Genel Energy sign Agreement with Morocco Petroleum
Genel Energy plc announces that a Petroleum Agreement and Association Contract has now been signed with the Office National des Hydrocarbures et des Mines (‘ONHYM’) regarding the Lagzira block (75% working interest and operator).
The Agreement is for a full eight-year exploration term (in three exploration periods), with attractive fiscal terms. The Lagzira block (formerly Sidi Moussa) is a large offshore licence, in water depths of 200-1,200 metres, with a proven petroleum system following Genel’s 2014 SM-1 well, which recovered oil from the Upper Jurassic reservoirs.
New multi-azimuth broadband 3D seismic acquired in 2018 by Genel resulted in a significant uplift and improvement in subsurface imaging, and prospects have been high-graded, with follow on potential in the wider area. The data has highlighted new plays and provided an enhanced understanding of the SM-1 well result.
In total, 18 prospects and leads have been identified, with over 2.5 Bboe mean recoverable prospective resource potential and individual prospects estimated at 100-700 MMbbls each. Genel 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.
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