8th Sep 2014 08:46
LONDON (Alliance News) - San Leon Energy PLC said Monday that it has increased its acreage at two of its Morocco licenses after acquiring working interests from Petromaroc Corporation PLC.
The AIM-listed company, which is focused on oil and gas exploration in Europe and North Africa, said that it 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, for a consideration limited to assuming Petromaroc's share of expenditure of the Minimum Work Obligations, said San Leon Energy.
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 said that it is now in the process of obtaining an extension of the current period and a revised work programme.
The company said that the transfers of interest will be effective upon the approval of Moroccan authorities.
"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," said San Leon Executive Chairman Oisin Fanning.
Petromaroc was previously called Longreach Oil and Gas Ltd.
Shares in San Leon Energy were Monday trading 0.99% higher at 3.05 pence per share.
By Alice Attwood; [email protected]; @AliceAtAlliance
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