Petromaroc transfers Moroccan offshore field stake to San Leon Energy

offshore-moroccoSan Leon Energy has acquired Petromaroc’s 1.5 per cent net working interest in Sidi Moussa Licence offshore Morocco

According to the North Africa-focussed firm, the drilling of the SM-1 well on the Nour Prospect is currently underway by operator Genel Energy for Petromaroc’s share of expenditure of the minimum work obligations.

Petromaroc has also transferred its 22.5 per cent net working interest in the onshore Tarfaya Licence to San Leon Energy, operator of the licence. Petromaroc said that it will pay San Leon energy its share of expenditure during the current exploration period.

Currently, San Leon Energy is in the process of obtaining an extension of the current period and a revised work programme.

Oisin Fanning, executive chairman of San Leon Energy, said, “We are delighted to have acquired additional interests in our two highly prospective licences in Morocco at no additional costs. The excellent fiscal terms and high potential upside all contribute to make Morocco one of the last exploration frontiers.”

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