The United Arab Emirates is one of the 10 largest oil and natural gas producers in the world and is a member of the Organisation of the Petroleum Exporting Countries and the Gas Exporting Countries Forum.
Since declaring independence from the United Kingdom in 1971, the United Arab Emirates – a federation of the seven emirates of Abu Dhabi, Ajman, Al Fujayrah, Dubai, Ras al Khaymah, Sharjah, and Umm al – Quwain has relied on its large oil and natural gas resources to support its economy. In 2012, hydrocarbon export revenues were $118 billion according to the International Monetary Fund. Overall, the hydrocarbon economy accounts for approximately 80% of government revenues and more than half of the country’s goods exports.
The UAQ Concession is well located in a prospective area for oil and gas, and is on trend with significant producing fields in the adjacent Emirates and in the neighbouring Sultanate of Oman.
The key attributes of the UAQ Concession are:
In March 2015, Maxim announced it had entered into non-binding heads of agreement with Quest Investments LLC, a holding company managed and controlled by the Al Ansari Family, a prominent family office in the UAE, to acquire an interest in an onshore exploration project within the Emirate of Umm al-Quwain in the UAE. Subsequently, in May, Maxim announced the entry into the Quest Acquisition Agreement in respect of this UAE Concession.
Upon completion of the Quest Acquisition, Quest Investments LLC will become a significant shareholder of Maxim, and Maxim will acquire up to a 25% indirect equity ownership interest in the UAQ Concession.
The Hassi Berkane Block encompasses 5,116 km2 and is located onshore in the north east part of Morocco.
The property is close to the Maghreb Europe Gas Pipeline, which transports gas from the super giant Maghreb gas field in adjacent Algeria. The pipeline has ample excess capacity.
On 15 May 2014, the Company entered into a Heads of Agreement with First Sahara Energy Inc to acquire its interest in a reconnaissance contract on the Hassi Berkane Block. The Reconnaissance Contract was then issued on 18 June 2015.
On October 2014, Maxim announced the completion of an initial N151-101 report on the Hassi Berkane Block. Maxim engaged the services of Chapman to complete an initial N1 51-101 compliant technical report. All material aspects for the evaluation were included including relevant nearby wells and or analogous reservoirs and geological structures and formations. Chapman stated that based on this information, there was sufficient merit to justify the work program being proposed.
In May 2015, Chapman updated this report and re-issued it as a Competent Person’s Report which can be found here:
North African Kingdom of Morocco has a modest upstream oil industry and most sedimentary basins are still largest unexplored.
Currently there are two onshore producing basis: the Essaouira Basin on the west coast producing natural gas and oil (mainly condensate) and the Rharb Basin in the north of the country producing natural gas.
Morocco is Africa’s second largest importer of hydrocarbons and is one of Africa’s largest energy consumers. It currently imports 99% of oil and 91% of gas.
It is one of the more stable political environments within Africa with a Constitutional Monarchy and Democratically elected government. There is low political and security risk.
Economic growth is also seen within the country with an average GDP growth rate of approximately 4.8% during the past give years.
The Hassi Berkane Block is located onshore in the northeast part of Morocco and encompasses 5,116 km2 with extensive 2-D seismic data. Key attributes of the Hassi Berkane Block are:
Only North African political regime unaffected by Arab Spring Constitutional Monarchy
Democratically elected government
Low political & security risk forecase (Source: Control Risks)
Rapid Economic Growth
4.4% CAGR GDP growth (2005-2010)
Foreign investment of US$45 billion in 2011
4 times higher than in 2001
Fitch rating BBB-, Stable Outlook
Strong Domestic Market
Energy bill of US$10.7 billion in 2011
One of Africa's largest energy consumers
Energy demand +54% over last 10 years
33 million population
Key energy users: Residential, Industry, Phosphate Mines, Agriculture
Africa's 2nd largest importer
One of Africa's largest energy consumer
Morocco imports 99% of oil, 91% of gas
No stranded reserves
1.28 Million Acres
Similar reservoir and source rocks to the Tselfat Area in central Morocco, which has large proven oil and gas reserves.
Close to the 48" Maghreb Europe Gas Pipeline in adjacent field in Algeria
Several alluring structural anomalies
If hydrocarbon-charged, one structure could have up to 162 MM BOE
Drilling depth to target horizons is less than 3,000 M
Facilities and Projects in Morocco