Europe and North Africa-focused San Leon Energy announced Tuesday that it has completed the acquisition of more than 1,415 miles (2,280 kilometers) of 2D seismic data across its Tarfaya and Zag licenses onshore Morocco.
On the Tarfaya license, after 377 miles (608 kilometers) of new high-density 2D seismic data was acquired, San Leon identified several new adjacent leads around its J North prospect. Previously, in 2008, a Competent Persons Report (CPR) from Netherland, Sewell & Associates estimated that there were 156 million barrels of recoverable prospective oil resources at J North.
In total, San Leon currently has 12 leads and prospects across the Tarfaya license, with net prospective resources amounting to 711 Mmboe based on the 2008 CPR. San Leon said Tuesday that the new seismic data quality is significantly improved compared with previous 2D seismic data in the area, and this data is currently being processed and interpreted by the company at its Warsaw, Poland, office.
On the Zag license, 1,040 miles (1,674 kilometers) of 2D seismic data was acquired. This is the first seismic data ever acquired across the Zag license, where San Leon is focusing on both conventional and unconventional oil and gas potential.
San Leon said it would continue integrating the new seismic results into its existing basin model in preparation for opening a data room to seek partners for the exploration drilling phase.
"We view Morocco as a long term project for the company with significant upside over a huge unexplored area," said San Leon's Chairman Oisin Fanning. "The excitement of the potential of Morocco is based upon the significant production in the same basin in Algeria as well as the huge potential for a Silurian shale gas play. The completion of our seismic program is the next step in bringing our projects closer to drilling."
Investment bank Westhouse Securities commented: "San Leon's Moroccan acreage offers the company exciting upside at moderate cost and geological risk."