Last checked at 8 Sep 2014 07:00
8 September 2014
San Leon Energy plc
("San Leon Energy" or "the Company")
Morocco Update
San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa,is pleased to provide an update on its Morocco acreage. San Leon has acquired the following working interests from Petromaroc Corporation PLC, previously called Longreach Oil and Gas Limited:
· 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 ("Genel"), 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 above 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."
Qualified person
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.
For further information contact:
San Leon Energy plc Oisin Fanning, Executive Chairman
| +353 1291 6292 |
finnCap Ltd Corporate FinanceMatt Goode Christopher RaggettCorporate BrokingElizabeth JohnsonJoanna Weaving
| +44 (0) 20 7220 0500 |
Fox-Davies Capital Limited Daniel Fox-DaviesOliver StansfieldJonathan Evans
| +44 (0) 20 3463 5000 |
Macquarie Capital (Europe) LimitedJon FitzpatrickNicholas Harland
| +44 (0) 20 3037 2000 |
Westhouse Securities LtdNominated AdviserRichard JohnsonAntonio Bossi
| +44 (0) 20 7601 6100 |
Vigo CommunicationsFinancial Public RelationsPatrick d'AnconaChris McMahon
| +44 (0) 20 7016 9573 |
Plunkett Public RelationsSharon Plunkett | +353 (0) 1 280 7873 |
www.sanleonenergy.com