Serica 5%, Genel (Operator) 60%, San Leon 10%, ONHYM 25%
Main Prospects and Leads
The Sidi Moussa Petroleum Agreement covers an area of 5,019 square Kilometres and lies in water depths between 200 and 1,250 metres. The area is located approximately 75 kilometres south west of Agadir. A number of leads and prospects have been mapped on 2D and reprocessed 3D seismic data.
In August 2012, the Company and its partners reached agreement with Genel Energy to farm-out a combined 60% equity interest in Sidi Moussa, in return for paying the first US$50 million of the cost of drilling an exploration well. Following the farm-out Serica has a 5.00% working interest in the Foum Draa licence. Serica’s partners are Genel, San Leon Energy and ONHYM.
The SM-1 well was drilled by Noble Paul Romano semi-submersible drilling rig in 3Q 2014 to evaluate the Nour Prospect, a tilted fault block mapped at Upper Jurassic level. The well was drilled to a total depth of 2,825 metres sub-sea and encountered oil in fractured and brecciated cavernous Upper Jurassic carbonates. During the course of drilling and well control operations, 26 degree API oil was produced to surface along with the drilling fluids. A subsequent testing programme confirmed the presence of oil but it was not possible to achieve all of the objectives of the testing programme, most likely as a consequence of the significant reservoir damage suffered during the earlier well control operations. Further evaluation of the drilling and testing results is required before any definitive conclusions can be drawn. The well has now been plugged and abandoned.
The presence of good quality oil encountered by the SM-1 well is encouraging for the remaining prospects on the licence and further analysis of the oil samples taken will help determine the provenance of the oil which in turn will aid the identification of optimal locations for potential oil accumulations.