() has made what could be a company-defining acquisition onshore in Morocco after signing a reconnaissance contract for the Hassi Berkane Block.
Formerly known as Beni Znassen, the property covers 5,116 square-kilometres, has extensive 2-D seismic data and, crucially, similar reservoir characteristics and source rocks to the Tselfat area in central Morocco, which has large proven oil and gas reserves.
Maxim says seismic data reveals several “alluring structural anomalies” with similar profiles to the numerous oil and gas fields on Tselfat.
One in particular is “extremely large” and appears have the structural closure required for a large accumulation of hydrocarbons. Additionally, there’s an oil seep close to the periphery of the basin.
Companies active in the area are targeting oil and gas from 3,000 metres and above, which isn’t particularly technically challenging.
Meanwhile, the block is close to the Maghreb Europe pipeline, which transports gas from the super-giant Maghreb field in neighbouring Algeria.
Maxim will start stage-one reconnaissance of the Hassi Berkane in the next month. This includes preparing the data to the levels required of Canada’s strict NI51-101 code for oil and gas code.
The team, led by Art Brown, will also re-process 600km of 2-D seismic data and 10,000km of aero magnetic and gravity surveys along with the extensive suite of other information.
Brown said: “Maxim has been seeking new opportunities that will have both exploration and near term production possibilities.
“This Hassi Berkane Block has a substantial footprint and the early stage research appears promising. Morocco has become a new frontier for oil and gas exploration and production and we are very excited about the opportunity to participate in this country’s development.”
Morocco, both onshore and offshore, is the go-to destination for oil exploration at the moment.
The resources remain largely untapped, while there is a significant domestic demand for output, particularly the gas.
The fiscal regime is one of the best in the world and the state-owned oil company, ONHYM, is one of the most progressive organisations of its kind and pushes to take stakes in the country’s main developments.