UK-based oil and gas exploration company, Genel Energy, has agreed with the Moroccan government over the nature, scope and timing of the activity at the Sidi Moussa offshore licensed acreage in Morocco.
Under the terms of the agreement, Genel’s previous commitment to drill one well on the license has been replaced by an undertaking to carry out a 3D seismic campaign across the Sidi Moussa acreage.
3D seismic data are a set of numerous closely-spaced seismic lines that provide a high spatially sampled measure of subsurface reflectivity.
Planning has commenced, with seismic acquisition expected to begin in 2018, the company said, adding that the current phase of the licence has been extended until February 2020.
The 3D seismic campaign is expected to materially de-risk the prospectivity of the Sidi Moussa license.
In Q4 2014, a well on the license, SM-1, proved a working hydrocarbon system, with 26 degree API oil recovered to surface.
Genel Energy is an independent oil and gas exploration and production company listed on the main market of the London Stock Exchange.
The Company, with headquarters in London and offices in Ankara and Erbil, is one of the largest London-listed independent oil producers, and is the largest holder of reserves and resources in the Kurdistan Region of Iraq.