Cairn assumes operatorship of offshore Morocco block

Morocco’s authorities have approved Cairn Energy’s farm-in to the offshore Foum Draa concession.

Offshore staff

DUBLIN, Ireland – Morocco’s authorities have approved Cairn Energy’s farm-in to the offshore Foum Draa concession.

Cairn has assumed operatorship of Foum Draa and plans to drill an exploration well with a lower Cretaceous objective this fall, pending rig availability.

The farm-in gives the company a 50% equity interest, and Cairn will pay the first $60 million of the commitment well. The other partners are San Leon Energy, Serica Energy, and Longreach Oil and Gas Ventures.

1/31/2013

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