Offshore staff
LONDON – Genel Energy is set to join the partners exploring Morocco’s Sidi Moussa offshore area.
Existing participants Serica Sidi Moussa, San Leon Offshore Morocco, and Longreach Oil and Gas Ventures, currently hold a combined 75% equity interest. The balance is held by state oil company Office National des Hydrocarbures et des Mines.
Assuming approval from the Moroccan authorities, Genel will acquire a 60% equity interest in Sidi Moussa. In return it will pay the partners a $1.3-million contribution to past cost, and also finance drilling of a commitment (deepwater) well under the first extension period, up to a cap of $50 million.
Genel, registered in Jersey, UK, is led by former BP chief executive Tony Hayward.
Assuming the transaction goes forward Serica will be left with a 5% interest in the Sidi Moussa permits, and San Leon and Longreach retaining 8.5% and 1.5%.
Over the past two and a half years the partners have performed extensive geological and geophysical analyses of the subsurface in Sidi Moussa.
San Leon executive chairman Oisin Fanning said: “Sidi Moussa, while underexplored, contains very large mapped prospects, and we look forward to drilling an exploration well, which will most likely be in 2014 as per the license commitments.”
