One-Page Deal Sheet
Cairn Energy Assumes Operatorship in Forum Draa Block
Cairn Energy Plc Longreach Oil Ltd., San Leon Energy, Serica Energy Plc
Announced Date
January 31,2013
Close Date
January 31,2013
Transaction Type
Farm-In/Farm Out
Enterprise Value (EV)($MM)
62
Asset/Basin:
{"Offshore Morocco - Atlantic Margin"}
TargetZones:
{"Lower Cretaceous"}
Location
Region
Africa - North Africa
Country
Morocco
Transaction Details: Subscribe to see
Following the Company's announcement of the farm-out agreement with Cairn Energy Plc ("Cairn") on 28 August 2012, San Leon is pleased to announce 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…
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