San Leon expands Moroccan footprint through Petromaroc deal

8th Sep 2014 14:40

AIM-listed oil and gas group San Leon Energy has expanded its asset portfolio in Morocco through the acquisition of two minority stakes.Petromaroc Corporation has transferred its 1.5% net working interest in the offshore Sidi Moussa licence, where drilling of the SM-1 well is currently underway by operator Genel Energy. Serica Energy also part-owns the licence.In return for the 1.5% interest at Sidi Moussa, San Leon will assume Petromaroc's share of spending of the minimum work obligations.Petromaroc has also transferred its 22.5% stake in Tarfaya Onshore to San Leon, which is already the operator of the licence."We are delighted to have acquired additional interests in our two highly prospective licences in Morocco at no additional costs to the company," said San Leon's chairman Oisin Fanning."The excellent fiscal terms and high potential upside all contribute to make Morocco one of the last exploration frontiers."San Leon's shares were down 0.3% at 3.01p by 14:03 on Monday.