Patrick d'Ancona Chris McMahon	[phone]
Plunkett Public Relations Sharon Plunkett	[phone]

www.sanleonenergy.com 

 

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