Island Oil & Gas plc announces that San Leon (Morocco) Ltd, the Operator, has been granted a 12 month extension to the Exclusive Reconnaissance Licence in the Zag Basin onshore Morocco, by the Office National des Hydrocarbures et des Mines (“ONHYM”). The extension is effective from 24 December 2007.
The work programme that has been committed to comprises geological and geophysical studies and the acquisition, processing and interpretation of aeromagnetic data.
The joint venture partners in the Licence are San Leon (Morocco) Limited (50%), the designated operator; GB Oil and Gas Ventures Limited.(30%) and Island Oil & Gas plc (20%).