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Our Journey

2019

January - Initial results at TE-10. c. 10.5m Net pay identified. Gas bearing sands interpreted in and below structural closure, potential for significant stratigraphically trapped upside volumes.

Q1-Q2 - Testing operations at TE-10 were undertaken.

March - Increase in the Company's estimates of minimum GOIP connected to the TE-7 well.

April - ANL Conversion.

May - TE-10 discovery is non-commercial post testing.

May - Decision made to undertake a marketing process for the Eastern Moroccan portfolio. Operations have been paused while this marketing process is ongoing.

2018

June – Competent Person's Report received: A1 Prospect (TE-9) 

June – Heads of terms signed with a consortium for the front end engineering and design, construction and financing of the required infrastructure for a 20 inch pipeline and associated facilities under a ‘build-own-operate-transfer’ (BOOT) structure.

June – Formal farm out process for the Sidi Mokhtar licence initiated

July  Conversion of Schlumberger interests in the Eastern Morocco portfolio into joint venture licence participating interests

August – 2D seismic acquisition programme in Eastern Morocco is completed

August  New petroleum agreement that unites Tendrara and Matarka into the Greater Tendrara licence

September - Award of production concession for Tendrara gas discovery

October - Receipt of Moroccan ministerial approval of the new Greater Tendrara Petroleum Agreement. Commencement of Drilling at TE-9

November - Results of TE-9 drilling show no presence of gas. 

December - Commencement of drilling at TE-10.

2017

January – Tendrara (TE-7) – Extended well test results

February – Tendrara (TE-8) – Prove extension of TAGI discovery  and explore the Paleozoic

March – Badile Moirago-1 well spud (Italy)

April – Schlumberger investment into Anoual (Geophysical Survey (including seismic)with gross cost fully carried)

May –  Final TE-8 results and revised estimates

June – Start of Sidi Mokhtar Work Programme

June - Badile - Moirago -1, Exploration well in Italy
Sidi Mokhtar - Koba-1 & Kamar-1, Workover and test of Koba-1 and Kamar-1(Sidi Mokhtar wells)
CFO Appointment - to be announced

August - Tendrara - Next operation, Three alternatives under consideration.

September - Start of Tendrara Aerial gradiometry and seismic programme.

NovemberCompletion of Aerial gradiometry at Tendrara, Eastern Morocco.

2016

January – Further Sidi Mokhtar acquisition

February – Secured option to acquire Anoual reconnaissance area

March – Introduction of partner to Sidi Mokhtar

April – Receipt of $1 million Indonesian Contingent Consideration

April – Spud of TE-6 (first well at Tendrara, Morocco)

May – Receipt of final Badile drilling approval

July – Farm out of Badile to Schlumberger

August – Results of TE-6 at Tendrara (28m net pay, 17mmscf/d on test)

September – Inclusion on FTSE AIM UK 50 Index

November – Results of TE-7 at Tendrara (32mmscf/d after clean up)

November – Successful £26.9 million capital raise

December – Inclusion in MSCI Global Small Cap Index

2015

April – Secured further funding from the institutional cornerstone investor

May – Morocco country entry through the onshore gas licences at Tendrara

June – Memorandum of Understanding (“MOU”) with Schlumberger as strategic partner

October – Acquisition of Sidi Mokhtar licences, consolidating our position in Morocco

December – Introduction of Schlumberger to Tendrara

2014

April – Introduction of a new Institutional Cornerstone Investor, Continental Investment Partners

July – First gas on the Casa Tiberi field (Marche Region of Italy)

September – Purchase of the land required for the Badile prospect

2011 - 2013

Strategic decision to focus on Mediterranean onshore gas; acquisition of onshore gas portfolio; disposal of Indonesian assets.

Achieved first gas from the onshore Rapagnano field in central Italy; maturation of Italian portfolio.