UK-based Europa Oil & Gas has secured a new exploration permit, covering an area of 11,228km2 in the Agadir Basin, offshore Morocco.
Following official confirmation from Office National des Hydrocarbures et des Mines (ONHYM), Europa will be assigned a 75% interest and operatorship, while the remaining 25% will be held by ONHYM.
The exploration licence lies in water depths ranging between 600m and 2,000m and has an eight-year term, comprising three phases.
During the initial two-year phase, the company will undertake a work programme, including reprocessing of 1,300km2 of 3D seismic data, and other technical studies. By the end of the initial phase, Europa will secure the option to drill an exploration well in the second phase or to cease the licence.
Europa Oil & Gas CEO Hugh Mackay said: “The Inezgane Permit in Morocco is an excellent technical fit with Europa’s substantial licence position in the Porcupine Basin in Ireland where, among other plays, we are also targeting the Lower Cretaceous, a prolific producer in West Africa.
“We very much look forward to working with ONHYM in the initial phase of the Licence to mature prospects, which have the potential to hold up to 250MMBO each, to drillable status over the next two years.
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“Together with our well-established positions in Ireland and the UK, we now have multiple work streams underway concurrently, all of which have the potential to generate significant value for our shareholders.”