courtesy Tethys Oil

Swedish company Tethys Oil has struck a deal with Morocco’s oil company ONHYM, Dana Petroleum and Eastern Petroleum to secure acreage featuring a gas find.

Seismic has pinpointed the Tafejjart prospect in the 2,000-square-kilometre Bouanane permits No. 1 and No. 2. The eastern Moroccan license is operated by Dana with 50 percent, from which a well be drilled for $12 million.

Tethys and Eastern have 12.5 percent each, and ONHYM can back in with its 25 percent. Partners must shoot 2D seismic or drill a well within the first period of an eight-year work period.

A statement said area exploration offers “tremendous potential”