San Leon Energy acquires two new licences in Morocco

Oil and gas firm San Leon Energy has increased its presence in Morocco by acquiring two licences from Petromaroc.

The company has acquired Petromaroc’s 22.5% net working interest in the Tarfaya onshore licence. Petromaroc will pay its share of expenditure to San Leon during the existing exploration period.

San Leon is currently in the process of securing an extension of the existing period and a revised work programme.

The company has also acquired a 1.5% working interest in the Sidi Moussa offshore licence. Genel Energy is currently drilling the SM-1 well on the Nour prospect.

In return, San Leon will pay Petromaroc’s share of expenditure of the minimum work obligations.

The transactions are subject to the approval of Moroccan authorities, San Leon said.

San Leon Energy executive chairman Oisin Fanning said: "The excellent fiscal terms and high potential upside all contribute to make Morocco one of the last exploration frontiers."

San Leon currently manages oil and gas projects in Poland, Albania, Morocco, Spain, Ireland, France and Romania. It is currently focusing on unconventional oil and gas reserves in Poland, Albania and Morocco, as well as developing in-situ oil shale technology in Tarfaya.

In Morocco, San Leon Energy holds stakes in the Tarfaya and Zag licence areas, in addition to the Foum Draa and Sidi Moussa offshore licences.