LONDON, December 17 /PRNewswire/ -- Canamens is pleased to announce the signing of a suite of agreements - including an Association Contract, a Petroleum Agreement and a Reconnaissance Contract, along with associated permits and a licence - to explore for oil in Morocco.
These agreements were signed in Rabat on 15th December 2008 between Canamens and Morocco's Office National Hydrocarbures et des Mines (ONHYM).
The first agreement is a Reconnaissance Contract in respect of the Essaouira Shallow Offshore area, located in shallow water (500 metres). Canamens will reprocess and acquire new 2D seismic and following evaluation prospectivity, decide whether to convert the license to an exploration permit, or elect not to proceed.