Genel Energy abandons Morocco in favour of Somaliland
Genel Energy plc, an oil and gas company headquartered in Jersey and listed in London, reiterated on 6 August, in its unaudited account for the six-month period ending 30 June, its intention of releasing its 37.5% shares in the Juby Maritime licence, in offshore Morocco.
Negotiations are currently ongoing with the Moroccan authorities and follow the completion of the results’ analysis from the JM-1 well drilled in 2014, explained the British oil exploration and production company.
The company, jointly operating the Sidi Moussa and Mir Left licences, with respectively 60% and 75% shares, adds that it continues to look with the Moroccan government into the best way to move forward on these licences, in light of the 2014 well results.
Contrary to this loss of interest for Morocco, Genel announced that it has found a significant potential in its onshore area in Somaliland and that it is working at making progress with the seismic data acquisition on its high potential licences in this country.
Genel Energy plc is looking to undertake seismic surveys, in 2016, on the Odewayne and SL-10B/13 licences on which it holds the status of operator with respectively 50% and 75% shares.