Sound Oil, the Mediterranean focused upstream gas company, has entered into an agreement with Maghreb Petroleum Exploration.
Thanks to this Maghreb Petroleum Exploration has awarded Sound Oil a two month period of exclusivity to negotiate and complete the acquisition of a subsidiary of Maghreb which holds a 25% carried working interest in the Sidi Moktar licences, onshore Morocco.
The Sidi Moktar Licence is an onshore licence covering 3000 square km and is located in the Essaouira basin which contains multiple Jurassic gas disociareis, the London-listed group said.
Four fields within Sidi Moktar have successfully produced 30.5 bcf from the Jurassic-aged reservoirs, according to PetroMaroc, the operator which has a 50% operated interest in the Sidi Moktar licence.
Resource estimates for Triassic targets are 427 bcf (Best Estimate) and 830 bcf (High Estimate) of potentially recoverable gas and 26m barrels (Best Estimate) and 50m barrels (High Estimate) of potentially recoverable condensate, the independent oil and gas company added.