Vanco Energy Co. and Lasmo PLC signed exploration permits with the Moroccan national oil company ONAREP on Friday. The agreements convert two existing permits from reconnaissance to exploration permits.
The reconnaissance permits, issued in 1998, were intended to explore the Essaouira basin off Morocco.
Vanco owns 100% of the Safi Haute Mer permit and 60% of the adjoining Ras Tafelney permit. Lasmo owns 40% of the Ras Tafelney permit. Vanco will operate both blocks.
The exploration permits call for 3D seismic acquisition and one well on each permit within the first 3-year period. A 3,000 sq km 3D program is scheduled to begin in late March 2001. Vanco says the seismic acquisition program will concentrate on the toe thrust trend crossing both blocks.