Vanco Energy Company strikes deal with Lasmo Offshore Morocco
Morocco, Business, 10/14/1999

Vanco Energy Company of Houston has taken an agreement from Lasmo PLC for a 60% interest in the Ras Tafelney permit offshore Morocco, and will begin a second seismic survey this month, Business Wire said.

The Ras Tafelney permit lies directly south and adjacent to Vanco's Safi (350 km south of Rabat) Haute Mer permit, and covers 2.8 million acres.

The permit lies on the Tafelney Plateau in water depths ranging from 100 meters to over 2,000 meters. Lasmo retains a 40% interest on the permit, and will continue as Operator for the duration of the current Exclusive Reconnaissance Permit. When an exploration license is issued, Vanco will become Operator.

Vanco has contracted Fugro-GeoTeam AS to conduct a 2D seismic survey over designated areas of the Safi Haute Mer and the Ras Tafelney permits beginning the week of Oct. 11. The MV Geo Baltic will survey 2,000 km of the Safi Haute Mer permit and 1,500 km of the Ras Tafelney permit.

This is Vanco's second survey offshore Morocco in twelve months. The first 2D survey, conducted November 1998, created a reconnaissance grid for deeper Tertiary play concepts on the Safi Haute Mer permit.

Interest in the Ras Tafelney permit brings Vanco's offshore acreage in Morocco to 7.4 million acres. Vanco Energy Company is a Houston-based independent energy company engaged in the international exploration of oil and gas offshore.

Previous Stories:
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