Oct 28 Cairn Energy said it entered into
a farm-in agreement with U.S.-based Kosmos Energy and
the Moroccan National Oil Co (ONHYM) for a 20 percent
non-operated interest in an exploration block in the Atlantic
Ocean, offshore Morocco.
Drilling on the Cap Boujdour exploration permit, offshore
Morocco, is scheduled for the second half of 2014, Cairn said on
Cairn said it would pay a share of future exploration costs,
including a 3D seismic survey, an initial exploration well in
2014 and, if successful, two appraisal wells, all subject to
maximum expenditure limits.
After the transaction, operator Kosmos Energy will hold 55
percent interest, with Moroccan National Oil having 25 percent
Oil companies are stepping up exploration in Morocco,
attracted by its stability relative to other parts of North
Africa and encouraged by advances in geology and technology that
indicate its potential for reserves offshore.
Cairn also said it had begun drilling of the FD-1 wildcat
exploration well on the F prospect, offshore Morocco.
Cairn shares were down marginally at 280.1 pence at 1136 GMT
on the London Stock Exchange on Monday.