Genel agrees terms for offshore Morocco block

Offshore staff

LONDON – Genel Energy has signed a petroleum agreement with Morocco’s state-owned Office National des Hydrocarbures et de Mines (ONHYM) concerning the Mir Left offshore block.

If approved, Genel will operate the block with a 75% interest, and the remainder held by ONHYM.

Work commitments during the initial three-year period include acquiring a minimum of 400 sq km (154 sq mi) of 3D seismic data (due to start in January) and one exploration well (probably in 2014). There are two further optional exploration periods lasting five years in total.

The block extends more than 3,259 sq km (1,258 sq mi) in water depths of 60-320 m (197-1,050 ft). It is northeast of the Sidi Moussa offshore block in which Genel recently acquired a 60% interest.

Its hydrocarbon play concepts are related to Jurassic carbonate platforms and the earliest Cretaceous submarine fans.

11/21/2012

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