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 75% 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 recovered to surface. A subsequent testing programme over the same interval failed to produce oil at sustainable rates.
Processing of the multi-azimuth broadband 3D seismic survey acquired in 2018 over the prospective portions of the block continues. This completes the work obligations associated with the current licence period. Once completed, the Company plans to initiate a farm-out campaign in Q1 2020, aimed at bringing a partner onto the licence prior to considering further commitments. The Company is currently engaged in discussions with the Moroccan Government with respect to the requisite licence time to complete this forward plan.