Moroccan Oil exploration activity increases
Gulfsands Petroleum announced it acquired Cabre Maroc Ltd., a subsidiary of British independent Caithness Petroleum, in a deal valued at around $19 million. Gulfsands said the company has "an extensive portfolio" of around 5,100 square miles of "highly prospective oil and gas" acres in northern Morocco,UPI reports.
Source : https://www.marocafrik.com/english/Moroccan-Oil-ex...
Gulfsands Petroleum is diversifying its portfolio as its Syrian operations have suffered because of the civil war. It announced a similar acquisition last month.
Gulfsands Chief Executive Officer Ric Malcolm said in a statement:"We believe this acquisition represents a tremendous opportunity to develop a substantial business in Morocco, with potential near term cash flow and exciting exploration upside and in a country well recognized for its stability and attractive fiscal terms."
Gulfsands said it expects to complete the Carbre Maroc acquisition next month. Drilling in Morocco is expected in early 2014.
In another development, Irish exploration firm, Fastnet Oil & Gas is set to drill its maiden well off the coast of Morocco at the end of next year.Last month, the firm raised over €18m in a heavily oversubscribed share placing, in order to fund the Moroccan drilling programme.,according tothe Irish Examiner.
"The company is now focused on delivering the next stage in the value- creating cycle through the drill bit," The executive chairman Cathal Friel said.
Fastnet should drill its first exploration well at its Foum Assaka asset, offshore Morocco in the fourth quarter of next year.
Gulfsands Chief Executive Officer Ric Malcolm said in a statement:"We believe this acquisition represents a tremendous opportunity to develop a substantial business in Morocco, with potential near term cash flow and exciting exploration upside and in a country well recognized for its stability and attractive fiscal terms."
Gulfsands said it expects to complete the Carbre Maroc acquisition next month. Drilling in Morocco is expected in early 2014.
In another development, Irish exploration firm, Fastnet Oil & Gas is set to drill its maiden well off the coast of Morocco at the end of next year.Last month, the firm raised over €18m in a heavily oversubscribed share placing, in order to fund the Moroccan drilling programme.,according tothe Irish Examiner.
"The company is now focused on delivering the next stage in the value- creating cycle through the drill bit," The executive chairman Cathal Friel said.
Fastnet should drill its first exploration well at its Foum Assaka asset, offshore Morocco in the fourth quarter of next year.
Source : https://www.marocafrik.com/english/Moroccan-Oil-ex...