Genel has informed San Leon that the Noble Paul Romano, a semi-submersible rig, has arrived on location and that the SM-1 exploration well was spud on 30 July 2014. The SM-1 well is located 60km off the west coast of Morocco in approximately 990m of water and is expected to take between 60-90 days to drill.
Genel is the operator of the block and holds a 60% net operated interest, San Leon holds 8.5%, Serica Energy holds 5%, Longreach Oil & Gas holds 1.5% and ONYHM, the Moroccan National Bureau of Petroleum and Mines, holds a 25% interest. San Leon is carried on the drilling costs of the well up to a gross cap of US$50 million.
Oisin Fanning, San Leon chairman, commented: “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.”