Joint Participation Agreement (3488D)
March 22 2011 - 3:00AM
UK Regulatory
TIDMSLE
RNS Number : 3488D
San Leon Energy PLC
22 March 2011
22 March 2011
SAN LEON ENERGY
("San Leon" or the "Company")
Joint Participation Agreement
San Leon Energy and its Joint Venture Partner in Iraq Al Meinaa
Oil Services Company ("Al Meinaa"), as per our announcement in
January 2010, have signed a Joint Participation Agreement with the
Governorate Council of Karbala in Central Iraq. Under this
Agreement the consortium (San Leon, Al-Meinaa and the Governorate
Council of Karbala) will submit a joint proposal to the Ministry of
Oil in Iraq (the "Ministry") for the development of the fields of
Kifil, West Kifil and Merjan (the "Project Area") under a
production sharing contract. These Fields are located in the
Karbala province (Kifil is shared between Karbala and Najaf). San
Leon and its partners will shortly enter into formal negotiations
with the Ministry about the Project Area.
Oisin Fanning Chairman of San Leon Energy commented:
"This agreement is the culmination of lengthy discussions
conducted jointly with Al Meinaa and highlights our commitment to
the joint venture agreement which we signed with them in 2010. We
believe that the development of the Karbala fields (estimated at
600 mmbbls) will significantly contribute to the local economy. Our
partnership in this project with the Governorate Council shows our
determination to rely as much as possible on the contribution of
local Iraqis to whom we intend to provide technical training in the
field of both seismic acquisition and drilling as one of our first
priorities.
We do not believe that this project will in any way impinge on
our ability to deliver on our current operational timetable in
Poland, Morocco and Albania and look forward to providing updates
on these programmes shortly."
ENQUIRIES
San Leon Energy
plc Oisin Fanning, Executive Chairman +353 1291 6292
John Buggenhagen, Director
of Exploration
Macquarie Capital
(Europe) Limited +44 (0) 3037 2000
John Dwyer
Paul Connolly
Ben Colegrave
Fox-Davies Capital +44 (0) 203 463
Limited 5010
Phil Davies
David Porter
Arbuthnot Securities Nominated Adviser +44 (0) 20 7012
Limited 2000
Nick Tulloch
Ben Wells
College Hill Investment Relations Adviser +44 (0) 20 7457
2020
Nick Elwes
Qualified person
John Buggenhagen has over 15 years experience in the oil &
gas industry. He has a Ph.D. and M.Sc. in Geophysics from the
University of Wyoming and a B.Sc. in Geophysics from the University
of Arizona. He is currently the Director of Exploration for the San
Leon Energy Group and based in San Leon's Warsaw
office in Poland.
Notes to Editors:
The Middle Furat area, comprising three undeveloped oil fields,
is located in Karbala governorate in central Iraq, south of
Al-Razaza Lake. The largest towns in the region are Karbala city
and Hilla, just north and east, respectively, of the main oil
producing area. All three fields are NW-SE trending structures with
approximate sizes of 2.5 km by 2 km (Merjan), 10 km by 8 km (West
Kifl) and 5 km by 1.5 km (Kifl). Oil has been tested in three
Cretaceous and one Jurassic reservoir, while strong oil shows were
observed in one Triassic reservoir.
The fields in the Middle Furat area were discovered in 1960
(Kifl), 1983 (Merjan) and 1987 (West Kifl). Six wells have been
drilled in the Middle Furat Fields Contract Area, four wells in
Kifl, one well in Merjan, and one well in West Kifl. Wells in each
of the three fields have been drilled below the Cretaceous down to
the Jurassic/Triassic in the Kifl field, to the Jurassic in the
Merjan field and to the Permian in the West Kifl field.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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