Project Profile
Location: approx. 150 km south west of Agadir
Area: 5,090 sq km
Water Depth: 1,250-2,000 metres
The Foum Draa Petroleum Agreement covers an area of 5,090 square kilometres and lies in water depths between 1,250 and 2,000 metres offshore Morocco. The area is located approximately 150 kilometres south west of Agadir.
This agreement covers a highly underexplored area of the Atlantic Margin. Mapping of an extensive 3D seismic survey covering 3,800 square kilometres has lead to the delineation of 19 prospects, the majority of which are structural closures related to salt-diapirs. Regional geological mapping has identified an Early Cretaceous reservoir play fairway which has so far not been tested by the limited number of deepwater wells drilled in this part of the Atlantic margin.
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 28 August 2012, Serica Energy and its partners had reached agreement with Cairn Energy through its subsidiary Capricorn Exploration and Development Company Limited, to farm-out a combined 50% equity interest in Foum Draa. Under the agreement, which is subject to approval by the Moroccan authorities, Cairn will earn a 50% interest in Foum Draa, by paying the first US$60 million towards the drilling of the commitment well required in the First Extension Period of the Licence commencing 17 October 2012. The commitment by Cairn 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).
Operators:
Capricorn Exploration & Development Co. Ltd (Cairn Energy): Operator with 50% interest
Serica: 8.333% interest
San Leon: 14.1667% interest
Longreach: 2.5% interest
ONHYM: 25% interest
Contractors:
Fugro Robertson Limited: Seismic reprocessing
Transocean: Drilling using Cajun Express semisub