Project Profile
Location: Taounate and Fes region, northern Morocco
Area: 1,598.85 km2 (Fes) and approximately 9,037 km2 (Taounate)
Fes and Taounate permits lie within a fold and thrust belt domain. To date, both permits have seen only very limited exploration with only one well having been drilled on the Fes Permit, which was drilled off-structure and had limited gas shows. Immediately west of the Fes Permit are several small and apparently depleted oil fields that had produced light oil at commercial rates. The primary reservoir for these fields is the Haricha Formation, a deltaic sandstone of late Jurassic age which exhibits good reservoir characteristics. Oil seeps have also been identified on or near both permit areas.
Gulfsands is preparing plans for an intensive exploration programme on the Fes Permit commencing in Q3 2013 with the acquisition of approximately 600 line km of 2D seismic data in order to identify potential drilling locations on some of the dozen or so leads previously identified by utilising existing Full Tensor Gravity data as well as legacy seismic data. Following evaluation of the 2D seismic data, the Company anticipates the drilling of at least three exploration wells within this permit area, commencing during 2014. Exploration success on the Fes Permit is expected to have a significant and positive impact on projected levels of activity undertaken within the contiguous Taounate permits.
Operators:
Gulfsands Petroleum: Operator with 50% interest
ONHYM: 25% interest
Caithness Petroleum: 25% interest