750 mmboe gross unrisked resources
The Sidi Moussa licence, offshore Morocco, contains an estimated 750 mmboe of unrisked resources.
In November 2014, 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.
Work on the analysis of the results has continued. A farm-out process is ongoing as part of the Company’s portfolio management activities, with encouraging levels of interest. Further details on the asset, and the process, can be found here.
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.
Genel has agreed with the Moroccan authorities that commitments associated with the Mir Left licence be transferred to Sidi Moussa, with Genel subsequently withdrawing from Mir Left. Following evaluation of the Upper Jurassic Cap Juby discovery, Genel is also withdrawing from the Juby Maritime licence.