Last checked at 20 Oct 2014 07:00
20 October 2014
San Leon Energy plc
("San Leon" or "the Company")
Morocco Well Testing
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."
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 RelationsChris McMahon
| +44 (0) 20 7016 9573 |
Plunkett Public RelationsSharon Plunkett | +353 (0) 1 280 7873 |
www.sanleonenergy.com