Morocco Update

RNS Number : 1022W

San Leon Energy PLC

20 December 2013

 



20 December 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, notes today's announcement by Cairn Energy ("Cairn") regarding the proposed plugging and abandoning of the FD-1 wildcat exploration well on the F prospect in the Foum Draa block, offshore Morocco.

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 holds 2.5%. ONYHM, the Moroccan National Bureau of Petroleum and Mines continues to hold 25%.

Oisin Fanning, Chairman of San Leon, commented:

"While we are disappointed not to have found reservoir-quality rock in the target interval, we are encouraged by the presence of hydrocarbons in the well, which proves that a working hydrocarbon system is in place.  We shall now evaluate the data with a view to deciding on next steps for our equity share in the licence.  We now look forward to the drilling of our next offshore Morocco well, on the Sidi Moussa prospect, by its operator Genel."

Enquiries:

San Leon Energy plc		[phone]
	Oisin Fanning, Executive Chairman
Fox-Davies Capital Limited		[phone]
	Daniel Fox-Davies
	Oliver Stansfield
	Jonathan Evans
Macquarie Capital (Europe) Limited		[phone]
	Steve Baldwin
	Nicholas Harland
FirstEnergy Capital LLP		[phone]
	Hugh R. Sanderson
	Jonathan Wright
	David van Erp
Westhouse Securities Ltd	Nominated Adviser	[phone]
	Richard Johnson
	Antonio Bossi
Vigo Communications	Financial Public Relations	[phone]
	Patrick d'Ancona
	Chris McMahon
College Hill	Investor Relations Adviser	[phone]
	David Simonson
	Alexandra Roper
Plunkett Public Relations	Sharon Plunkett	[phone]
	Jennie Cotter	[phone]

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 the Chief Operating Officer for San Leon Energy and is based in San Leon's London office.

www.sanleonenergy.com

 

END

 

 

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