Petromaroc (CVE:PMA) is looking forward to appraisal work within the Sidi Moktar licence, onshore Morocco, where a third party evaluation has confirmed significant natural gas potential.
The company, formerly Longreach Oil & Gas, drilled two wells in the Sidi Moktar acreage and unearthed gas from both, though the programs did encounter challenges.
It has since commissioned GLJ Petroleum Consultants to evaluate the licence for ‘undiscovered petroleum initially in place’ and, more specifically, the prospective resources for the Kechoula structure. The study incorporates data and findings from the prior wells.
PetroMaroc has now revealed a number of conclusions from the report; however, the full report is still pending.
The report’s findings confirm PetroMaroc's geological and geophysical model for the Lower Liassic reservoir for the Kechoula structure, and that (with 81% probability) the reservoir is “filled to spill point”.
"We are very pleased with the result of this evaluation because it independently confirms that PetroMaroc has encountered a significant accumulation of natural gas on the company's Sidi Moktar exploration license in Morocco,” said chief executive Tom Feuchtwanger.
“We will now move ahead with plans for an appraisal and delineation program aimed at proving the commerciality of this asset."
GLJ estimates between 85.4bn cubic feet (bcf) and 835bcf of gross unrisked UPIIP across the lease within the Liassic, with a ‘best estimate’ of 293.4bcf.
In terms of un-risked prospective resources, GLJ identified between 44.9bcf and 462bcf of gas and between 1.4mln and 18mln barrels of natural gas liquids, with ‘best estimates’ of 156bcf and 5.7mln barrels.
These estimates were also stated as 8.9mln to 95mln barrels oil equivalent, with best estimates of 31.7mln barrels oil equivalent.