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Friday, December 6, 2013
First Sahara Energy Inc. will meet with Morocco’s ONHYM and the Ministry of Energy & Mines to finalize a contract for an oil and gas reconnaissance license for the Beni Znassen Block. First Sahara said that the meeting should take place within the next few weeks and should result in the signing of the contract and the issuance of the license.
The company has been engaged in an intensive evaluation of 14 available oil and gas properties in Morocco over the past five months. This evaluation was narrowed down to one property, the Beni Znassen Block. The block is located onshore in the northeast part of the country.
First Sahara chose the property based on extensive 2D seismic data and the similar reservoir and source rocks to the Tselfat area in central Morocco, which has proven oil and gas reserves. Seismic data on the block has also revealed several ‘alluring’ structural anomalies with a similar profile to the numerous oil and gas fields in the Tselfat area.
After a period of negotiation, First Sahara and ONHYM recently came to a general agreement on the terms of a robust work program, which will be carried out within one year of the issuance of the reconnaissance license.
Most of the work program will focus on a large structural anomaly and will consist of the reprocessing of 600 km of existing 2D seismic data and 10,000 km of aeromagnetic and gravity data. The company will also evaluate basin outcrops and micro-seepage studies across the identified structural anomaly, among other activities, including hyper spectral/multi-spectral analysis from high resolution satellite imagery.
“Morocco is fast becoming a new frontier for oil and gas exploration and we are very enthused about the country’s potential to be a major petroleum producer,” said David Stadnyk, president and CEO of First Sahara Energy. “We are also grateful for and excited about the opportunity to be a part of this emerging story and we look forward to working with ONHYM to make our exploration efforts on the Beni Znassen basin a great success.”
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