Morocco Update

RNS Number : 8993W

San Leon Energy PLC

13 November 2014

 



13 November 2014

San Leon Energy Plc

Morocco Well Testing Completion, Plugging And Abandonment

San Leon Plc ("San Leon"), the AIM listed company focused on oil and gas exploration in Europe and North Africa, notes the press release issued this morning on the SM-1 well by Genel Energy Plc ("Genel"), the Operator of the Sidi Moussa licence, offshore Morocco.  The text of that press release is copied below for reference.

"The SM-1 well on the Sidi Moussa permit (Genel 60% working interest) offshore Morocco is being plugged and abandoned. The well was drilled to a total depth of 2,825 metres sub-sea and encountered oil in fractured and brecciated cavernous Upper Jurassic carbonates. In the course of well control operations 26 degree API oil was produced to surface. A subsequent testing program over the same interval failed to produce oil at sustainable rates, potentially as a consequence of the reservoir damage suffered during drilling and well control operations. Further evaluation of the well results and other subsurface information is required before any definitive conclusions can be drawn. The Noble Paul Romano semi-submersible rig will now be released."

San Leon holds a 10% net working interest in the Sidi Moussa block.

Oisin Fanning, San Leon Executive Chairman, commented:

"Analysis of the oil recovered, and the suite of data from drilling, logging and testing, provides a good platform for evaluating the potential of the Sidi Moussa licence and its various prospects.  This evaluation work will begin immediately."

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 Chris McMahon Peter Reilly	[phone]
Plunkett Public Relations Sharon Plunkett	[phone]

www.sanleonenergy.com 

 

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