Europa Oil & Gas (Holdings) plc has formally started the farm-out for its 11,228 km2 Inezgane permit, offshore Morocco in the Agadir Basin.
INEZGANE
Europa was awarded the licence in 2019 and holds a 75% interest and operatorship in the licence with Morocco’s ONHYM owning the remaining 25%.
The licence lies in water depths mostly below 2000 metres and on the same geological trend which has previously led to oil and gas discoveries along the west coast of Africa.
PROSPECTIVITY
The company said that Inezgane represented a high-impact exploration opportunity in an underexplored area of the world.
Europa’s recent evaluation has identified a “significant volume of licence resource, in excess of 2 billion barrels (oil equivalent), in the top five ranked prospects alone.”
The company has so far focused on Alpha, Charlie, Falcon, Turtle and Sandpiper prospects and has access to 6,200 km2 of high-quality 3D seismic data to evaluate the prospectivity of the licence.
JURISDICTION
Chief executive Simon Oddie said that the Inezgane licence sat comfortably within the company’s strategy of creating a balanced portfolio of complementary assets.
“Morocco is a welcoming jurisdiction in which to operate and has excellent ESG credentials in the fields of wind, solar and hydroelectric with ambitions to source 50% of its electrical energy from renewable sources by 2030 as well as becoming a net exporter to Europe.”