Completion of 2D Seismic (0395W)
January 24 2012 - 2:00AM
UK Regulatory
TIDMSLE
RNS Number : 0395W
San Leon Energy PLC
24 January 2012
24 January 2012
San Leon Energy Plc
("San Leon" or the "Company")
Completion of Morocco 2D Seismic Campaign
San Leon Energy is pleased to announce that it has completed the
acquisition of more than 2,280 km of 2D seismic across its Tarfaya
and Zag Licenses onshore Morocco. The data was acquired by San Leon
Energy's wholly owned subsidiary, NovaSeis.
608 line km of high density 2D seismic data was acquired on the
northern portion of the San Leon operated Tarfaya License across
the J North prospect. This adds to the existing 2,289 line km of
existing 2D seismic across the license. The Netherland, Sewell
& Associates 2008 CPR placed 156 million barrels of recoverable
prospective oil resources in the J North prospect with upside
potential of more than half a billion barrels. In total San Leon
currently has 12 leads and prospects across the Tarfaya license
with net prospective resources of 711 million barrels of oil
equivalent based on the Netherland, Sewell & Associates 2008
CPR. Several new adjacent leads have also been identified around J
North as a result of the new 2D seismic data. The new seismic data
quality is significantly improved compared to previous 2D seismic
data in the area as a result of longer offsets and higher density
acquisition. The new data is currently being processed and
interpreted by the Company in its Warsaw office.
1,674 km of 2D seismic data was acquired across the San Leon
operated Zag License in Morocco (>5 million acres). This is the
first seismic data ever acquired across the Zag License. The
combined Zag Basin aeromagnetic survey acquired in 2009 by San Leon
and the adjacent license to the north was the basis for the layout
of the 2D program. The Company is focusing on the Zag license for
both conventional and unconventional oil and gas potential. The
unconventional gas potential is primarily within the Silurian
interval, whilst the conventional oil and gas potential is in the
Ordovician and Devonian intervals.
The Company will continue integrating the new seismic results
into its existing basin model in preparation for opening a data
room to seek partners for the exploration drilling phase. Any
future exploration activities in the Southern provinces will, as
they have been to date, be in accordance with international
law.
NovaSeis ("the Crew") was established by San Leon to acquire its
onshore seismic data at lower cost with the flexibility to optimise
acquisition parameters in difficult data areas. The Crew currently
has 1,200 channels of Geospace Technologies (subsidiary of OYO
Geospace) cableless GSRs with five Sercel NOMAD vibrators. The
Company plans continued investment into NovaSeis to expand its
capabilities to 3D acquisition this year as part of upcoming
seismic acquisition programs in Poland. While NovaSeis was created
to serve the needs of the San Leon Energy group, it is also
available to acquire revenue-generating projects outside the
Company.
Oisin Fanning, Chairman of San Leon, commented:
"We view Morocco as a long term project for the Company with
significant upside over a huge unexplored area. The excitement of
the potential of Morocco is based upon the significant production
in the same basin in Algeria as well as the huge potential for a
Silurian shale gas play. The completion of our seismic program is
the next step in bringing our projects closer to drilling.
I am also very pleased with our investment in NovaSeis which has
helped us acquire high quality, low cost seismic and given us the
flexibility to acquire more data per line km than we could have
using a more conventional cable acquisition system. The next step
for NovaSeis is to return to Poland where the wireless system will
make a real impact by significantly reducing the surface impacts of
seismic acquisition while giving us the flexibility to acquire data
in areas that a traditional system would not be possible."
For further information contact:
San Leon Energy Plc Tel: + 353 1291 6292
Oisin Fanning, Executive Chairman
Macquarie Capital (Europe) Limited Tel: +44 (0) 20 3037
2000
Paul Connolly
John Dwyer
Arbuthnot Securities Tel: +44 (0) 20 7012
Antonio Bossi 2000
Richard Johnson
College Hill Associates Tel: +44 (0) 20 7457
2020
Nick Elwes
www.sanleonenergy.com
Qualified person
John Buggenhagen, who has reviewed this update, 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.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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