focusIR May 2024 Investor Webinar: Blue Whale, Kavango, Taseko Mines & CQS Natural Resources. Catch up with the webinar here.
Latest October imho....
I understand due diligence is currently being completed. San Leon's well is expected to spud in the second half of August 2015, and will take approximately 30 days to reach total depth. It would be sensible to return to market after their drill result where there is a high level of confidence of a successful result.
Teredo is the Moroccan offshore asset partnered with Glencore which was one of two assets in the Imara holding. I understand the other asset which is onshore Kenya was far less prospective at current oil prices and was dropped. The Teredo asset is considered highly prospective at current gas/oil prices. San Leon are drilling the same structure in Morocco in August (onshore). I posted their announcement separately.
San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, is pleased to announce the signing of a rig contract for the drilling of the El Aaiun-4 well on the Tarfaya conventional licence, onshore Morocco. The rig contract has been signed with Entrepose Drilling for the Cabot 750 rig. The well is expected to spud in the second half of August 2015, and will take approximately 30 days to reach total depth (TD) of around 2000 metres below rotary table. The reservoir target is Tertiary channel sandstones, with good reservoir properties expected, and the surface location is approximately 14 Km from a gas market (El Marsa OCP phosphate processing plant, near Foum el-Oued). Oisin Fanning, San Leon Executive Chairman, commented: “As previously stated, one of our main priorities this year has been to commence drilling the onshore Tarfaya well, El Aaiun-4, and the rig contract with Entrepose Drilling brings us one step closer to this. We look forward to the near-term drilling of the El Aaiun-4 well, with its structural location updip of gas encountered in an older well, as well as its proximity to the gas market and other nearby similar channel targets for follow-on wells. We believe this well has significant potential and we shall update the market when the El Aaiun-4 spuds.” Qualified person Joel Price, who has reviewed this update, has more than 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.
Under the Standard Listing rules they do not have any more headroom to issue straight equity without filing another prospectus such as what would be required for an RTO. The maximum available equity headroom was placed last month hence why they have structured the latest placing as a convertible which was predicated with a requirement to have agreed and published the acquisition terms prior to completion (which has now occurred with the latest RNS).
San Leon Energy are drilling the same structure. LSE removed the hyperlink...
I understand that Glencore are the JV partner on the Boujdour permit with a 38.25% working interest and are also the operator. They would not be involved unless this was highly prospective/strategic from their point of view. The Moroccan Government owns a 25% working interest. Also http://www.sanleonenergy.com/home.aspx are currently drilling the same structure onshore.