Sidi Moussa Well Offshore Morocco Finds Oil

The Genel-operated SM-1 well in the Sidi Moussa block offshore Morocco has encountered oil after reaching a total depth of approximately 9,270 feet, according to Serica Energy.

Serica added that preparations are underway to perform cased-hole testing at SM-1.

Serica CEO Tony Craven Walker commented in a company statement:

"We are at a very early stage and the presence of hydrocarbons in this frontier block will require further evaluation. At this stage it is premature to make any definitive technical interpretation. The planned well test is being designed to achieve this objective as far as possible and an update will be released once these operations are concluded."

Serica holds a five-percent in interest in the Sidi Moussa block, while Genel has a 60-percent stake.

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