San Leon confirms that the SM-1 well in the Sidi Moussa block offshore Morocco has reached a total depth of 2,825mMDBRT (measured depth below rotary table) and encountered oil during drilling operations. Preparations are underway to perform cased hole testing.
San Leon holds a 10% net working interest in the Sidi Moussa block. Total well testing costs are expected to be approximately $22m (net paying interest $3m to San Leon).
Oisin Fanning, San Leon Executive Chairman, commented,"Testing the SM-1 well aims to evaluate the structure and its hydrocarbon potential as much as possible at this stage of early exploration, and we look forward to updating the market with the results once these are available."