Genel Energy ("Genel") notes today's announcements by its partners San Leon Energy and Serica Energy regarding the Sidi Moussa-1 well offshore Morocco, operated by Genel with a 60% working interest. Genel confirms the information contained in the operational updates issued by its partners. It is premature at this stage of operations and ahead of the forthcoming testing of the well to make any definitive technical interpretation. Genel shall update the market on completion of operations. -ends-
San Leon, the AIM listed company focused on oil and gas exploration in Europe and North Africa, confirms that the SM-1 well in the Sidi Moussa block offshore Morocco has reached a total depth of 2,825mMDBRT (measured depth below rotary table) and encountered oil during drilling operations. Preparations are underway to perform cased hole testing.
San Leon holds a 10% net working interest in the Sidi Moussa block. Total well testing costs are expected to be approximately $22m (net paying interest $3m to San Leon).
Oisin Fanning, San Leon Executive Chairman, commented:
"Testing the SM-1 well aims to evaluate the structure and its hydrocarbon potential as much as possible at this stage of early exploration, and we look forward to updating the market with the results once these are available."
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.
from xrated.......20:41 19/10/2014 [xrated] robbyb we are over 80 days drilling, it took 72 days for Cairn Energy to hit Td, Rigs dont hang around if they find nothing.So its my hunch if they found something ,then they would be waiting for testing gear, I hope that is the case, If we have a find, its only the beginning as the Licensed area is extremly big, it wouldl dwarf the kurdish find. ....................and he is right as the sid moussa licence is huge and with the 2/3d that has been done has found other structures...we await news......
good post...I don't think OF is under pressure though..not like that anyways as these things cant be rushed...whatever will happen lewino will be drilled next year...and next year a new sle will immerge and that i megence will be through production...with rawicz.siekierki,rogity hopefully carpathianj/Permian and morocco too...lewino will imo be after these as pnr news will be due this quarter on these wells....lewino is huge we own 100% ..results data from bnk/conocco sle will have...they will have pvr monies...so if any fo is not on sle terms sle will have the funds to go ahead 100% themselves..the option is theirs not someone elses....but OF is no fool....he will be after the right deal for sle and if he can get someone to drill lewino and it costs sle nowt and sle hold the bigger % and get cash in hand...sle have all the options at hand...morocco 3 intervals..all to play for etc etc
Whether it's because Spring is in the air, which it's not, but I have a good feeling about this. If Sidi Moussa isn't going to happen, next week would be the best time to receive that news. Won't do much damage to the SP. With Barryroe, and the few wells currently being drilled, likely to be a source of imminent good news, investors won't be jumping ship. Then there's lewino. That's always going to be worth hanging around for. OF must be under pressure to get a FO sorted. Might not be as good a deal as we'd like, probably a lot less money up front and more free carries, but would still be a huge boost for the company. Just imagine 2 years down the line, having a 5O% share in 50 shale gas wells on W. Gdansk. That would be a huge income and that's only just the start! We've had a rotten couple of years with this company but things could be starting to change for the better.
From xrated on Lse Genel bb today...now that would be nice! We should find out by end of October.
Tony Busy man, a history , intelligent, most likely very arrogant, pleasant, It's very difficult to operate 2 large companies that are so diverse. Indeed one has to delegate and hope that girl/ guy are on the money. This weekend is a difficult one especially because ! I presume he will ask the question why one is paying for a rig off shore Morocco Especially when one has stopped drilling.... Indeed its a testing time for all of us !!! Especially for the little minnow San Leon Energy???? What's up.?????
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