Genel spuds SM-1 well in Sidi Moussa block

Morocco: Genel Energy spuds SM-1 well in the Sidi Moussa block, offshore Morocco


31 Jul 2014

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JV partner AIM-listed San Leon Energy has announced that Genel Energy has commenced drilling operations on the SM-1 well in the Sidi Moussa block, offshore Morocco. Genel has informed San Leon that the Noble Paul Romano, a semi-submersible rig, has arrived on location and that the SM-1 exploration well was spud on 30 July 2014. The SM-1 well is located 60km off the west coast of Morocco in approx. 990m of water and is expected to take between 60-90 days to drill.
Genel is the Operator of the block and holds a 60% net operated interest, San Leon holds 8.5%, Serica Energy holds 5%, Longreach Oil & Gas holds 1.5% and ONYHM, the Moroccan National Bureau of Petroleum and Mines, holds a 25% interest. San Leon is carried on the drilling costs of the well up to a gross cap of US$50 million.
Oisin Fanning, San Leon Chairman, commented:
'Morocco remains one of the last under-explored regions of North Africa and the spudding of the SM-1 exploration well is another step towards our understanding of this basin’s hydrocarbon potential.'
Note: According to information on the Genel Energy web site, the Noble Paul Romano rig is drilling the Nour Prospect on the Sidi Moussa block. The well is targeting prospective resources of 300 mmbbls at a 20% probability of success. The well is targeting an Upper Jurassic carbonate reef play analogous to the Cap
Juby discovery and Middle Jurassic oolitic shoals.

SM-1 is drilling the Nour Prospect on the Sidi Moussa block (Source: Genel Energy)

SM-1 is targeting U. Jurassic carbonate reef play analogous to Cap Juby discovery and M. Jurassic oolitic shoals (Source: Genel)

Original article link
Source: San Leon Energy

http://www.energy-pedia.com/news/morocco/new-160387
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Meanwhile the TPT punters are getting excited. I see it as a win-win for PVD:

Success case is best ofcourse - Great look for offshore Morocco & profit-takers may move some cash into PVD.

Duster or non-commercial - remaining cash pulled out of TPT may come to PVD as the only ASX Moroccan company left to invest in!!