KEYFACT Energy
Genel Energy has come to an agreement with the Moroccan government over the nature, scope and timing of the activity related to the remaining exploration commitment on the Sidi Moussa offshore licensed acreage.
Under the terms of the agreement, Genel’s previous commitment to drill one well on the licence has been replaced by an undertaking to carry out a 3D seismic campaign across the Sidi Moussa acreage. Planning has commenced, with seismic acquisition expected to begin in 2018. The current phase of the licence has been extended until February 2020.
The 3D seismic is expected to materially de-risk the prospectivity of the Sidi Moussa licence.
In Q4 2014 a well on the licence, SM-1, proved a working hydrocarbon system, with 26 degree API oil recovered to surface.