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PetroMaroc hopes to have good news on Sidi Moktar before end of year

Last updated: 08:45 25 Nov 2015 EST, First published: 03:45 25 Nov 2015 EST

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The company has a 50% operated interest in the Sidi Moktar license area

PetroMaroc (CVE:LOI) remains optimistic about prospects in Morocco, despite the tough times the energy sector is currently experiencing.

In a report on activities in the third quarter it said it advanced the strategic and financial alternatives process with several interested parties, and it looks forward to testing the Kechoula structure on the Sidi Moktar license in 2016.

Interim chief executive officer Campbell Deacon said the company hopes to announce an agreement by the end of the year to test the structure.

“We believe this could evolve into a transformational event for the energy supply scene in Morocco, in addition to resulting in a very constructive turnaround in the fortunes of PetroMaroc,” Deacon said.

The company ended September with unrestricted cash of around US$100,000, down from circa US$450,000 at the end of June. It continues to accrue costs relating to the Zag onshore asset, where the joint venture that has the rights to develop the block failed to complete the minimum work commitment under the terms of the license.

Subsequent to the end of the reporting period the company raised C$1mln through a secured non-convertible debenture financing.

It continues to assess restructuring alternatives to its current debt and share capital.

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