Canamens Signs Offshore Exploration Agreements in Morocco
signing of a suite of agreements – including an Association Contract, a
Petroleum Agreement and a Reconnaissance Contract, along with associated
permits and a licence – to explore for oil in
These agreements were signed in
Canamens and
The first agreement is a Reconnaissance Contract in respect of the
“Essaouira Shallow Offshore” area, located in shallow water (<500 metres).
Canamens will reprocess and acquire new 2D seismic and following evaluation
prospectivity, decide whether to convert the license to an exploration
permit, or elect not to proceed.
The second and third agreements are an Association Contract and Petroleum
Agreement which govern 4 Exploration Permits for a similar location but in
deeper water (generally over 500 metres), the “Essaouira Deep Offshore” area.
Under these agreements Canamens will reprocess and acquire new 2D seismic
and, following evaluation, have the option to extend into a second period
with an accompanying 3D seismic and drilling commitment, or drop without
further obligation.
Under these agreements, which cover an area of over 11,000km2, Canamens
will be the operator with a 75% equity stake in both the Reconnaissance
Licence and the Exploration Permits, with the remaining equity held by ONHYM.
Canamens will bear 100% of the costs up until the development stage.
The agreements represent Canamens’ first investment in
Following the signing of the agreements by Madame
President of Exploration,
“We are delighted to be taking this first step into
is a strategic focus area for Canamens and we believe that
exciting prospects for Canamens, and that the country’s relatively
unexploited offshore province offers significant hydrocarbon prospects.
Canamens believes that it has skills and experience which are highly relevant
to these prospects and is optimistic that it will be able to build on this
first step to develop a material presence in the Moroccan oil industry.”
Madame
“We are pleased to be undertaking this opportunity with Canamens, a
company which has exploration experience across the world. Essaouria is an
area known for its potential. We hope that with joint efforts – the expertise
of Canamens and the knowledge of ONHYM’s geologists, the area can be explored
and good opportunities and discoveries will occur. We are pleased to welcome
Canamens to
exploration.”
Notes to Editors
Canamens is a private equity funded upstream oil and gas company. Its aim
is to acquire assets with existing or near-term production opportunities,
with field development and exploration potential where it can add real value
through its industry experience and through its relationship with leading
industry service providers. Sector Asset Management and Goldman Sachs are its
two principal investors.
The National Office of Hydrocarbons and Mining (Office National
Hydrocarbures et des Mines – ONHYM) is a public organization representing the
interests of the Kingdom of
Production of Hydrocarbons and Mining resources.
ONHYM’s mission is to explore and exploit Hydrocarbons and the Mineral
resources (except phosphates) and enter into partnership/joint venture with
national and international players in the Oil & Gas industry to explore its
resources. ONHYM is the organization of reference in the field of Hydrocarbon
and Mining research working for the evaluation and the promotion of
sedimentary basins of
framework.
For further information please contact:
Canamens Energy Limited +44(0)207-845-7555
Greg Coleman, Chief Executive
Tony Carruthers, Commercial Director
Cynthia Dubin, Finance Director
http://www.canamens.com
Bell Pottinger +44(0)207-861-8562
Roger Cartwright
SOURCE Canamens Energy Limited