Morocco

By OGJ editors
HOUSTON, Feb. 1 – Circle Oil PLC’s Moroccan unit signed an agreement to explore the Lalla Mimouna Nord and Lalla Mimouna Sud permits in Morocco’s Rharb basin.

The 8-year permits total more than 2,200 sq km. Areas with commercial discoveries have automatic conversion to a minimum but extendable 25-year exploitation period.

Circle Oil Maroc Ltd. holds 75% interest and Morocco’s state ONHYM has 25%. Circle Maroc agreed to shoot 80 sq km of 3D seismic survey to help rank prospects already identified in the area and to assess any new prospects. Two wells must be drilled in the first 3 years.

The permits are geologically similar to Circle’s 296 sq km Sebou Permit.