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Friday, May 19, 2006
Canada’s TransAtlantic Petroleum Corp. announced that is the recipient of an award from the Moroccan government to explore on the Tselfat Permit. The permit covers 2,000 sq kms in northern Morocco.
According to the terms of the contract TransAtlantic will operate and bear 100% of the costs during the exploration phase to earn a 75% interest. The national oil company of Morocco, National des Hydrocarbures et des Mines (ONHYM), is carried for 25% of the costs during the exploration phase. The company and ONHYM will each pay their share of costs in the development phase. Currently, royalties are 10% on oil and 5% on gas, there is a 10 year exemption on corporate tax, and operations are exempted from VAT and custom duties.
The Tselfat contains three fields, Haricha, Brou Draa, and Tselfat, which were producing fields from the 1920s to 1970s. According to TransAtlantic, production for the three fields is difficult to estimate, historical data suggests cumulative production is in the range of 4 million barrels of oil and 10 billion cubic feet (Bcf) of gas.
The company said that the permit provides it with several exciting opportunities, including the redevelopment of the existing fields, extensions of known productive horizons, and exploration of higher impact targets at depth.
The company will commence a review of all the existing well data on the Tselfat permit, reprocess much of the 2D seismic and initiate a field program. In addition, TransAtlantic will shoot a 3D survey over the Bou Draa and Haricha fields that will be followed by an exploratory well to test the previously untested Jurassic formations in the sub-thrust.
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