LONDON – Genel Energy has signed a Petroleum Agreement and Association Contract for the Lagzira (ex-Sidi Moussa) block offshore Morocco with state-owned Office National des Hydrocarbures et des Mines (ONHYM).
This provides for an eight-year exploration term, divided into three periods, with Genel operating with a 75% interest.
Lagzira is a large offshore license, in water depths of 200-1,200 m, with a proven petroleum system: Genel’s 2014 SM-1 well recovered oil from Upper Jurassic reservoirs.
Multi-azimuth broadband 3D seismic acquired by the company in 2018 led to an uplift and improvement in subsurface imaging, with various prospects since high-graded. The data also highlighted new plays and provided an improved understanding of the SM-1 well result.
In total, Genel has identified 18 prospects and leads, potentially holding over 2.5 Bboe mean recoverable, with some prospects estimated at 100-700 MMbbl each.
The company aims to bring in a farm-in partner to jointly explore the block, including drilling and testing of one of the high-graded prospects.