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Morocco Petroleum Agreement signed
Morocco Petroleum Agreement signed.
About this update from Genel Energy Plc
[{"type":"text","content":"\n \n\n\nGenel Energy PLC (GENL)\n\n\n\nGenel Energy PLC: Morocco Petroleum Agreement signed01-March-2023 / 07:00 GMT/BST\n\n\n1 March 2023\n\n \n\nGenel Energy plc\n\n \n\nMorocco Petroleum Agreement signed\n\n \n\nGenel Energy plc ('Genel' or 'the Company') 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).\n\n \n\nThe Agreement is for a full eight-year exploration term (in three exploration periods), with attractive fiscal terms.\n\n \n\nThe 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.\n\n \n\nNew 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.\n\n \n\nIn 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.\n\n \n\nGenel 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.\n\n \n\nGenel is hosting a webinar on the Lagzira opportunity on 2 March 2023 at 1400 GMT. To register, click here. \n\n \n\n-ends-\n\n \n\nFor information on the farm-out process, please contact: \n\n \n\n\n PVE Consulting\n\n Peter Elliott\n \n \n +44 7971 073 198\n \n \n \n \n \n \n \n For other information, please contact: \n\n \n\n\n Genel Energy\n\n Andrew Benbow, Head of Communications\n \n \n +44 20 7659 5100\n \n \n \n \n \n \n \n \n Vigo Consulting\n\n Patrick d’Ancona \n \n \n +44 20 7390 0230\n \n \n\nNotes to editors:\n\nGenel Energy is a socially responsible oil producer listed on the main market of the London Stock Exchange (LSE: GENL, LEI: 549300IVCJDWC3LR8F94). The Company ...