San Leon says that all parties have now received full Moroccan Authorities approval of the assignment of interest in the Foum Draa farm-out agreement..

Cairn has now assumed operatorship of the Foum Draa block, offshore Morocco ("Foum Draa" or "Block") and plans to drill an exploration well targeting a Lower Cretaceous objective in Q4 2013.

Cairn has acquired a net 50% operated equity interest in Foum Draa, pro rata from each of San Leon, Serica Energy plc ("Serica") and Longreach Oil and Gas Ventures Limited ("Longreach") (together the "Partners"). In return, Cairn will now pay its equity interest share of past costs, being US$1.5 million (US$850,000 net to San Leon) and pay the first US$60 million towards the drilling of the commitment exploration well.

Tags: San Leon Energy