Petroleum Africa
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Thursday, July 23, 2015
Xplorer signed a MoU for the acquisition of a substantial interest in five shallow offshore exploration permits off the coast of Morocco. The MoU was signed with Teredo International for its Teredo Morocco unit, which holds a 36.75% working interest in the Boujdour, in return for Teredo being issued 56% of the post-proposed acquisition but pre-fundraising enlarged share capital of the Xplorer.
The Boujdour consists of five shallow offshore exploration permits off the coast of Morocco, which are prospective for both oil and gas. The permit is estimated to have mean net un-risked prospective resources of 463.4 million boe, of which 31.07 Mmboe are categorized P90 and 182.65 mmboe are categorized P50 according to an independent resource report prepared by Sproule last year.
The proposed acquisition is conditional, inter alia, on Xplorer raising additional equity finance for which there is no certainty that the company will be able to conclude successfully. The proposed acquisition, if exchanged and completed, would constitute a reverse takeover under the AIM Listing Rules.
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