On Monday, August 24, the company made the following public statment:
The Board of San Leon notes the takeover speculation regarding San Leon in yesterday’s press. The Board of San Leon confirms that it has received an approach from a possible offeror, that may or may not lead to an offer being made for San Leon.
This announcement does not constitute an announcement of a firm intention to make an offer under Rule 2.5 of the Takeover Rules.
There can be no certainty that an offer will be made or as to the terms on which any offer might be made.
A further announcement will be made, as appropriate, in due course.
Last week the company announced that the El Aaiun-4 well on the Tarfaya license, onshore Morocco, was spudded. Whe well is expected to take approximately 30 days to reach total depth of around 2000 metres below rotary table. The reservoir target is Tertiary channel sandstones, and the surface location is approximately 14 Km from a gas market.
San Leon is the operator of the Tarfaya license and holds a 75% net operated interest. ONHYM, the Moroccan National Bureau of Petroleum and Mines, holds the remaining 25% interest.