UK-listed exploration firm San Leon Energy has acquired additional intersts offshore Morocco from from Petromaroc Corporation, previously known as 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 operator Genel Energy, led by ex-BP boss Tony Hayward, for a consideration limited to assuming Petromaroc’s share of expenditure of the Minimum Work Obligations.
Petromaroc has also transferred its 22.5% net working interest in the Tarfaya onshore licence to San Leon, the operator of the licence.
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.”