San Leon Energy PLC Morocco Onshore Rig Contract Signed (9339R)

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RNS Number : 9339R

San Leon Energy PLC

02 July 2015

San Leon Energy Plc

("San Leon" or "the Company")

Morocco Onshore Rig Contract Signed

San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, is pleased to announce the signing of a rig contract for the drilling of the El Aaiun-4 well on the Tarfaya conventional licence, onshore Morocco.

The rig contract has been signed with Entrepose Drilling for the Cabot 750 rig. The well is expected to spud in the second half of August 2015, and will take approximately 30 days to reach total depth (TD) of around 2000 metres below rotary table. The reservoir target is Tertiary channel sandstones, with good reservoir properties expected, and the surface location is approximately 14 Km from a gas market (El Marsa OCP phosphate processing plant, near Foum el-Oued).

Oisin Fanning, San Leon Executive Chairman, commented:

"As previously stated, one of our main priorities this year has been to commence drilling the onshore Tarfaya well, El Aaiun-4, and the rig contract with Entrepose Drilling brings us one step closer to this. We look forward to the near-term drilling of the El Aaiun-4 well, with its structural location updip of gas encountered in an older well, as well as its proximity to the gas market and other nearby similar channel targets for follow-on wells. We believe this well has significant potential and we shall update the market when the El Aaiun-4 spuds."

Qualified person

Joel Price, who has reviewed this update, has more than 20 years' experience in the oil & gas industry and is a member of the Society of Petroleum Engineers. He holds a BA in Natural Sciences from Cambridge University, an MEng from Heriot-Watt University, and an MBA from Durham University. Joel is Chief Operating Officer for San Leon Energy and is based in San Leon's London office.

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