Cabre wins three Morocco permits

Moroccan Permits [26761 bytes] Cabre Exploration Ltd., Calgary, has received three onshore exploration permits with Morocco's National Office of Petroleum Research and Exploration (Onarep). The permits cover a total of about 5,800 sq km acres in the west Oued Sebou, east Volubilis and north Fez areas, also known as the A, B, and C permit areas. The agreement carries an 8-year term and requires a maximum of 1,000 sq km of seismic work and 9-14 exploratory wells. Cabre is expected to invest

May 12, 1997

Moroccan Permits [26761 bytes]

Cabre Exploration Ltd., Calgary, has received three onshore exploration permits with Morocco's National Office of Petroleum Research and Exploration (Onarep).

The permits cover a total of about 5,800 sq km acres in the west Oued Sebou, east Volubilis and north Fez areas, also known as the A, B, and C permit areas.

The agreement carries an 8-year term and requires a maximum of 1,000 sq km of seismic work and 9-14 exploratory wells. Cabre is expected to invest about $16.5 million in the work program.

If commercial quantities of hydrocarbons are found, Cabre and Onarep will split proceeds 35-65%. They also will finance future development and production costs at this same ratio.

This is the second recent agreement signed by Onarep in the same planning areas.

This past December, Onarep awarded exploration licenses covering 4,000 sq km in parts D and E of the planning area to Morocco's Ste. Cherifienne des Petroles.