Cairn agrees to farm in on Foum Draa offshore Morocco
Aug. 28, 2012
San Leon Energy Plc has signed a farm-in agreement with Cairn Energy Plc whereby Cairn will pay a share of costs for an exploration well in the Foum Draa block offshore Morocco for a 50% interest.
Offshore staff
DUBLIN, Ireland –San Leon Energy Plc has signed a farm-in agreement with Cairn Energy Plc whereby Cairn will pay a share of costs for an exploration well in the Foum Draa block offshore Morocco for a 50% interest.
Post farm-in, Cairn will hold a 50% net operated interest, San Leon Energy will hold 14.17%, Serica will hold 8.33%, and Longreach will hold 2.5%. ONYHM, the National Bureau of Petroleum and Mines will continue to hold 25%.
“We are delighted to welcome Cairn Energy into this block that contains very large mapped prospects, and we are now targeting our first Foum Draa exploration well in 2013,” said Oisin Fanning, executive chairman of San Leon Energy.
