ONHYM, General Energy Ink Petroleum Agreement on Lagzira Block

General Energy and Morocco’s Office of Hydrocarbons and Mining (ONHYM) had signed, on Mar.1st, an agreement of exploitation regarding the Lagzira Block.
A statement by the English company said the agreement has favorable fiscal terms and a full eight-year exploration term (in three exploring periods).
The Lagzira block has a sizable offshore license with water depths of 200–1,200 meters, with a verified petroleum system following Genel’s 2014 SM-1 well, which recovered oil from the Upper Jurassic reservoirs.
Genel obtained new multi-azimuth broadband 3D seismic in 2018. Prospects have been high graded, with follow-on potential in the surrounding area. Data revealed new plays and a clearer understanding of the SM-1 well result.
A total of 18 prospects have been discovered, with a mean prospective resource potential of roughly 2.5 Bboe and individual prospects ranging from 100 to 700 MMbbls each.
Genel Energy is one of the largest London-listed independent hydrocarbon producers.