Project Profile
Value: Undisclosed
Location: onshore northeast part of Morocco
Reserves: unknown
Area: 1.28 million acres
Depth: less than 3,000 metres
Start-up Year: -
Maxim Resources has entered into a Heads of Agreement (\'HOA\') with First Sahara Energy (\'FSE\') to acquire its interest in a Reconnaissance Contract on the Beni Znassen Block in the Kingdom of Morocco. Maxim and FSE have agreed that the Reconnaissance Contract Interest held by FSE in the Beni Znassen Block will be transferred to Maxim and its newly formed wholly owned Moroccan subsidiary MAXIM Pétrole de Gaz SARL (Maxim PG). The Reconnaissance Contract Interest is administered by the Office National des Hydrocarbures et des Mines, (ONHYM) and will be re-registered to Maxim PG, with the acceptance and approval of ONHYM, on or about June 15, 2014. Upon completion of the re-registration to Maxim PG of the Reconnaissance Contract Interest, Maxim will issue to FSE a total of 2,000,000 common shares as consideration.
The Beni Znassen Block is located onshore in the northeast part of Morocco and encompasses 1.28 million acres with extensive 2-D seismic data. It has similar reservoir and source rocks to the Tselfat area in central Morocco, which has large proven oil and gas reserves. The seismic data reveals several alluring structural anomalies with a similar profile to the numerous oil & gas fields in the Tselfat area. At least one of the anomalies is extremely large and appears to be structurally closed. There is a known oil seep at the periphery of the Beni Znassen basin. Drilling depth to target horizons is less than 3,000 metres.
Operators:
Office National des Hydrocarbures et des Mines (ONHYM)
Maxim Resources