Serica Energy Applies Final Touches on Moroccan Farmouts

Serica Energy, an oil and gas exploration, development and production company with activities in Europe, Africa and Indonesia, is in the final stage of negotiations to farm out its interests in the Foum Draa and Sidi Moussa blocks located offshore Morocco.

Serica has also infromed that an application is being made to enter the second period of both licences with a commitment to drill two wells, one in each block.

The final terms of farm-out agreements are expected to be announced soon.

“Completion of the farmouts, will allow the Foum Draa and Sidi Moussa blocks to be extended into the next exploration stage with the strong likelihood of an early drilling campaign, possibly as early as 2013,” explained Serica.

The blocks cover a total area of approximately 12,700 square kilometres in the sparsely explored Tarfaya-Ifni Basin and extend from the Moroccan coastline into water depths reaching a maximum of 2,000 metres. Under the terms of the licence agreements the participants are required to carry the state oil company ONHYM for a 25% interest through the exploration and appraisal phase.

Pre completion of the farmouts , San Leon Energy holds a 42.5% net operated interest in both blocks. The remaining interest is held by Serica (25%), Longreach Oil and Gas (7.5%) and ONYHM, the National Bureau of Petroleum and Mines, in Morocco (25%).

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Offshore Energy Today Staff, August 13, 2012