Serica awarded two offshore Morocco permits

19th Jun 2009 07:24

Serica Energy said it has been awarded two offshore permits in Morocco.The group has signed agreements to the contiguous areas of Sidi Moussa Offshore and Foum Draa Offshore.The agreements are valid for up to 8 years and cover a total area of approximately 12,700 square kilometres in the sparsely explored Agadir Basin, about 100 kilometres south west of the Moroccan city of Agadir.Work programmes during the first 30 month period of the Foum Draa agreement and first 18 month period of the Sidi Moussa agreement comprise seismic reprocessing and geological studies, it said."With excellent fiscal terms, comprensive existing 3D and 2D seismic coverage, prospects already mapped by previous operators and several play types, I am confident that Sidi Moussa and Foum Draa will respond to Serica's use of leading edge seismic technology and will provide us with some exciting exploration drilling opportunities," said CEO Paul Elis.The joint venture partners in the Exploration Permits are IIEM (50%), the designated operator, Serica Energy plc (25%) and ONHYM (25%).