Serica Energy Applies Final Touches on Moroccan Farmouts

Serica Energy Puts Final Touches on Moroccan Farm-out Deal

Serica Energy, an oil and gas exploration, development and production company with activities in Europe, Africa and Indonesia, is in the final stage of negotiations to farm out its interests in the Foum Draa and Sidi Moussa blocks located offshore Morocco.

Serica has also infromed that an application is being made to enter the second period of both licences with a commitment to drill two wells, one in each block.

The final terms of farm-out agreements are expected to be announced soon.

“Completion of the farmouts, will allow the Foum Draa and Sidi Moussa blocks to be extended into the next exploration stage with the strong likelihood of an early drilling campaign, possibly as early as 2013,” explained Serica.

The blocks cover a total area of approximately 12,700 square kilometres in the sparsely explored Tarfaya-Ifni Basin and extend from the Moroccan coastline into water depths reaching a maximum of 2,000 metres. Under the terms of the licence agreements the participants are required to carry the state oil company ONHYM for a 25% interest through the exploration and appraisal phase.

Pre completion of the farmouts , San Leon Energy holds a 42.5% net operated interest in both blocks. The remaining interest is held by Serica (25%), Longreach Oil and Gas (7.5%) and ONYHM, the National Bureau of Petroleum and Mines, in Morocco (25%).

Offshore Energy Today Staff, August 13, 2012

Share this article

Follow Offshore Energy Today

Events>

<< May 2019 >>
MTWTFSS
29 30 1 2 3 4 5
6 7 8 9 10 11 12
13 14 15 16 17 18 19
20 21 22 23 24 25 26
27 28 29 30 31 1 2

Africa Oil Week 2020

For over 25 years Africa Oil Week has been the meeting place for Africa’s most senior E&P stakeholders.

read more >

CERAWeek 2020

 Each year, CERA clients gathered for a few days in Houston…

read more >

Offshore Technology Conference (OTC) 2020

The Offshore Technology Conference (OTC) showcases leading-edge technology for offshore drilling, exploration…

read more >

2020 EXPLORATION AND PRODUCTION STANDARDS CONFERENCE ON OILFIELD EQUIPMENT AND MATERIALS

The development of consensus standards is one of API’s oldest and most successful programs.

read more >

Jobs>

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply

Looking to fill a job opening?

By advertising your job here, on the homepage of OffshoreEnergyToday.com, you'll reach countless professionals in the sector. For more information, click below...

apply