PetroMaroc looks for additional investments onshore Moroccan licence

oil-morocco-sidi moktarTo date, PetroMaroc has invested about US$50mn on exploration, composed of geological, geophysical, drilling and evaluation work in Morocco. (Image source: Tom Check/Flickr)Independent oil and gas company PetroMaroc is looking for strategic and financial alternatives with the objective of maximising shareholder value in the Kechoula structure on Sidi Moktar Exploration Licence in Morocco

CEO of PetroMaroc Tom Feuchtwanger said, “Our recently updated independent evaluation of the undiscovered petroleum initially-in-place and the prospective resource has defined the strong prospectivity and a path towards the commercial development of Kechoula.”

The independent evaluation by GLJ Petroleum Consultants had earlier confirmed PetroMaroc’s geological and geophysical model for the Lower Liassic reservoir of the Kechoula structure. At 81 per cent probability, the Lower Liassic clastic reservoir is filled to spill point and reported to hold a prospective resource of gross lease unrisked undiscovered petroleum initially-in-place of 11.1bn cu/m (mean estimate).

PetroMaroc added that Dundee Capital Markets had been appointed as financial adviser to evaluate alternatives that may include, but were not limited to, farm-out of Sidi Moktar, sale of the firm, merger or other business combination, recapitalisation, sale of all or a portion of the company’s assets, or any combination thereof. Dundee Capital Markets would also evaluate alternatives for PetroMaroc to continue its business plan, among other alternatives, the company added.

PetroMaroc recently initiated a non-brokered private placement to raise proceeds of a minimum of US$2.53mn and a maximum of US$5.3mn to support near-term efforts while the search for an industry partner is underway.

PetroMaroc holds a 50 per cent operated interest in the Sidi Moktar Licence Area covering 2,683 sq km.

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