Genel Signs Petroleum Agreement in Morocco

Source: www.gulfoilandgas.com 11/21/2012, Location: Africa

Genel Energy announces that it has signed a Petroleum Agreement (the "Petroleum Agreement") and Association Contract with the Office National des Hydrocarbures et de Mines ("ONHYM") in Morocco, which grants Genel Energy a 75 per cent equity interest and Operatorship of the Mir Left Offshore Block, offshore Morocco. The remaining 25 per cent interest will be held by the ONHYM. Access to the block is conditional upon receiving approval from the Government of Morocco.

Under the terms of the Petroleum Agreement, Genel Energy is obliged to acquire a minimum of 400 square kilometres of 3D seismic data and to drill one exploration well during the 3-year Initial Exploration Period. These will be funded from the Company's existing cash resources. There are two further optional exploration periods of three years and two years respectively.

The Mir Left Offshore Block comprises an area of 3,259 square kilometres with water depth ranging from 60 to 320 metres. It lies adjacent to, and to the north-east of, the Sidi Moussa Offshore Block in which Genel Energy recently acquired a 60% equity interest. The hydrocarbon play concepts are related to Jurassic carbonate platforms and the earliest Cretaceous submarine fans.

Commenting on the transaction, Dr. John Hurst Chief Operating Officer of Africa for Genel, said:
"We are delighted to have signed this new block, further deepening our position in the fairway associated with the proven working petroleum system in offshore Morocco. We intend to commence the acquisition of 3D seismic in January 2013, with the aim of drilling our first well in 2014."


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Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


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