Wednesday, March 30, 2005

Oil exploration off Morocco



Vanco Morocco Ltd has announced the commencement of a 700 square kilometre seismic acquisition program off Morocco over the deepwater Safi Haute Mer Permit.

This permit is held under a Petroleum Agreement signed with the Government of Morocco on 24 October 2000 and has an area of over 5 million acres.

The purpose of the seismic program is to confirm the up-dip salt-delimited closure of a huge Jurassic prospect named Paprika. A discovery at this location would be ideal since it could first satisfy the Moroccan market and then be accessible to Europe via a pipeline across Gibraltar to Spain.

Vanco has contracted the PGS Viking vessel to acquire the programme and expects the survey to be completed within 30 days. Vanco Energy Company is a Houston-based independent oil and gas company engaged in international exploration and operations.

Vanco is a leading deepwater explorer in offshore Africa with 20 million acres under license in Morocco, Cote d’Ivoire, Ghana, Equatorial Guinea, Gabon, and Madagascar.

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