The company said Monday it had signed a memorandum of understanding with Moroccan state energy company ONHYM to acquire exclusive rights to a 36-square kilometre block in the Timahdit oil shale deposit.
According to San Leon, the Timahdit deposit in the awarded area yielded an average of 99 litres per tonne of shale oil in the rich layers. It is also considered to have significantly less moisture content than many other international oil shale deposits.
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