Proactive investors
Ian Lyall
San Leon Energy said it is applying for an eight-year exploration licence for the Tarfaya onshore block in Morocco after it discovered gas there.
The Laayoune-4 well found 23 metres of sandstone and conglomerate (some 10 metres more than expected and 100 meters shallower than first thought).
The work confirmed the presence of gas shows, the ‘good quality’ of the reservoir and the ‘encouraging potential of the block’, San Leon said.
“We are very pleased with the results of the Laayoune-4 well,” said chief executive Oisin Fanning.
The granting of the exploration licence will allow San Leon to shoot 3-D seismic as well as enable additional data to be acquired over the deeper Jurassic and Triassic prospects.
In a separate announcement, the company unveiled interim results, which reprised a busy six months for the company that included the largest gas discovery in Poland in the last two decades.
There was no update on the bid approach it received August 24.
The loss for the six months to June 30 was €8.26mln and the company was sitting on cash of just €750,000 as at the period end. However it has since secured €39mln (£29mln) in funding.
