Sidi Ifni- According to Longreach Oil and Gas, drilling at the Sidi Moktar licence in Morocco is making much progress.
Last week, the Canada-listed group dug its first well with a target depth of 2,700 meters on the onshore Morocco acreage. At present, Longreach has this well in its plan underway offshore at Foum Draa in Morocco.
Compared to US$34.2 million a year ago, the cash reserved for the mission in September was US$21.3 million.
"The third quarter was spent preparing for Longreach’s upcoming drilling program and managing all tendering and procurement for the Koba well in-house.”
Andrew Benitz, Longreach’s chief executive, said. "We are very pleased that drilling is now underway on Longreach’s operated Sidi Moktar licence and on the offshore non-operated Foum Draa licence," He added.
Longreach Oil and Gas is a giant oil and gas exploration company, which has significant licence interest in southern onshore and offshore Morocco.
In recent years, there has been growing interest in the kingdom’s potential oil reserves. Oil giant, Chevron and BP showed great interest in investing in Morocco’s offshore drilling.
Both of them acquired this year blocks off the coast of Agadir in southern Morocco. Morocco imports virtually all its energy needs and last month began implementing a fuel price indexation system to rein in its unaffordable oil subsidies.
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