San Leon reports positive findings in Tarfaya Oil shale

Specialist oil and gas company San Leon has reported positive findings from a study conducted at its Tarafaya Oil Shale, an operational update issued by the company on Monday has disclosed.

Specialist oil and gas company San Leon has reported positive findings from a study conducted at its Tarafaya Oil Shale, an operational update issued by the company on Monday has disclosed.

The company, which commissioned Enefit Outotec Technology (EOT) to conduct an initial study of the Tarafaya Oil Shale in Morocco, said that 34 samples had been collected at 0.5m intervals and taken to Estonia and Germany for analysis.

According to the results, an oil yield of 72 litres of oil per tonne of extracted material could be "achievable", the group reported and preliminary modelling of the project confirmed that a commercial operation would be possible.

Executive Chairman, Oisin Fanning, commented: "We are very encouraged by the results of the preliminary process evaluation conducted by EOT. We are now confident that there are no technical obstacles that would prevent adaption of the Enefit process for processing Tarfaya oil shale.

"Following our announcement regarding Foum Draa last week, we are delighted to announce further progress in the development of our Moroccan assets. Morocco has one of the largest oil shale reserves in the world and projects such as Tarfaya will help the Kingdom meet its future energy needs."

MF

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020

Most Popular

Why we won’t see a house-price crash in 2021
House prices

Why we won’t see a house-price crash in 2021

Lockdown sent house prices berserk as cooped up home-workers fled for bigger properties in the country. And while they won’t rise quite as much this y…
18 Jan 2021
Prepare for the end of the epic bubble in US stocks
US stockmarkets

Prepare for the end of the epic bubble in US stocks

US stocks are as expensive as they’ve ever been. How can you prepare your portfolio for a bubble bursting?
18 Jan 2021
The best investment trusts to buy for 2021
Investment trusts

The best investment trusts to buy for 2021

Sectors ranging from emerging markets to student accommodation look poised to do well this year, says David Stevenson, as he picks the best investment…
19 Jan 2021