Xplorer enters multiple permits offshore Morocco

Offshore staff

LONDON – Xplorer plc has signed a memorandum of understanding with Teredo International Ltd. to acquire interest in five shallow-water exploration permits offshore Morocco.

The Boujdour permit is prospective for both oil and gas and is estimated to have mean net un-risked prospective resources of 463.4 MMboe. Of these, Xplorer says that a March 2014 resource report by Sproule found that 31.07 MMboe are categorized P90, and 182.65 MMboe are categorized P50.

Xplorer negotiated shares from Teredo, which holds a 36.75% working interest in Boujdour, in return for Teredo being issued 56% of the post-proposed acquisition but pre-fundraising enlarged share capital of Xplorer. 

07/22/2015

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