document: Genel Energy may dilute its 75% equity in its Lagzira Offshore reconnaissance licence, located in the Tarfaya Basin.The block was awarded on 18 February 2020 and is understood to be an effective re-award of the company's Sidi Moussa Offshore exploration permit (5,018 sq km) which was relinquished upon expiry on 16 February 2020. The company was planning to recommence a farm-out campaign on the previous permit in Q2 2020, prior to considering further commitments on the licence. Genel had previously planned for the campaign to start in Q1 2020, ahead of a drill or drop decision.Sidi Moussa lay in WD between 40-1,500m. It was originally awarded to Island Oil & Gas with 50% equity in June 2009. Partners at the time were Serica (25%) and ONHYM (25%, carried). In 2010, Longreach Oil & Gas (now Wolverine) farmed-in, acquiring 10% equity from Island. In the same year San Leon acquired operatorship, through the acquisition of Island. In May 2013, Genel completed its US$ 51.3 million farm-in, acquiring 60% operated equity pro-rata from the existing partners. In 2014 the Sidi Moussa 1 (SM 1) NFW was drilled, reaching 2,825m TD (983m WD) in mid-October 2014. An unsuccessful test of fractured and brecciated Late Jurassic carbonates resulted in it being P&A with oil shows. In October 2015, Wolverine (as PetroMaroc) exited, assigning its equity to San Leon. Genel commenced a farm-out process in 2016, seeking partners to drill the Nour Deep well, which would target a 350 MMbo early Jurassic clastics prospect. Following a licence extension in Q4 2017, which saw the well commitment being replaced by the seismic campaign, partners San Leon (10%) and Serica (5%) also exited the permit. A 2,000 sq km 3D seismic survey was subsequently acquired between August-November 2018. Equity in Lagzira Offshore is split: Genel (75% +Op) and ONHYM (25%, carried).
summary: Genel Energy may dilute its 75% equity in its Lagzira Offshore reconnaissance licence, located in the Tarfaya 