One of Europe’s largest unconventional oil and gas companies, San Leon, is about to start drilling in search of hydrocarbons in the marine concession block of Sidi Moussa, Morocco. The operator of the concession is Genel Energy with San Leon financing the drilling.
The work in SM1, situated within Sidi Moussa concession, is carried out by a leading offshore drilling company Noble Paul Romano. The concession is located about 60 km off the west coast of Morocco. The SM-1 is expected to take between 60 and 90 days to drill.
Genel is the operator of the block and holds a 60 percent stake in the project. San Leon holds 8.5 percent, while ONYHM – Moroccan National Office of Oil and Mineral Resources – has 25 percent. San Leon is financing the drilling with the company’s share of the well costs reported to be ‘carried’ up to US$ 50mln.
Oisin Fanning, San Leon chairman, said: “Morocco remains one of the last under-explored regions of North Africa and the spudding of the SM-1 exploration well is another step towards our understanding of this basin’s hydrocarbon potential.”
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