|By PR Newswire||
|August 29, 2014 02:00 AM EDT||
CALGARY, Alberta, August 29, 2014 /PRNewswire/ --
During the second quarter of 2014, PETROMAROC CORPORATION PLC (TSXV: PMA) (the Company or PetroMaroc) completed drilling of its second exploration well, Kamar-1, which encountered two prospective natural gas zones in the onshore operated Sidi Moktar licence in the Essaouira Basin, Morocco.
"Our first two exploration wells - Koba-1, drilled in late 2013, and Kamar-1, completed in May 2014 - captured extensive geological and petrophysical information on the Kechoula structure. They helped define the presence of natural gas in the targeted Lower Liassic formation and the Lower Dogger/Upper Liassic formations. These promising results have set the foundation for the planning and evaluation we currently have underway to continue our appraisal work, and we are now sharpening our focus in Morocco on the Sidi Moktar licence where we hold a 50 percent operated interest. In order to capture the opportunity of our Sidi Moktar exploration, we have initiated commercial and regulatory discussions to transfer our minority interests in the Tarfaya onshore licence and the Sidi Moussa offshore licence to our partners. Our brightest geological opportunities and largest economic interests are in Sidi Moktar, and that's where we will concentrate our geological and financial resources in Morocco," said Thomas Feuchtwanger, PetroMaroc's Chief Executive Officer.
"We have a vision to become the leading hydrocarbon producer in Morocco, which has an attractive and unfulfilled market for new domestic energy supplies. We are applying disciplined, well-proven technologies and risk-management practices to create long-term value from natural gas and oil for our shareholders and the people of Morocco," Feuchtwanger said.
PetroMaroc ended the second quarter with cash of US$6.6 million and is now pursuing a series of financing initiatives with investors to raise new capital to fund current operational commitments and to fund additional evaluation of the Company's Sidi Moktar licence.
PetroMaroc today filed its financial statements and management's discussion and analysis for the quarter ended June 30, 2014. These documents are available on the PetroMaroc website at http://www.petromaroc.co or under the Company's profile on SEDAR at http://www.sedar.com.
- Cash position as at June 30, 2014, of US$6.6 million (US$3.2 million as at March 31, 2014).
- Working capital surplus as at June 30, 2014, of US$1.3 million (US$2.8 million working capital deficit as at March 31, 2014).
- Intends to obtain further near-term capital before the end of 2014 in order to meet both current and future operational commitments.
- Sidi Moktar onshore:
- The Kamar-1 well was drilled to a final total depth of 2,790 metres and intersected two distinct gas-bearing intervals. One is in the targeted Lower Liassic natural gas zone and has a gross interval of 110 metres as defined by petrophysical, wireline logs. The other is defined by the presence of significant natural gas volumes in the drilling mud within the Lower Dogger/Upper Liassic zone, which occurs over a gross interval of approximately 100 metres.
- Following the Kamar-1 well, the Company outlined plans to appraise the potential of the Sidi Moktar licence. These initiatives, highlighted in PetroMaroc's recent corporate investor presentation, are subject to successful financing, and may include:
- Testing and evaluating the existing wells and data
- Acquiring 3D seismic over the Kechoula structure
- Drilling two or three additional delineation and appraisal wells on the Kechoula structure
- Sidi Moussa offshore:
- PetroMaroc has been advised that the operator, Genel Energy plc (Genel), spudded the Nour-1 exploration well on July 30, 2014. The well, located approximately 60 kilometres off the west coast of Morocco in approximately 990 metres of water, is anticipated to take between 60 and 90 days to complete operations.
- Prior to reaching the primary target Middle Jurassic platform carbonate unit, and secondary target Upper Jurassic reefal carbonates, the Company entered formal discussions with the operator and partners to transfer its 1.5% working interest in the Sidi Moussa licence.
- Tarfaya onshore:
- During the quarter, PetroMaroc successfully transferred its 22.5% working interest to the operator of this licence. PetroMaroc will not be liable for the $1.5 million penalty previously accrued, which followed the operator's decision not to drill one exploration commitment well by April 2014. Completion of this transaction is subject to the final approval by the Ministry of Energy.
PetroMaroc is an independent oil and gas company focused on its significant land position in Morocco. The Company has a 50 percent operated interest in the Sidi Moktar licence area covering 2,683 square kilometres and is working closely with Morocco's National Office of Hydrocarbons and Mines (ONHYM) as a committed long-term partner to unlock the hydrocarbon potential of the region. Morocco offers a politically stable environment to work within and has favourable fiscal terms to energy producers. PetroMaroc is a public company listed on the TSX Venture Exchange under the symbol "PMA".
Special Note Regarding Forward Looking Statements
This press release contains forward-looking statements. Such forward-looking statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "project", "potential", "targeting", "intend", "could", "might", "continue" or the negative of these terms or other similar terms. Forward-looking statements in this press release include, but are not limited to, statements regarding the completion of evaluations and processing and interpretation of data, the performance characteristics of the Company's oil and gas properties, capital expenditure programmes, supply and demand for oil, gas and commodities, prices for oil and gas, drilling plans, and realization of the anticipated benefits of acquisitions.
Forward-looking statements are only predictions. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Some of the risks and other factors which could cause results to differ materially from those expressed in the forward-looking statements contained in this press release include, but are not limited to: general economic conditions in Canada, the Kingdom of Morocco and globally; industry conditions, including fluctuations in the price of oil and gas, governmental regulation of the oil and gas industry, including environmental regulation; fluctuation in foreign exchange or interest rates; risks inherent in oil and gas operations; political risk, including geological, technical, drilling and processing problems; unanticipated operating events which could cause commencement of drilling and production to be delayed; the need to obtain consents and approvals from industry partners, regulatory authorities and other third-parties; stock market volatility and market valuations; competition for, among other things, capital, acquisitions of reserves, undeveloped land and skilled personnel; incorrect assessments of the value of acquisitions or resource estimates; any future inability to obtain additional funding, when required, on acceptable terms or at all; credit risk; changes in legislation; any unanticipated disputes or deficiencies related to title matters; dependence on management and key personnel; and risks associated with operating in and being part of a joint venture.
Although the forward-looking statements contained in this press release are based upon factors and assumptions which management of the Company believes to be reasonable, the Company cannot assure that actual results will be consistent with its expectations and assumptions. Undue reliance should not be placed on the forward-looking statements contained in this news release as there can be no assurance that the plans, intentions or expectations upon which they are based will occur. These statements speak only as of the date of this press release, and the Company does not undertake any obligation to publicly update or revise any forward-looking statements except as expressly required by applicable securities laws.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release does not constitute an offer to sell or a solicitation of an offer to buy any securities of PetroMaroc in any jurisdiction in which such offer, solicitation or sale would be unlawful. The securities referred to herein have not been and will not be registered under the United States Securities Act of 1933 (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons (as defined in the U.S. Securities Act) unless registered under the U.S. Securities Act and applicable state securities laws, or an exemption from such registration is available.
For further information:
Chief Financial Officer and Secretary
SOURCE PetroMaroc Corporation plc
Whether your IoT service is connecting cars, homes, appliances, wearable, cameras or other devices, one question hangs in the balance – how do you actually make money from this service? The ability to turn your IoT service into profit requires the ability to create a monetization strategy that is flexible, scalable and working for you in real-time. It must be a transparent, smoothly implemented strategy that all stakeholders – from customers to the board – will be able to understand and comprehe...
Jul. 23, 2016 07:30 AM EDT Reads: 2,005
"Tintri was started in 2008 with the express purpose of building a storage appliance that is ideal for virtualized environments. We support a lot of different hypervisor platforms from VMware to OpenStack to Hyper-V," explained Dan Florea, Director of Product Management at Tintri, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 07:15 AM EDT Reads: 1,765
"There's a growing demand from users for things to be faster. When you think about all the transactions or interactions users will have with your product and everything that is between those transactions and interactions - what drives us at Catchpoint Systems is the idea to measure that and to analyze it," explained Leo Vasiliou, Director of Web Performance Engineering at Catchpoint Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York Ci...
Jul. 23, 2016 07:15 AM EDT Reads: 1,827
"Avere Systems is a hybrid cloud solution provider. We have customers that want to use cloud storage and we have customers that want to take advantage of cloud compute," explained Rebecca Thompson, VP of Marketing at Avere Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 07:00 AM EDT Reads: 1,873
SaaS companies can greatly expand revenue potential by pushing beyond their own borders. The challenge is how to do this without degrading service quality. In his session at 18th Cloud Expo, Adam Rogers, Managing Director at Anexia, discussed how IaaS providers with a global presence and both virtual and dedicated infrastructure can help companies expand their service footprint with low “go-to-market” costs.
Jul. 23, 2016 07:00 AM EDT Reads: 2,236
For basic one-to-one voice or video calling solutions, WebRTC has proven to be a very powerful technology. Although WebRTC’s core functionality is to provide secure, real-time p2p media streaming, leveraging native platform features and server-side components brings up new communication capabilities for web and native mobile applications, allowing for advanced multi-user use cases such as video broadcasting, conferencing, and media recording.
Jul. 23, 2016 06:45 AM EDT Reads: 562
IoT generates lots of temporal data. But how do you unlock its value? You need to discover patterns that are repeatable in vast quantities of data, understand their meaning, and implement scalable monitoring across multiple data streams in order to monetize the discoveries and insights. Motif discovery and deep learning platforms are emerging to visualize sensor data, to search for patterns and to build application that can monitor real time streams efficiently. In his session at @ThingsExpo, ...
Jul. 23, 2016 06:30 AM EDT Reads: 603
Ovum, a leading technology analyst firm, has published an in-depth report, Ovum Decision Matrix: Selecting a DevOps Release Management Solution, 2016–17. The report focuses on the automation aspects of DevOps, Release Management and compares solutions from the leading vendors.
Jul. 23, 2016 06:00 AM EDT Reads: 1,565
When it comes to cloud computing, the ability to turn massive amounts of compute cores on and off on demand sounds attractive to IT staff, who need to manage peaks and valleys in user activity. With cloud bursting, the majority of the data can stay on premises while tapping into compute from public cloud providers, reducing risk and minimizing need to move large files. In his session at 18th Cloud Expo, Scott Jeschonek, Director of Product Management at Avere Systems, discussed the IT and busin...
Jul. 23, 2016 05:30 AM EDT Reads: 1,704
"This week we're really focusing on scalability, asset preservation and how do you back up to the cloud and in the cloud with object storage, which is really a new way of attacking dealing with your file, your blocked data, where you put it and how you access it," stated Jeff Greenwald, Senior Director of Market Development at HGST, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 05:30 AM EDT Reads: 1,327
There will be new vendors providing applications, middleware, and connected devices to support the thriving IoT ecosystem. This essentially means that electronic device manufacturers will also be in the software business. Many will be new to building embedded software or robust software. This creates an increased importance on software quality, particularly within the Industrial Internet of Things where business-critical applications are becoming dependent on products controlled by software. Qua...
Jul. 23, 2016 05:15 AM EDT Reads: 1,150
Continuous testing helps bridge the gap between developing quickly and maintaining high quality products. But to implement continuous testing, CTOs must take a strategic approach to building a testing infrastructure and toolset that empowers their team to move fast. Download our guide to laying the groundwork for a scalable continuous testing strategy.
Jul. 23, 2016 05:00 AM EDT Reads: 1,779
As companies gain momentum, the need to maintain high quality products can outstrip their development team’s bandwidth for QA. Building out a large QA team (whether in-house or outsourced) can slow down development and significantly increases costs. This eBook takes QA profiles from 5 companies who successfully scaled up production without building a large QA team and includes: What to consider when choosing CI/CD tools How culture and communication can make or break implementation
Jul. 23, 2016 05:00 AM EDT Reads: 1,474
SYS-CON Events has announced today that Roger Strukhoff has been named conference chair of Cloud Expo and @ThingsExpo 2016 Silicon Valley. The 19th Cloud Expo and 6th @ThingsExpo will take place on November 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. "The Internet of Things brings trillions of dollars of opportunity to developers and enterprise IT, no matter how you measure it," stated Roger Strukhoff. "More importantly, it leverages the power of devices and the Interne...
Jul. 23, 2016 04:30 AM EDT Reads: 1,916
"We formed Formation several years ago to really address the need for bring complete modernization and software-defined storage to the more classic private cloud marketplace," stated Mark Lewis, Chairman and CEO of Formation Data Systems, in this SYS-CON.tv interview at 18th Cloud Expo, held June 7-9, 2016, at the Javits Center in New York City, NY.
Jul. 23, 2016 04:30 AM EDT Reads: 1,388