Project Profile
Location: Foreland basin of Rharb Basin, northern Morocco
Reserves: 2P reserves of 0.6 billion standard cubic feet (bscf), 2C contingent resources of 1.4 bscf and P50 prospective resources of 24.4 bscf
Production: Approximately 9 million standard cubic feet per day (mmscf/d)
Drilling Depth: 500 - 1,500m
Start-up Year: 4Q 2013
The Rharb Centre Permit lies within a foreland basin (Rharb Basin). Contained within the basin are discrete turbidite channel and fan sands of Upper Miocene age that provide excellent reservoirs for biogenically sourced natural gas accumulations (99% methane). Thirteen exploration wells have been drilled by previous owners of Cabre Maroc Limited on the permit and nine of them were gas discoveries. Five wells have since been completed as producers and successfully run on Extended Production Tests. Gulfsands Petroleum is the operator and owner of the permit.
A Competent Person\'s Report on the Rharb Permits prepared by Senergy Oil & Gas Limited for Cabre Maroc in July 2012 reported 2P reserves of 0.6 billion standard cubic feet (bscf), 2C contingent resources of 1.4 bscf and P50 prospective resources of 24.4 bscf. Within the immediate vicinity of the Rharb Permits, there is existing demand for the sale of natural gas to local industry, made possible by access to an existing network of gas pipelines which transect the license area. It is therefore anticipated that revenues from the sale of gas discovered, developed and produced will begin to be received by the fourth quarter of 2013. Current development plans suggest that production by 2015 could average approximately 9 million standard cubic feet per day (mmscf/d) and be expected to continue at that level for at least four years.
Further, these natural gas accumulations are typically identified through analysis of seismic amplitude data and particularly high geologic success rates have been achieved when drilling locations have been identified utilising 3D seismic data. A 3D seismic survey of approximately 300 km2 has been recently acquired by Caithness over part of the Rharb Centre Permit and processing of these data is anticipated to be completed by April 2013. An extensive drilling programme, of up to nine exploration wells, is therefore planned for 2013 and 2014 on prospects delineated by the new 3D seismic data. Individual gas prospects are relatively modest in terms of reserves but are generally located at quite shallow drilling depths (500 - 1,500m) such that drilling and completion costs, particularly in a multi-well programme, are also relatively modest at approximately US$3.0 million (gross) per well. As the natural gas produced is almost pure methane, minimal surface processing is required and cycle time from discovery to production can generally be measured in weeks rather than years.
Operators:
Gulfsands Petroleum: Operator with 75% interest
ONHYM: 25% interest
Contractors:
Senergy Oil & Gas Limited: Competent Person\'s Report on the Rharb Permits