Longreach Oil & Gas(CVE:LOI) revealed on Monday the news investors had been waiting for, confirmation of the drill plans for Morocco.
Saipem has now been contracted to drill at least two wells within the explorer’s 50% owned Sidi Moktar onshore exploration licence, starting with the Koba 1 well in mid-October.
A further two wells could potentially be added to the contract, the company said.
“We are delighted to have entered into a contract with Saipem for this world-class drilling unit, the Saipem Drillmec Mas 7000, to drill Longreach’s well programme in Sidi Moktar.
“Saipem and the crew have extensive regional experience drilling similar formations and we have assembled a drilling operations crew which has working experience with this rig.
“Bringing the Saipem rig and other world-class service and equipment providers into Morocco is a significant achievement for Longreach and a new exploration milestone for the Kingdom of Morocco.
“Drilling Koba will enable Longreach to test the new play concepts evidenced by Longreach’s extensive geophysical, geological and petrophysical studies conducted over the previous several years in the Essaouira Basin.
“Longreach is entering an exciting period of exploration in its operated Sidi Moktar licence and also in its non-operated offshore licences.”
Koba is made up of two targets, lower Jurassic and Triassic sandstones and has been de-risked by recently acquired seismic.
