CCI
San Leon on Morocco
Ben Jaglom
Irish oil and gas outfit San Leon Energy (SLE) has provided an update on its Moroccan resources.
San Leon – which owns a 42.5 per cent stake in the licences – enlisted oil and gas consultant Netherland, Sewell & Associates to provide resource estimates for the Foum Draa and Sidi Moussa licences off the coast of Morocco.
The consultant provided unrisked prospective resources for a total of 14 prospects. On an unrisked basis and assuming a 100 per cent stake the low extimate of oil stood at 751.7 million barrels and 302.9 billion cubic feet of gas. The high estimate is for 6.105 billion barrels of oil and 3.145 trillion cubic feet of gas.
Chairman and chief executive officer Bryan Benitz remarked that the resources estimates ‘reinforce the excellent work that the technical operators Serica Energy have done on these licences over the past two years’
It is too early to reach any conclusions from the consultants report. The key challenge for San Leon lies in its ability to monetise its assets, as increasingly restless investors are keen to see progress at the company. At 10.75p the shares remain speculative fare.
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