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.