750 mmboe gross unrisked resources
The Sidi Moussa licence, offshore Morocco, contains an estimated 750 mmboe of unrisked resources.
In November 2014, the SM-1 well on the Sidi Moussa permit (Genel 60% working interest and operator) was plugged and abandoned after being drilled to a total depth of 2,825 metres. The well encountered oil in fractured and brecciated cavernous Upper Jurassic carbonates. In the course of well control operations, 26 degree API oil was produced to surface. A subsequent testing programme over the same interval failed to produce oil at sustainable rates.
Work on the analysis of the results has continued. A farm-out process is ongoing as part of the Company’s portfolio management activities, and Genel is in active discussions with a number of parties.
The Company is in the final stages of discussions with ONHYM regarding an agreement to extend the licence expiry. Genel forecasts a maximum future exploration expense of c.$30 million associated with existing commitments on its Morocco licences.
Further details on the asset, and the farm-out process, can be found here.