The concession covers an area of 8,717 sq km (3,365 sq mi) in water depths of 1,370-3,000 m (4,495-9,842 ft). There are prospective targets at Miocene, Cretaceous, and Jurassic levels.
Analysis of data and samples from last year’s MZ-1 well has been completed. Results are being integrated into the technical evaluation which includes the recently reprocessed pre-stack depth migrated seismic data.
Current technical focus is on maturation of prospects for a second well in the permit.
Pura Vida subsidiary PVD Exploration Morocco has written to operator Freeport-McMoRan Oil & Gas, PXP Morocco reserving its rights in relation to the second well obligation under the farm-in and joint operating agreements.
These require PXP to drill two wells. The parties are discussing how to progress or resolve this issue.
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