Serica Seals Offshore Morocco Permits

21 June 2009 (Last Updated June 21st, 2009 18:30)

Serica Energy has signed two petroleum agreements for the contiguous areas of Sidi Moussa Offshore (Sidi Moussa) and Foum Draa Offshore (Foum Draa). The agreements, made with the Office National des Hydrocarbures et des Mines (ONHYM), are valid for up to eight years. The deal covers a

Serica Energy has signed two petroleum agreements for the contiguous areas of Sidi Moussa Offshore (Sidi Moussa) and Foum Draa Offshore (Foum Draa).

The agreements, made with the Office National des Hydrocarbures et des Mines (ONHYM), are valid for up to eight years. The deal covers a total area of about 12,700km² in the sparsely explored Agadir basin, about 100km south-west of the Moroccan city of Agadir.

The work programmes during the first 30-month period of the Foum Draa agreement and first 18-month period of the Sidi Moussa agreement comprise seismic reprocessing and geological studies.

The areas of Sidi Moussa and Foum Draa are covered by more than 5,200km² of modern 3D seismic data and more than 2,000km of 2D seismic data. A drill or drop decision will be made at the end of the initial phases of the agreements.

The Agadir basin lies offshore in the Atlantic Margin and is geologically analogous to and on trend with the oil-producing salt basins of West Africa. Based on the extensive grid of existing seismic data, more than 40 undrilled prospects and leads were identified in Sidi Moussa and Foum Draa by previous operators. The areas extend from the Moroccan coastline into water depths reaching a maximum of 2,000m.

The joint venture partners in the exploration permits are Island International Exploration Morocco (50%), the designated operator, Serica Energy (25%) and ONHYM (25%).