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

Shell submits revisions to its 2015 Chukchi Sea exploration plan

08/29/2014 Shell Offshore Inc. submitted revisions to its previously approved Chukchi Sea exploration plan on Aug. 28, a spokesman for the company confirmed. ...

BLM announces California oil, gas strategy as CCST issues report

08/29/2014 The US Bureau of Land Management’s California state office announced a comprehensive strategy for its oil and gas program in the state after receiv...

Lundin lowers resource estimate for Luno II discovery

08/29/2014 Lundin Norway AS, a wholly owned subsidiary of Lundin Petroleum AB, has drilled appraisal well 16/4-8 S in the Luno II discovery 15 km south of Edv...

Noble posts drilling results for Katmai, Dantzler prospects in gulf

08/28/2014 Noble Energy Inc., Houston, has advanced its exploration and appraisal drilling operations on the Katmai prospect on Green Canyon Block 40 and the ...

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