Freeport-McMoRan Oil & Gas and partner Pura Vida Energy are planning to drill an up to US$136 million well offshore Morocco targeting "well over" 1.4-3 billion barrels total gross mean resources.
The well, Mazagan-1 (MX-1), which contains the Ouanoukrim prospect, will be drilled to 5600m with potential to deepen to 6150m total vertical depth subsea using Atwood Oceanic's newbuild Atwood Achiever drillship (pictured below).
"This well not only provides a greater chance of finding oil but will greatly enhance the joint venture’s understanding of the potential of the Mazagan permit at an early stage," said Pura Vida.
Offshore Morocco has become hot acreage in recent years, with Chevron holding acreage alongside frontier exploration firms Cairn Energy and ex-BP CEO Tony Hayward-led Genel Energy, as well as Kosmos and Australia's Woodside Energy.
The Pura Vida/Freeport joint venture had been due to drill in a different location, but decided to drill MX-1 instead following a detailed review of the prospectivity of the Mazagan permit, and consideration of the benefits offered through investing more capital to drill deeper and test multiple prospects in the first well in the two well program.
Pura Vida says the Ouanoukrim prospect comprises a series of independently risked stacked targets that are defined by 3D seismic.
MZ-1 will test four separate objectives and a fifth objective if the well is deepened. MZ-1 provides the opportunity to test the full stratigraphy in the basin including large traps in the Cretaceous and Jurassic, as well as providing data on the potential of the Mid-Miocene.
In drilling through the Jurassic targets the well will also sample the source rocks as they are interbedded with the Jurassic fans. Another significant benefit of this prospect will be the opportunity to drill through the shallower Tertiary, including the Mid-Miocene, where deep water turbidite channels are evident on seismic that are identical in age to those at Toubkal.
Pura Vida's costs, for the MX-1 well and a second well in the program, are covered by Freeport-McMoRan Oil & Gas up to a maximum $215 million.
Pura Vida’s Managing Director Damon Neaves said: “MZ-1 is a high impact well providing the benefit of targeting multiple independently risked structures and a variety of different play types and will enhance the Joint Venture’s understanding of the potential of the Mazagan permit. The company is pleased that the Joint Venture has supported an investment decision to drill a deeper well to test a range of plays in order to maximise our chance of success.
"This decision also ensures that the Joint Venture gains information relating to each of the reservoir formations in the basin which will provide far greater information to evaluate prospects ahead of drilling our second well. In short, this approach maximizes our chances of making a commercial oil discovery in the permit. The agreement with Freeport in respect of any overruns to the US$215 million carry maintains Pura Vida’s strong financial position during the drilling campaign.”
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