San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, has provided an update on its Morocco acreage.
– 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, 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 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.”