PetroMaroc entered Morocco in 2007 with the acquisition of minority interests in two permits in the Tarfaya and Zag areas in southern Morocco. Subsequently, the Company acquired interests in two offshore blocks, Sidi Moussa and Foum Draa. In 2011, PetroMaroc entered into a farmout agreement in the Sidi Moktar exploration licence with Maghreb Petroleum Exploration (MPE) to earn a 50 percent interest in some 4,700 acres in the Essaouira Basin.
To date, PetroMaroc has invested about $50 million in Morocco on exploration, composed of geological, geophysical, drilling and evaluation work that has resulted in the potential discovery of significant quantities of natural gas in the Kechoula structure covering more than 50 square kilometres in the Sidi Moktar licence.
PetroMaroc is strategically positioned to concentrate its efforts and capital resources on the Sidi Moktar lands in the Essaouira Basin where the Company recently drilled two wells and confirmed the commercial resource potential of this region to be excellent