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. 


Did You Like this Article? Get All the Energy Industry News Delivered to Your Inbox

Subscribe to an email newsletter today at no cost and receive the latest news and information.

 Subscribe Now


Logistics Risk Management in the Transformer Industry

Transformers often are shipped thousands of miles, involving multiple handoffs,and more than a do...

Secrets of Barco UniSee Mount Revealed

Last year Barco introduced UniSee, a revolutionary large-scale visualization platform designed to...

The Time is Right for Optimum Reliability: Capital-Intensive Industries and Asset Performance Management

Imagine a plant that is no longer at risk of a random shutdown. Imagine not worrying about losing...

Going Digital: The New Normal in Oil & Gas

In this whitepaper you will learn how Keystone Engineering, ONGC, and Saipem are using software t...