the leases help by tpt are not worthless. their is oil off shore...

the leases help by tpt are not worthless. their is oil off shore morocco as this find indicates. Galp are no doubt trying to get 100% of leases from tpt. frosty





Genel: Oil presence confirmed at Cap Juby well, offshore Morocco

Posted on Mar 7th, 2014 with tags Cap Juby, Confirmed, Genel, News, offshore Morocco, Oil, Presence, well .

Genel Energy has informed that the JM-1 well on the Cap Juby prospect offshore Morocco has encountered oil shows.



The company said that the Cairn Energy-operated well has confirmed the presence of oil in the Upper Jurassic, as originally tested by the 1968 MO-2 well, some 2km from the JM-1 location. The well, located in the Juby Maritime III block in 100m of water where the primary objective is some 1,000m below the 1969 Cap Juby oil discovery in the Upper Jurassic, continues to drill ahead to the primary Middle Jurassic target .
The well is currently at 3,100 metres, with 600 metres left to drill to the prognosed Middle Jurassic primary target.
Genel said that exploration wells are planned on both the Sidi Moussa and Mir Left licences during 2014 using the Noble Paul Romano semi-submersible rig. On the Sidi Moussa licence, the most likely target is the Nour prospect. On Mir Left, prospect maturation is currently ongoing.
Tony Hayward, Genel CEO said: “In Africa we have begun a high-impact exploration programme targeting over 900 mmboe of prospective resource this year, with the first well underway in Morocco and a further three to follow in Malta and Morocco. Each well has the potential to make a material impact on our already significant reserve and resource base.”