Europa Oil & Gas has announced the start of its farmout campaign for the Inezgane Offshore Permit in the Agadir Basin, a high-impact exploration potential offshore Morocco.

Inezgane is a high-impact exploration potential in a vastly underexplored region of the world, representing a good farm-in opportunity for interested businesses. It also fits in with Europa’s existing goal of building a well-balanced portfolio of assets.

The Licence is situated on the same geological trend that has resulted in big oil and gas finds along Africa’s west coast, with reservoirs and source rocks that are similar to those found in the prolific West African play.

A considerable volume of Licence resource, in excess of 2 billion barrels (oil equivalent), has been detected in the top five ranked prospects alone, according to Europa’s recent study.

Europa has access to 6200 square kilometres of high-quality 3D seismic data to assess the Licence’s prospectivity. At the Albian level, the overall mean resource exceeds 2 billion barrels (oil equivalent), with significant additional reserves potential at the Campanian and Barremian levels, which are secondary and tertiary targets.

Simon Oddie, the CEO of Europa, commented: “We are delighted to announce the launch of the Farmout initiative of the Inezgane Licence which represents not only a high-impact exploration opportunity for Europa but also sits comfortably within the Company’s strategy of creating a balanced portfolio of complementary assets.  Morocco is a welcoming jurisdiction in which to operate and has excellent ESG credentials in the fields of wind, solar and hydroelectric with ambitions to source 50% of its electrical energy from renewable sources by 2030 as well as becoming a net exporter to Europe.”

“In holding a 75% interest in, and operatorship of, the Licence, Europa controls an area of 11,228 sq. km with Morocco’s ONHYM holding the remaining 25% interest.  The work completed thus far has focused on the top five ranked prospects which each have mean resources in excess of 200 mmboe at the Albian level, with total mean resources in excess of two billion barrels. These are extremely positive numbers for the Company and we hope to capitalise on the prospectivity demonstrated along this prolific geological trend.  I look forward to providing further information in due course.”