Morocco Update

RNS Number : 7916N

San Leon Energy PLC

30 July 2014

 



31 July 2014

San Leon Energy plc

("San Leon" 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 announce that Genel Energy plc ("Genel") has commenced drilling operations on the SM-1 well in the Sidi Moussa block, offshore Morocco.

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. 

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.

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."

For further information contact:

San Leon Energy plc  Oisin Fanning, Executive Chairman	[phone]
finnCap Ltd  Corporate Finance Matt Goode Christopher Raggett Corporate Broking Elizabeth Johnson Joanna Weaving	[phone]
Fox-Davies Capital Limited Daniel Fox-Davies Oliver Stansfield Jonathan Evans	[phone]
Macquarie Capital (Europe) Limited Steve Baldwin Nicholas Harland	[phone]
Westhouse Securities Ltd Nominated Adviser Richard Johnson Antonio Bossi	[phone]
Vigo Communications Financial Public Relations Patrick d'Ancona Chris McMahon	[phone]
Plunkett Public Relations Sharon Plunkett	[phone]

 

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