Source - SMW
Genel Energy is to carry out at  a 3D seismic campaign across the Sidi Moussa licence following an agreement over its remaining exploration commitment on the acreage with the  Moroccan government.

Genel said its previous commitment to drill one well on the licence has been replaced by an undertaking to carry out a 3D seismic campaign across the Sidi Moussa acreage. 

It said planning had started, with seismic acquisition expected to begin in 2018. 

It said the current phase of the licence had been extended until February 2020.   Genel said the  3D seismic was expected to materially de-risk the prospectivity of the Sidi Moussa licence.

Genel also said it noted that DNO ASA, as operator of the Tawke PSC, had today issued an update on licence activity.

The Peshkabir-3 well on the Tawke PSC is currently undergoing extended production testing across a horizontal section in excess of 1.2 kilometres of Cretaceous and Jurassic aged reservoirs. 

A total of ten oil zones and one gas zone have been identified for testing. The first oil zone tested flowed in excess of 3,000 bopd on a 64/64" choke.   The Peshkabir-2 well continues to produce at a steady rate of 4,700 bopd from one of four production zones and is commingled with over 100,000 bopd from the adjacent Tawke field for export. 

The Peshkabir early production facility remains on track for start-up by year-end 2017.

At 9:16am: (LON:GENL) Genel Energy PLC share price was +1.13p at 118.38p