Aquitaine Basin, France

Marex has been involved in the petroleum exploration of the Aquitaine Basin since 1984 where it has participated in various ventures with different partners. Marex was granted the Lavignolle Permit in late 2002 and the Mios Permit in late 2009. The permits (concessions) are located along the northern rim of the Parentis sub-basin characterized by the presence of fluvio-deltaic turbidites with proven reserves of 100 million oil barrels.

Two wells were drilled in 2011 which resulted in one dry hole and a marginal producer with 300,000 barrels of 30 API paraffinic oil. The well is presently under observation and may be commercially produced at a later date.

East Africa Offshore

Marex entered the Mozambique Channel in 1999. It obtained legacy scientific and commercial seismic from Host Governments and co-published a regional report with Rusk, Bertagne and associates which, to date, has been purchased as an exploration guide by all the major players in the area.

Marex applied in 2006, in partnership with Roc Oil Company of Sydney, Australia, for the Juan de Nova Permit located in the French territory of the Iles Eparses. The permit covering an area of 53,000 sq km was awarded in December of 2009.

Marex also applied with the same partner for the Belo Profond Permit offshore Madagascar and contiguous to Juan de Nova, covering an area of 17,000 sq km. The permit was awarded in mid 2007.

In 2010 Roc Oil decided to exit Africa and was replaced on both permits by South Atlantic Petroleum (SAPETRO), a producing company based in Lagos, Nigeria, expanding internationally.

To date a seismic survey consisting of 12500, km of 2D seismic has been conducted on the two blocks. Several World Class prospects have been mapped and, presently, a 3D survey representing a total area of 9000 sq km is being conducted in three prospective areas on the two blocks.

Maturity studies are studied along with a coring program having for aim to demonstrate the presence of hydrocarbons in the geological formations which are at the origin of oil seeps detected on the sea surface. The drilling phase is expected to commence late 2014, early 2015.

The geological objectives are various petroleum systems ranging from Tertiary to Karoo, all of which have been proven to contain hydrocarbons.