Genel Energy, the operator of the Sidi Moussa block, offshore Morocco, has commenced drilling on the licence, shareholder San Leon has reported.
The SM-1 well, located 60 kilometres off the Moroccan coast, was spud on July 30 and is due to take between 60-90 days to drill.
Genel holds a 60% net operated interest in the block, with San Leon (8.5% interest), Serica Energy (5%), Longreach Oil & Gas (1.5%) and ONYHM, the Moroccan National Bureau of Petroleum and Mines, (25%) holding the remaining interests.
San Leon is carried on the drilling costs of the well up to a gross cap of $50million.
“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,” said Oisin Fanning, San Leon chairman.
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