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Tuesday, October 29, 2013
Cairn Energy expanded its position in Morocco when it entered into a farm-in agreement with Kosmos Energy and ONHYM for a 20% stake in the Cap Boujdour exploration permit.
The permit is offshore Morocco, covering an area of 27,700 sq km in the Aaiun Basin. It is covered by a regional 2D grid and a 2,000 sq km 3D seismic survey. Kosmos has identified three prospects within the 3D area with the largest of these, the Gargaa, located at about 2,135 meters water depth.
Under the terms of the farm-in agreement, which is subject to Moroccan government approval, Cairn will pay a promoted share of future exploration costs, towards a 3D seismic survey, an exploration well planned for 2014 and, if successful, two appraisal wells, all subject to a maximum expenditure cap.
The company also reported that it has begun drilling operations on the FD-1 wildcat exploration well on the F prospect offshore Morocco on the Foum Draa block. The well is being drilled using the Cajun Express semi-submersible drilling rig. The FD-1 well has a planned total depth of 5,500 meters and operations are anticipated to take about 60 days.
This well is the first in a planned multi-well exploration sequence and once operations are completed on FD-1 the rig will move to the Cap Juby location to drill an exploration well targeting Middle Jurassic carbonates, subject to necessary approvals.
Simon Thomson, chief executive, Cairn Energy PLC said: “This farm-in builds on our existing Atlantic Margin portfolio where we have a strategic presence across three countries in Morocco, Senegal and Mauritania. The new acreage offers transformational exploration potential in a frontier region where Cairn is already well established. We are delighted to be working with Kosmos who are a proven and valuable operating partner with a track record of exploration success in similar play types along the West African margin. Cairn’s 12 month multi-well high impact frontier exploration program along the Atlantic Margin has started and offers shareholders material growth potential.”
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