TSX.V: MXM | FRANKFURT: M5HA | OTCBB: MXMSF

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: