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London-listed Genel Energy has signed an agreement with Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) for oil exploration on the Lagzira block offshore Morocco.
The Lagzira block (formerly Sidi Moussa) is a large offshore license in water at a depth of 200 to 1,200 metres, covering a high-prospective oil exploration area, with a proven petroleum system following Genel’s 2014 SM-1 well, which recovered oil from the Upper Jurassic reservoirs.
Genel Energy holds 75 percent working interest in the project, while Morocco’s ONHYM owns the remaining 25 percent interest, according to a statement filed with the London Stock Exchange.
The agreement covers an eight-year exploration term that consists of three exploration periods.
In total, 18 prospects and leads have been identified, with over 2.5 billion barrels of oil equivalent (bboe) and individual prospects estimated at 100-700 million barrels of oil (MMbbls) each, the statement said.
Genel Energy has launched a process to find a partner to take a material equity position and jointly pursue the exploration programme in the block, with the opportunity to drill and test one of the high-graded prospects.
(Writing by P Deol; Editing by Anoop Menon)
