San Leon Increases Clout in Morocco

Ireland-based San Leon Energy acquired Petromaroc’s 1.5% net working interest in the Sidi Moussa licence, offshore Morocco, said the company in an update about its operations in the North African country. 

‘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,’ reads the note.

The company also received 22.5% net working interest in the Tarfaya Onshore licence.

“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,” Oisin Fanning, San Leon Executive Chairman, commented on Monday.

Earlier this year, the company decided not to proceed with the Share Purchase Agreement with Aplay/Server Fatih Alpay relating to 75% of Alpay in Turkey, explaining that it prefers to invest in Poland.