DMV enters Morocco
Perth-based DMV International Ltd. entered an agreement with the Kingdom of Morocco to acquire a 75% working interest and operatorship in the Tarfaya offshore block in the Atlantic Ocean near the Canary Islands.
Rick Wilkinson
OGJ Correspondent
MELBOURNE, Feb. 9 -- Perth-based DMV International Ltd. entered an agreement with the Kingdom of Morocco to acquire a 75% working interest and operatorship in the Tarfaya offshore block in the Atlantic Ocean near the Canary Islands.
The area comprises eight contiguous exploration permits covering in excess of 15,000 sq km and lying 600 km southwest of Morocco’s capital Rabat. Water depths are up to 800 m. Previous exploration defined several targets with cumulative potential to hold a billion barrels of oil.
Under the deal DMV will spend $1 million on exploration during the next 30 months.
Office Nationales des Hydrocarbures et des Mines will retain 25% carried interest through the exploration stage. It can then convert to a 25% working interest in any production that results.
DMV will begin with reprocessing 19,000km of 2D seismic and 500 sq km of 3D data. It will drill three exploration wells over 4 years.
The company said a proven hydrocarbon system exists as the permits are just 23 km from the Cap Juby oil discovery, which has reservoirs in the same geological intervals as the mapped prospects in the Tarfaya block.
