Woodside Petroleum Limited (ASX:WPL) is poised to explore a block offshore Morocco. The oil and gas producer has entered into a contract for an exclusive reconnaissance licence with the National Oil Company of the Kingdom of Morocco.
Woodside Petroleum says the block is known as the Rabat Ultra Deep Offshore area and located west of permits Woodside has an interest in, subject to ministerial approval.
The reconnaissance licence is for 12 months, the work program includes a 2D seismic survey and studies and the grant of the licence is subject to ministerial approval.
Woodside has this year acquired acreage off the coast of Gabon, Tanzania and Morocco.
Woodside Petroleum increased its net profit to a record $1.21 billion in the first half of the 2014 financial year.
