Rabat - San Leon Energy, an oil & gas exploration company has announced the acquisition of two working interests in southern Morocco from Petromaroc Corporation PLC, previously called Longreach Oil and Gas Limited.
San Leon Energy said in a statement published on the company's website on Monday that it has acquired Petromaroc's 1.5% working interest in the Sidi Moussa offshore license, where another operator Genel Energy is currently drilling the SM-1 well.
The company has also acquired 22.5% working interest in the Tarfaya onshore License. The former operator of the License Petromaroc will pay San Leon its share of expenditure during the current exploration period.
The two transfers of interest will be effective upon the approval of the Moroccan authorities, reads the statement.
"We are delighted to have acquired additional interests in our two highly prospective licenses 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,” said Oisin Fanning, San Leon Executive chairman.
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