Proactive Investors UK
The AIM-listed explorer has acquired a 1.5% working interest in the Sidi Moussa licence offshore licence, currently being drilled by Genel Energy.
San Leon Energy (LON:SLE) has increased its footprint in Morocco at no additional upfront cost to the company. It has done so in two separate deals with Petromaroc, formerly Longreach Oil & Gas.
The AIM-listed explorer has acquired a 1.5% working interest in the Sidi Moussa licence offshore licence, currently being drilled by Genel Energy.
In return it will pay Petromaroc’s share of expenditure of the minimum work obligations.
At the same it is also taking its partner’s 22.5% net working interest in the Tarfaya Onshore licence, though this time Petromaroc will shoulder its share of the costs during the current exploration period.
Chairman Oisin Fanning said: “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.”
The shares, up 19% in the last month, added 0.01p to move to 3.03p in morning trade. The broker Westhouse reckons the stock is worth 7.6p.
Analyst Mark Henderson said of the news: “This is a potentially positive development, but will depend on the results of drilling which are due soon.”
