(Ecofin Agency) - San Leon Energy, the AIM listed company focused on oil and gas exploration in Europe and North Africa, has declared that the El Aaiun-4 well on the Tarfaya conventional license, onshore Morocco, was spud today.

San Leon is the operator of the Tarfaya license and holds a 75% net operated interest while ONHYM, the Moroccan National Bureau of Petroleum and Mines, holds the remaining 25% interest.

The well is said to be drilled with Entrepose Drilling's Cabot 750 rig and is expected to take approximately 30 days to reach total depth (TD) of around 2000 meters below rotary table. The reservoir target is Tertiary channel sandstones, and the surface location is approximately 14 Km from a gas market.

However due to ongoing speculations about a takeover, the Board of San Leon confirmed receiving an approach from a possible offerer, 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”. The company said.

They further added that San Leon Energy plc. is dedicated to maximizing value in energy exploration and production and they have a balanced portfolio of conventional and shale assets across Europe and North Africa.