Island scoops up Moroccan permits
UK-listed Island Oil & Gas has signed two contracts with the Office National des Hydrocarbures et Mines (ONHYM) for two permits in Morocco, Sidi Moussa and Foum Draa Offshore.
The agreements are valid for up to eight years and together cover a total area of about 12,700 square kilometres in the sparsely explored Agadir Basin, about 100 kilometres south-west of the Moroccan city of Agadir.
Island has committed to reprocess seismic and conduct geological studies during the first 30 months of exploring in the two permits.
Sidi Moussa and Foum Draa are covered by over 5,200 square kilometres of modern 3D seismic data and over 2,000 kilometres of 2D seismic data. A drill or drop decision will be made at the end of the initial exploration phases.
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. Over 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 up to 2,000 metres.
Island will operate the two permits with 50% interest. Serica Energy and ONHYM will each hold a 25% stake.