Project Profile
Value: Undisclosed
Location: Off the coast of Morocco in the Essaouira Basin
Gross unrisked mean prospective recoverable resources: 7 billion barrels
Area: 2.7 million acre
Start-up Year: 2014
The Mazagan permit area lies off the coast of Morocco in the Essaouira Basin and includes numerous Mid Miocene and Lower Cretaceous prospects identified based on recently reprocessed 3D seismic data. A resource assessment completed by DeGolyer and MacNaughton in September 2012 estimated that the gross unrisked mean prospective recoverable resources amounted to over 7 billion barrels, including the Toubkal Mid Miocene prospect which is expected to hold 1.5 billion barrels. The agreement is subject to customary closing conditions including approval from the Moroccan government. Plains Exploration & Production Company (PXP) has entered into a definitive agreement to participate in the exploration play offshore Morocco. PXP will make a cash payment of US$15 million to farm-in to Pura Vida Energy’s 75% working interest in the 2.7 million acre Mazaga permit area offshore morocco. It will earn a 52% working interest and act as operator in exchange for funding 100% of the costs of certain specified exploration activities that will include a commitment to fund and drill two wells, and if agreed, various additional exploration operations subject to a maximum of US$215 million.
Operators:
Freeport-McMoRan Oil & Gas: Operator with 52% working interest
Pura Vida Energy: 23% interest
Others: 25% interest
Contractor:
DeGolyer and MacNaughton: Resource assessment survey