the terms of the petroleum contract, the Company is the operator of the Tarhazoute Offshore
block. ONHYM holds a 25% carried interest in the block through the exploration period. We are
currently in the first exploration period, which is for two and one-half years from its effective date
(December 9, 2013) ending in June 2016. The exploration phase may be extended for a total
duration of eight years at our election and subject to our fulfilling specific work obligations, which
include acquisition of 3D seismic data during the first period and drilling an exploration well in
each of the subsequent periods. In the event of commercial success, the Company has the right to
develop and produce oil and/or gas for a period of 25 years from the grant of an exploitation
concession from the Government of Morocco, which may be extended for an additional period of
10 years under certain circumstances. The petroleum contract is subject to customary government
approvals.
Drilling activity
The results of oil and natural gas wells drilled and completed for each of the last three years were
as follows:
Exploratory and Appraisal Wells(1)
Productive(2)
Dry(3)
Total
Development Wells(1)
Productive(2)
Dry(3)
Total
Gross
Net
Gross
Net
Gross
Net
Gross
Net
Gross
Net
Gross
Net
—
—
—
—
—
1
—
0.18
—
1
—
0.18
2
—
0.48
—
—
—
—
—
2
—
0.48
—
Year Ended December 31, 2013
Ghana
Jubilee Unit . . . . . . . . . . . . .
Deepwater Tano . . . . . . . . . . .
Cameroon
N’dian River . . . . . . . . . . . . .
—
—
1
1.00
1
1.00
—
—
—
—
—
Total . . . . . . . . . . . . . . . . . . .
—
—
2
1.18
2
1.18
2
0.48
—
—
2
Year Ended December 31, 2012
Ghana
Jubilee Unit . . . . . . . . . . . . .
West Cape Three Points . . . . . .
Deepwater Tano . . . . . . . . . . .
—
—
—
—
—
—
—
1
1
—
0.31
0.18
—
1
1
—
0.31
0.18
5
—
—
1.20
—
—
—
—
—
—
—
—
5
—
—
Total . . . . . . . . . . . . . . . . . . .
—
—
2
0.49
2
0.49
5
1.20
—
—
Year Ended December 31, 2011
Ghana
Jubilee Unit . . . . . . . . . . . . .
West Cape Three Points . . . . . .
Cameroon
Kombe-N’sepe . . . . . . . . . . . .
—
—
—
—
—
4
—
1.24
—
4
—
1.24
1
—
0.24
—
—
—
—
—
1
0.35
1
0.35
—
—
Total . . . . . . . . . . . . . . . . . . .
—
—
5
1.59
5
1.59
1
0.24
Total Total
Gross Net
2
1
0.48
0.18
—
1
1.00
0.48
4
1.66
1.20
—
—
5
1
1
1.20
0.31
0.18
5
1.20
7
1.69
—
—
1
—
0.24
—
1
4
0.24
1.24
—
—
—
—
1
0.35
—
—
1
0.24
6
1.83
(1)
As of December 31, 2013, 10 exploratory and appraisal wells have been excluded from the table until a determination is
made if the wells have found proved reserves. Thirteen development wells awaiting completion have also been excluded.
These wells are shown as ‘‘Wells Suspended or Waiting on Completion’’ in the table below.
(2)
A productive well is an exploratory or development well found to be capable of producing either oil or natural gas in
sufficient quantities to justify completion as an oil or natural gas producing well. Productive wells are included in the table
in the year they were determined to be productive, as opposed to the year the well was drilled.
(3)
A dry well is an exploratory or development well that is not a productive well. Dry wells are included in the table in the
year they were determined not to be a productive well, as opposed to the year the well was drilled.
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