Prospective Resources Estimates (3038A)
March 29 2012 - 2:07AM
UK Regulatory
TIDMSLE
RNS Number : 3038A
San Leon Energy PLC
29 March 2012
29 March 2012
San Leon Energy Plc
("San Leon" or the "Company")
Prospective Resources Estimates
San Leon Energy, the fast growing oil and gas company with an
extensive portfolio of assets across Europe and North Africa, notes
this morning's announcement from Longreach Oil & Gas Ltd
(Longreach), updating on the independently evaluated resource
estimates for the Foum Draa and Sidi Moussa licences, offshore
Morocco, by Netherland, Sewell & Associates Inc. San Leon owns
a 42.5% net operated interest in these licences.
The full announcement by Longreach stated the following:
Prospective Resources Estimates
Longreach is pleased to announce prospective resource estimates
for offshore licences Foum Draa and Sidi Moussa, independently
evaluated for the Company by Netherland, Sewell & Associates
Inc. (NSAI), in accordance with NI 51-101 disclosure
requirements.
NSAI have estimated unrisked prospective resources, as of 31st
December 2011 for 14 identified prospects and 8 additional leads
located in the Foum Draa and Sidi Moussa licences, offshore
Morocco. The prospects are Triassic to Paleocene in age and there
are a variety of trapping mechanisms such as tilted fault blocks,
stratigraphic pinch outs and salt related traps over and against
salt diapir flanks. The reservoir rock types are mainly sandstones,
but there is also a shelf edge Jurassic carbonate play.
Unrisked prospective resources have been estimated as
follows:
Unrisked Prospective Resources
--------------- ------------------------------------------------------
Gross (100 Percent) Longreach Gross Interest(1)
--------------- ---------------------- ------------------------------
Oil Gas Oil Gas
--------------- ----------- --------- ---------------- ------------
Category (MMbbl) (Bcf) (MMbbl) (Bcf)
--------------- ----------- --------- ---------------- ------------
Low Estimate 751.7 302.9 56.4 22.7
--------------- ----------- --------- ---------------- ------------
Best Estimate 2138.8 1008.5 160.4 75.6
--------------- ----------- --------- ---------------- ------------
High Estimate 6105.3 3145.3 457.9 235.9
--------------- ----------- --------- ---------------- ------------
(1) Figures calculated net of ONHYM's 25% back in, giving
Longreach with a 7.5% working interest
Unrisked prospective resources are the arithmetic sum of
multiple probability distributions. Longreach owns a 7.5% interest
in these prospects and leads. A copy of NSAI's report has been
filed on SEDAR.
A dataroom to attract industry partners ahead of commencing a
drill campaign was opened on 22nd February and will remain open
until 4th May 2012. 18th May has been set as a date for receiving
note of Interests from prospective farminees, with final bids to be
received by 15th June 2012.
Commenting, Bryan Benitz, Chairman and CEO of Longreach,
said:
"Management believes that these unrisked prospective resource
estimates reinforce the excellent work that Technical Operators,
Serica Energy have done on these licences over the past two years
and demonstrate the significant potential these licences have. The
largest identified prospect, Apricot, is a stratigraphic pinch out
play concept with dual target potential. NSAI's report states the
best estimate of unrisked prospective resources to be 584 MMbbls
and 350 Bcf for this dual target prospect, which management
believes is significant in its own right.
The dataroom has already attracted significant interest and we
look forward to concluding this process in June."
-ENDS-
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
Westhouse Securities Tel: +44 (0) 20 7601
Richard Johnson 6100
Antonio Bossi
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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