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Friday, June 23, 2017
Gulfsands Petroleum updated its activities in regards to its Moulay Bouchta Petroleum Agreement which is held by its Moroccan subsidiary, Gulfsands Petroleum Morocco Ltd. (GPML). As previously reported in February, Gulfsands received an extension on the Initial Phase of the Exploration Period of Moulay Bouchta, from ONHYM, from two years to three years, together with a revised work program. This took the Initial Phase to June 2017.
At that time GPML noted that it planned to immediately seek to secure a further extension to allow additional time to complete the revised work program. ONHYM had indicated a willingness to extend the Initial Phase further, from three years to four years, meaning that it would then run through to June 2018. The company is currently considering whether to pursue the extension, a decision that would be predicated on it finding an appropriate partner to help take the project forward.
The company continues to try and find a partner for the license but has not yet been successful in securing one and so, the Moulay Bouchta license has technically expired; with certain minimum work obligations remaining outstanding. The company remains in active dialogue with ONHYM to find a mutually beneficial way in which to pursue the work program and the Company will update the market as those discussions develop.
Potential work on the Moulay Bouchta license focuses on an oil prospective area identified to the east of the depleted Haricha oil field. Based on work performed to date, GPML has identified new lead concepts with gross recoverable prospective resources internally estimated at 149 million barrels of oil. This estimate has not been subject to external audit. The Recent completion of a 180-km seismic reprocessing project with thrust belt specialists has confirmed the interpretation of these structural leads as indicated on the legacy data.
Operationally, the Gulfsands has commenced its Environmental Impact Study in anticipation of the new seismic acquisition should an extension be consummated and continues to be interested in identifying a farm-in partner for the Moulay Bouchta permit. Any parties interested are invited to contact the company directly.
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