Oil and gas exploration company Europa Oil & Gas announced on Wednesday that it had obtained an extension to its exploration license for Inezgane. Following a request, the National Hydrocarbons and Mines Office (ONHYM) granted a one-year extension of the initial phase of the Inezgane exploration permit, until November 2022.
This decision follows the cessation of operations imposed by the health situation due to Covid19. With the new deadline, the company will be able to complete its current technical work program. This is about reducing the additional risk of 30 prospects and leads, which were estimated to have the potential to contain nearly 10 billion barrels of oil resources.
Europa holds a 75% stake in this license which covers an area of 11,228 km² in the Agadir basin, with ONHYM holding the remaining 25%. Since the license was granted in November 2019, activity has focused on the interpretation of 3D seismic data.