Xplorer Plc has signed an MoU to acquire interest in five exploration permits offshore Morocco
The company said that it negotiated the acquisition of Teredo Morocco Limited with Teredo International Limited, which holds a 36.75 per cent working interest in the
Boujdour permit consists of five shallow exploration permits. Xplorer will acquire Teredo Morocco completely, and will issue Teredo 56 per cent of the post-Proposed Acquisition (but pre-fundraising) enlarged share capital of the company.
Boujdour, offshore Morocco, is prospective for both oil and gas, and is estimated to have resources of upto 463.4 million barrels of oil equivalent (mmboe), of which 31.07 mmboe are categorised P90 and 182.65 mmboe are categorised P50, stated a report by Canadian oil and gas consultancy Sproule.
In addition, Xplorer Plc has appointed Smaller Co Capital Ltd as a joint broker to the company. Together, the companies will seek to raise around US$469,000 through the issue of convertible loan notes to assist in the progression of the acquisition.