Offshore staff
DUBLIN, Ireland – Morocco’s authorities have approved Cairn Energy’s farm-in to the offshore Foum Draa concession.
Cairn has assumed operatorship of Foum Draa and plans to drill an exploration well with a lower Cretaceous objective this fall, pending rig availability.
The farm-in gives the company a 50% equity interest, and Cairn will pay the first $60 million of the commitment well. The other partners are San Leon Energy, Serica Energy, and Longreach Oil and Gas Ventures.
