Energy () shares gained over 16% on the Australian stock exchange as its US$15mln deal with a subsidiary of Freeport-McMoRan Oil & Gas (formerly Plains Exploration & Production) moved closer to completion.
The farm-out has now received principle approval from Fouad Douiri, Minister for Energy of the Government of the Kingdom of Morocco, it revealed.
The company said this is a key step in the approval process and all the other requirements are now administrative in nature.
The final documents, including an amendment to the petroleum agreement with the government, are due to be signed in August.
In January struck the deal with Plains, which will earn a 52% working interest in the 2.7mln acre Mazagan permit area offshore Morocco.
The new partner is committed to drilling at least two wells and may fund various other exploration operations, up to US$215mln. It will also spend money on possible side-tracks of either of the two wells and any 3D seismic survey, of up to 2,500 square kilometres.
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