San Leon Energy - Morocco Update

By MarEx 2014-07-31 11:04:00

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.”

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