The agreement covers the 'Lalla Mimouna Nord' and 'Lalla Mimouna Sud' exploration permits situated in the Rharb Basin, Morocco.

The permits cover an area of over 2,200 sq kms and are issued for an initial period of eight years with the right of automatic conversion to a minimum, but extendable, 25-year exploitation period in relation to areas where it is agreed that commercially exploitable hydrocarbons have been discovered.

Under the terms of the agreement the percentage interest in the permits is COML 75% and ONHYM 25%.

Story provided by Business Financial Newswire