San Leon Energy and its Joint Venture Partner Al Meinaa have signed a Joint Participation Agreement with the Governorate Council of Karbala in Central Iraq. Under this Agreement the consortium (San Leon, Al-Meinaa and the Governorate Council of Karbala) will submit a joint proposal to the Ministry of Oil in Iraq (the "Ministry") for the development of the fields of Kifil, West Kifil and Merjan (the "Project Area") under a production sharing contract. These Fields are located in the Karbala province (Kifil is shared between Karbala and Najaf). San Leon and its partners will shortly enter into formal negotiations with the Ministry about the Project Area.
Oisin Fanning Chairman of San Leon Energy commented, "This agreement is the culmination of lengthy discussions conducted jointly with Al Meinaa and highlights our commitment to the joint venture agreement which we signed with them in 2010. We believe that the development of the Karbala fields (estimated at 600 mmbbls) will significantly contribute to the local economy. Our partnership in this project with the Governorate Council shows our determination to rely as much as possible on the contribution of local Iraqis to whom we intend to provide technical training in the field of both seismic acquisition and drilling as one of our first priorities.
We do not believe that this project will in any way impinge on our ability to deliver on our current operational timetable in Poland, Morocco and Albania and look forward to providing updates on these programs shortly."
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