New Age Ltd is understood to be looking for a partner for its Foum Ognit Offshore permit (western Sahara), which comprises 4 sub-units totaling 7,969 sq km in the Aaiun-Tarfaya offshore basin.   New Age is the operator of the permit with a 75% interest. Onhym, the national company, carries the remaining 25% interest.  Background information  On 23 December 2013, New Age signed with Onhym a 3-1/2 year Petroleum Agreement for the Foum Ognit Offshore block. The commitments include G&G work, the reprocessing of the available 2D seismic data and the acquisition of 2,000 km of 2D and 1,000 sq km of 3D seismic data  The Aaiun--Tarfaya-Dakhla Basin is a Mesozoic rift basin located both onshore and offshore the passive Atlantic margin of southern Morocco and extends southwards throughout Western Sahara. The basin is formed of a faulted basement made of Precambrian and Paleozoic rocks, overlain by a Triassic-Liassic sequence composed mainly of clastics, including microconglomerates, sandstones, red shales with evaporites and lagoonal deposits. The shaly and saliferous plastic formations should have generated halokinetic structures. The postrift sequence starts with the Liassic-Dogger sub-sequence related to the opening of the Atlantic and to the progressive setting of a marine environment and carbonate sedimentation. In wells MO-2, MO-8 and Cap Juby 1 located further north, the Liassic and Dogger sections are made of limestones with sandy and shaly intervals. The second postrift sub-sequence is a true passive margin basin formed in Late Jurassic time, with a carbonate platform to the east and an open marine domain to the west. Reefal build-ups are present along the edge of this platform. During the Cretaceous, sands and conglomerates were deposited in the east of the basin, and thick shaly and silty rocks to the west, and a fourth postrift sequence started at the end of Albian time, with marls, shaly limestones, shales, organic rich bituminous chalks and shaly limestones with chert and phosphates. Phosphates series were deposited during a regression period starting during the Coniacian. Alpine movements have produced regional unconformities during the Oligocene and Miocene times along the shelf break. Tertiary erosion has formed canyons later filled by Cenozoic turbiditic deposits.   Â On 19 December 2014, New Age completed its 2,145 km 2D survey over the Foum Ognit Offshore block, which comprises 4 sub-units totaling 7,969 sq km in the Aaiun-Tarfaya offshore basin (offshore Western Sahara). This USD 2 million seismic survey started on 26 November 2014 using the SeaBird âHarrier Explorerâ vessel.  Â On 22 February 2017, New Age completed 999 sq km of 3D seismic data over the northern part of its Foum Ognit Offshore permit. The survey started on 2 February 2017 using the âBGP Prospectorâ vessel.  On 17 August 2017, Glencore had officially released its 18.75% interest in the Foum Ognit Offshore permit (western Sahara), which comprises 4 sub-units totaling 7,969 sq km  .
New Age Ltd is understood to be looking for a partner for its Foum Ognit Offshore permit (western Sahara), which comprises 4 sub-units totaling 7,969 sq km in the Aaiun-Tarfaya offshore basin. New Age is the operator of the permit with a 75% interest. Onhym, the national company, carries the remaining 25% interest. 