San Leon Energy, the company focused on oil and gas exploration in Europe and North Africa, has acquired the working interest offshore Morocco from Petromaroc Corporation PLC, previously called Longreach Oil and Gas.
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. In addition, San Leon has also acquired working interest onshore Morocco.
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.”
Press Release, September 08, 2014