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Thursday, September 19, 2019
Europa Oil & Gas was awarded Morocco’s Inezgane Offshore Permit. The permit covers an area of 11,228 sq km in the Agadir Basin, offshore Morocco. A formal letter of award from Morocco’s ONHYM is expected shortly and, following confirmation of its acceptance, Europa will be assigned a 75% interest in, and operatorship of, the license with ONHYM holding the remaining 25% interest.
Europa’s focus in the Inezgane Permit is on the Lower Cretaceous fan sand play, which is a prolific producer in West Africa. Europa has identified that the key elements required for a working hydrocarbon system, namely source, reservoir and seal, are all present in the license area. In addition, a number of large structural traps located on the edges and above salt diapirs have already been identified throughout the permit area. Europa plans to mature several of these stacked prospects, which each have the potential to hold over 250 million barrels of oil, to drillable status with a view to attracting one or more farminees to drill an exploration well in the second phase of the license.
The license, which lies in water depths of between 600 and 2,000 meters, has an eight-year term and comprises three phases. During the two-year initial phase, Europa will undertake a work program, which includes reprocessing 1,300 sq km of 3D seismic data, as well as other technical studies. At the end of the initial phase, Europa will have the option to commit to drilling an exploration well in the second phase or to relinquish the license.
To date, only 10 wells have been drilled in deepwater Morocco, of which only three have penetrated a complete Lower Cretaceous section. Given the deepwater basins extend for some 1,800 kms offshore Morocco, it is clear that the play is highly under-explored. If the Lower Cretaceous play can be successfully unlocked, enormous upside lies within the rest of the license area.
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