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UAE

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.

Asset

Overview

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:

  • UAQ Concession comprises 747 km2 (the entire area of the Emirate of Umm al-Quwain is 750 km2)
  • Area underexplored - last well drilled in 1986 with no existing production within the concession
  • Area is highly prospective but no major discovery to date due to lack of exploration
  • 3 plays identified – 2 with prospects mapped:
    • Sajaa Field (7 Tcf & 450 MMbbl) 5 km south of [●]
    • Hamidiyah Field (est. 50 Bcf) 10 km west of [●]
  • March 2014 – Arawak Energy International, farmed-in to opportunity
  • August 2014 – 150 km2 3-D data acquired

Background

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.

  • Other partners in the UAQ Concession include:
    • Arawak Energy International, a wholly owned subsidiary of the Vitol Group
    • PTTEP, an upstream company from Thailand (currently holds 30% of the UAQ Concession with financing requirements)
    • Quest Investments LLC managed and controlled by the Al Ansari family

 

Asset

Overview

The Hassi Berkane Block encompasses 5,116 km2 and is located onshore in the north east part of Morocco.

  • Similar reservoir and source rocks to the Tselfat area in central Morocco, which has large proven oil and gas reserves.
  • The seismic data reveals several alluring structural anomalies with a similar profile to the numerous oil & gas fields in the Tselfat area.
  • At least one of the anomalies is extremely large and appears to be structurally closed.
  • There is a known oil seep at the periphery of the Hassi Berkane Basin.
  • Drilling depth to target horizons is less than 3,000 meters.

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.

Background

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:

Morocco

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. 

Hassi Berkane

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:

  • Similar reservoir and source rocks to the Tselfat area in central Morocco, which has large proven oil and gas reserves.
  • The seismic data reveals several alluring structural anomalies with a similar profile to the numerous oil & gas fields in the Tselfat area.
  • At least one of the anomalies is extremely large and appears to be structurally closed.
  • There is a known oil seep at the periphery of the Hassi Berkane Basin.
  • Drilling depth to target horizons is less than 3,000 meters.
  • 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.

About Morocco

political-stabilityPolitical Stability

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

  • Source: CIA, Reuters, Fitch, Control Risk

Energy Fundamentals

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

Undersupplied

Africa's 2nd largest importer
One of Africa's largest energy consumer
Morocco imports 99% of oil, 91% of gas
No stranded reserves


Hassi Berkane Field

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

 

hassi-berkane-geological-map

time-structural-map-seismic-line

maghreb-pipeline

Maghreb Pipeline

facilities-projects-morocco

Facilities and Projects in Morocco