Kallanish Energy News
UK independent firm Europa Oil & Gas announced Wednesday the award of an exploration license offshore Morocco, Kallanish Energy understands.
The Inezgane Permit covers an area of 6,976 square miles in the Agadir Basin, in water depths between 1,968 and 6,561 feet. The license is valid for eight years, including a two-year phase of seismic data gathering.
Europa will retain a 75% operated interest and Moroccan authority Office National des Hydrocarbures et des Mines will hold the remaining 25%.
“In terms of our investment criteria, Morocco ticks all the boxes: a stable country with a transparent business environment; excellent fiscal terms; and low political and regulatory risk,” said Hugh Mackay, CEO of Europa, in a release.
