Last checked at 28 Oct 2013 11:03
28 October 2013
San Leon Energy Plc
("San Leon" or the "Company")
Morocco Update
San Leon Energy Plc ("San Leon"), the AIM listed company focused on oil and gas exploration in Europe and North Africa, is pleased to announce that Cairn Energy ("Cairn") has commenced drilling operations on the FD-1 wildcat exploration well on the F prospect in the Foum Draa block, offshore Morocco.
The FD-1 exploration well is located in 1,500 metres of water approximately 120 kilometres offshore Morocco and will be drilled using the Cajun Express, a fifth generation semi-submersible drilling unit. The well has a planned total depth of 5,500 metres True Vertical Depth Sub Sea ("TVDSS") and is expected to take approximately 60 days to drill.
Cairn is the Operator of the block and holds a 50% net operated interest, San Leon holds 14.17%, Serica holds 8.33% and Longreach will hold 2.5%. ONYHM, the Moroccan National Bureau of Petroleum and Mines will continue to hold 25%.
Oisin Fanning, Chairman of San Leon, commented:
"We are delighted that the FD-1 exploration well offshore Morocco has been spud. The farm-out to Cairn last year has reduced the Company's financial exposure but keeps San Leon's interest at a level which still offers attractive upside for our shareholders.
Morocco is an area that is attracting a significant amount of interest due to its stability and potential resources offshore, and we look forward to benefiting from the high impact conventional exploration upside in this Atlantic Margin region."
San Leon Energy plc |
| +353 1291 6292 |
| Oisin Fanning, Executive Chairman |
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Fox-Davies Capital Limited |
| +44 (0) 20 3463 5000 |
| Daniel Fox-Davies |
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| Oliver Stansfield |
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| Jonathan Evans |
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Macquarie Capital (Europe) Limited |
| +44 (0) 20 3037 2000 |
| John Dwyer |
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| Nicholas Harland |
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FirstEnergy Capital LLP |
| +44 (0) 20 7448 0200 |
| Hugh R. Sanderson |
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| Jonathan Wright |
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| David van Erp |
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Westhouse Securities Ltd | Nominated Adviser | +44 (0) 20 7601 6000 |
| Richard Johnson |
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| Antonio Bossi |
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Vigo Communications | Financial Public Relations | +44 (0) 20 7016 9573 |
| Patrick d'Ancona |
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College Hill | Investment Relations Adviser | +44 (0) 20 7457 2020 |
| David Simonson |
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Plunkett Public Relations |
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Sharon Plunkett |
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Jennie Cotter |
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www.sanleonenergy.com