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31 Jul 2014 07:26
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31 July 2014
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San Leon Energy plc
("San Leon" or "the Company")
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Morocco Update
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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.
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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.
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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.
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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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For further information contact:
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San Leon Energy plcΒ Oisin Fanning, Executive Chairman Β | +353 1291 6292 |
finnCap LtdΒ Corporate FinanceMatt Goode Christopher RaggettCorporate BrokingElizabeth JohnsonJoanna Weaving Β | +44 (0) 20 7220 0500 |
Fox-Davies Capital Limited Daniel Fox-DaviesOliver StansfieldJonathan EvansΒ Β | +44 (0) 20 3463 5000 |
Macquarie Capital (Europe) LimitedSteve BaldwinNicholas Harland Β | +44 (0) 20 3037 2000 |
Westhouse Securities LtdNominated AdviserRichard JohnsonAntonio Bossi Β | +44 (0) 20 7601 6100 |
Vigo CommunicationsFinancial Public RelationsPatrick d'AnconaChris McMahon Β | +44 (0) 20 7016 9573 |
Plunkett Public RelationsSharon Plunkett | +353 (0) 1 280 7873 |
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