Morocco: Gulfsands completes Cabre Maroc acquisition

Gulfsands Petroleum PLC has completed the acquisition from Caithness Petroleum Ltd. of Moroccan operator Cabre Maroc Ltd. for $19 million in purchase consideration and satisfaction of Cabre Maroc liabilities.

Cabre Maroc is operator of an extensive portfolio of highly prospective oil and gas exploration licenses and gas exploitation concessions that total 13,352 sq km in northern Morocco, Gulfsands said.

The purchase brings Gulfsands a large, contiguous, and highly prospective position in an area with proven petroleum systems, revenues from near-term production, and multiple drilling targets.

Gulfsands also sees meaningful near-term value potential in the proven conventional and shallow gas play on the Rharb Centre permit and great exploration upside related to fold and thrust belt structures identified in the adjacent Rharb Sud, Fes, and Taounate permits.

With the acquisition, Gulfsands and Morocco’s ONHYM become coventurers in the Rharb Centre and Rharb Sud permits, with Gulfsands the operator of the joint venture. Following completion of various post-completion matters, Gulfsands and Caithness Petroleum through their respective subsidiaries will become coventurers with ONHYM in the Fes and Taounate permits, with Gulfsands as operator of both exploration joint ventures.

Related Articles

BOEM: Firms bid $850 million in high bids in central gulf lease sale

03/24/2014 The US Bureau of Ocean Energy Management reported that its central Gulf of Mexico Lease Sale 231 received 380 bids from 50 companies on 326 blocks,...

Statoil makes gas find on flank of Visund field in North Sea

03/24/2014 Statoil Petroleum AS has made a natural gas discovery on the northeast flank of Visund field in the northern part of the North Sea, the Norwegian P...

CNOOC makes natural gas discovery in Bohai Bay

03/24/2014 CNOOC Ltd. has made what it describes as a “mid-sized” natural gas discovery in the Bozhong 22-1 structure in the south-central region of Bohai Bay.

Tethys reports second successful gas well in Kazakhstan

03/20/2014 Tethys Petroleum Ltd. reported the success of the second shallow gas exploration well of its 2014 program on the Akkulka block in the Caspian regio...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!


Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected