By Tarik Elbarakah
By Tarik Elbarakah
Morocco World News
Agadir, August 29, 2012
Cairn Energy, a UK oil and Gas exploration firm declared plans to search for crude in Agadir, southern Morocco.
The Edinburgh-based explorer will pay 60 million US dollars to take a fifty percent stake in a license shared with a number of small companies at Foum Draa block located in the western offshore of Agadir.
The current license holders San Leon, Serica and Longreach will hold interests of 14.2 percent, 8.3 percent and 2.5 percent respectively, while the “Office National des Hydrocarbures et des Mines” will hold the remaining 25 percent.
The Foum Draa Block is located offshore southern Morocco in water depths of up 2 kilometers and covers an area of approximately 1,950 square miles (5050476600 square meters).
Two key prospects on the block have already been identified and the first exploration well is expected to be drilled in the fourth quarter of 2013 at the earliest.
