Island Oil & Gas is happy to note today’s statement by San Leon, operator of the Joint Venture set up to explore the Zag basin, onshore Morocco.

Aeromagnetic surveys have defined a number of promising structures. The results of the survey have greatly encouraged the joint venture (Island 20%) and negotiations are to commence on upgrading the Reconnaissance Licence to a full Exploration Licence.

In addition, Island notes the highly positive regional news of both new discoveries on the Algerian side of the basin and the entrance of international major RWE to the licence adjacent to Island’s.

Paul Griffiths, CEO of Island Oil & Gas said, “All of these moves are highly positive in both a regional and specific context. The entrance of such a major company as RWE to the adjacent licence validates our first mover activity.

The results from the aeromag, whilst very early, are very exciting. With excellent terms currently being offered in Morocco, we look forward to the future with confidence”

Tags: Island Oil & Gas