Genel Energy agrees Sidi Moussa offshore plans with Morocco

Independent oil and gas exploration company Genel Energy has agreed with the Moroccan government over the nature, scope and timing of the activity at the Sidi Moussa offshore licensed acreage in Morocco.

Genel, on Thursday, said planning had begun to carry out a 3D seismic campaign across the Sidi Moussa acreage, with seismic acquisition expected to begin in 2018.

The current phase of the licence has also been extended until February 2020, added Genel.

In a seperate announcement, the company reported that the Peshkabir-3 well in Kurdistan was in the middle of undergoing extended production testing across a horizontal section in excess of 1.2km of Cretaceous and Jurassic aged reservoirs.

The Peshkabir early production facility remained on track for start-up by year-end 2017, the company added

Meanwhile, the Peshkabir-2 well has continued to produce at a steady rate of 4,700 barrels of oil per day from one of four production zones.

Genel share, just off a recent one-year high above 160p but way off the 800p-plus three years ago, were down three quarters of a penny on Thursday afternoon at 116p.