Our acreage position offshore Morocco consists of three licences, Juby Maritime, Sidi Moussa and Mir Left, spanning some 16,500 km2.
In March 2014, the JM-1 exploration well on the Juby Maritime licence (Genel 37.5% working interest) was plugged and abandoned without testing after reaching a total depth of 3,711 metres. The well confirmed the presence of heavy oil over a gross interval of 110 metres as originally tested in the 1968 MO-2 well, some two kilometres from the JM-1 well. Following evaluation of the Upper Jurassic Cap Juby discovery, Genel is in the process of withdrawing from its interest.
In November, the SM-1 well on the Sidi Moussa permit (Genel 60% working interest and operator) was plugged and abandoned after being drilled to a total depth of 2,825 metres. The well encountered oil in fractured and brecciated cavernous Upper Jurassic carbonates. In the course of well control operations, 26 degree API oil was produced to surface. A subsequent testing programme over the same interval failed to produce oil at sustainable rates.
A farm-out process is ongoing as part of the Company’s portfolio management activities, with encouraging levels of interest. Genel will consider its options regarding the timing of future activity on Sidi Moussa once the farm-out process is concluded, with a focus on minimising future expenditure.
As part of the review of the Genel licence portfolio, the Mir Left licence is in the process of relinquishment.