Project Profile

Value: Undisclosed
Location: 75 kilometres south west of Agadir, Morocco
Area: 7,524 sq km
Reserves: 3.5 BBL
Water Depth: 1,250 m


The Sidi Moussa Petroleum Agreement covers an area of 7,524 square Kilometres and lies in water depths between zero and 1,250 metres. The area is located approximately 75 kilometres south west of Agadir. only one well has been drilled within the Sidi Moussa Licence area. The interpretation of a 3D seismic survey plus an extensive 2D seismic database has led to the identification of an additional 14 leads and prospects developed within Triassic-early Jurassic extensional titled fault blocks analogous to productive plays and trapping configurations in the onshore Morocco area. The seismic reprocessing work commitment on this Licence has been fulfilled and further seismic mapping is now complete, which has confirmed the significant resource potential.

On 23 August 2012, the company and its partners announced that they had reached agreement with Genel Energy to farm-out a combined 60% equity interest in Sidi Moussa. Under the agreement, which is subject to approval by the Moroccan authorities, Genel will earn a 60% interest in Sidi Moussa, by paying for the drilling of the commitment well required in the First Extension Period of the Licence commencing 17 October 2012 up to a cap on the well cost of US$50 million. The commitment by Genel includes the licensees’ obligations to carry the well costs relating to the 25% interest held by ONHYM, the Office National des Hydrocarbures et des Mines (the Moroccan State oil company). The commitment well is required to be drilled during the two year First Extension Period and the potential for drilling in 2013 is under review.


Operator:

Genel: Operator with 60% interest

Serica: 5% interest

San Leon: 10% interest

ONHYM: 25% interest


Contractors:

Fugro Robertson Limited: Seismic reprocessing