Morocco, Australian, British oil companies sign prospecting agreement

Morocco's national office of hydrocarbons (ONHYM) signed Thursday a prospecting agreement with Australian oil companies "Pancontinental Oil and Gas NL" and "Cooper Energy BVI Limited," and with Britain's "Afrex Limited."

The 12-month agreement concerns prospecting and assessment of the oil potential of a 6,355 km2 surface of Morocco's East Mediterranean shore, ONHYM said in a release. Morocco is bound by similar agreements with several international oil companies.