Dana Gets Two Pieces Of Morocco - Africa’s premier report on the oil, gas and energy landscape.

Dana Gets Two Pieces Of Morocco

Dana Petroleum has signed two onshore offshore exploration agreements in Morocco. In the first deal, the company would acquire a 15% working interest in the Repsol operated Tanger-Larache Blocks 1, 2 and 3 offshore Morocco while relinquishing 3% of its interest in Blocks L5 AND L7 offshore Kenya to Repsol. In the Bouanane Reconnaissance Contract License area, onshore Morocco Dana acquired 50% working interest to become the operator while the original lease holders Tethys Oil AB (“Tethys”) and Eastern Petroleum (Cyprus) Limited (“Eastern”) parted with 2.5% and 25% respectively. The TangerLarache blocks cover some 5,495 square kilometres, with water depths ranging up to 600 metres. The co-venturers have already acquired some 520 square kilometres of 3D seismic aimed at refining exploration prospects for drilling. Seismic data indicates a number of high-potential prospects within a relatively short distance of the coast and with a nearby gas-fired power station and indigenous market for gas, the block stands as a potential for development. Following completion of the transaction the Tanger-Larache partners will be Dana 15%, Repsol 30% (operator), Gas Naturel 30% and Moroccan state organisation ONHYM 25%. The Block L5 and L7 partners will be Dana 27%, Woodside 30% (operator), Repsol 23% and Global 20%.

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