LONDON�UK independent Enterprise Oil PLC today announced it had finalized a petroleum agreement for 6 exploration permits offshore Morocco collectively known as the Cap Draa Haute Mer area. Cap Draa, covering approximately 12,000 sq km, lies off the Atlantic coast of Morocco in water depths of up to 2,000 m.
Enterprise said the initial period of the 8-year exploration term will be kicked off with a 3D seismic acquisition program, followed by the spudding of an exploration well. The block partners will acquire 3D seismic data over the area in 2001, and expect to begin drilling within 3 years.
During 1998 and 1999, the UK oil company carried out an "extensive" 2D seismic surveys over Cap Draa under a reconnaissance license, said Enterprise.
Company Exploration Director Andrew Armour said the agreement marked "an important step forward" for the company's exploration plans in a region it believes "possesses significant hydrocarbon potential."
Enterprise Oil PLC operates the block with 40% and Energy Africa Ltd. owns 26.67%. Kerr-McGee du Maroc Ltd. recently acquired 33.33% of the concession. The Moroccan state oil company, Office National de Recherches et D�Exploitations P�oli�s, has the right to acquire 25% of the license upon declaration of commerciality.