UK-based Fastnet Oil and Gas has acquired over 50% participating interest in the Merada project onshore Morocco.
The company has exercised its option regarding the licence application and will pay a $1.5m guarantee, as required by the Moroccan government.
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The project provides the opportunity to target a Tertiary turbidite fan system, which contains hydrocarbon traps that are believed to be larger than neighbouring licence areas.
The Merada project covers an area of 7,269km² with four exploration permits in the Guercif Basin in northeast Morocco.
Proposed work for the Merada project will include reprocessing and interpretation of 1,000km of existing 2D seismic data and interpretation of 250km of new 2D seismic data, and drilling of one well to a depth of 2,000m.
The expected cost for Initial Exploration Period is $3.65m and Fastnet is required to pay 50% of all costs at Merada.
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By GlobalDataFastnet chairman, Cathal Friel, said Merada has potential and low risk exploration wells within the licence area.
"Following further evaluation of the seismic data and a site visit to look at the reservoir, our management team is confident that a much larger basin centre Tortonian fan play is present in the block than previously anticipated," said Friel.
"Morocco is one of our key jurisdictions and we are very much looking forward to working with ONHYM as we mature the licence area for exploration drilling."
