A regulatory filing by Maxim Resources (CVE:MXM) points to the significant potential of its Hassi Berkane concession in Morocco, justifying further work on the licence.
The National Instrument 51-101 report gave high, low and best case estimates for the North, East and South leads.
Compiled by Chapman Petroleum Engineering and using existing 2D seismic and reservoir data for similar structures, it assessed what may be contained in the Middle Jurassic, or Dogger sand stones.
The best estimate gave a resource of almost 60mln barrels of 36-degree API oil from the three areas, with South Lead providing almost 28mln of those barrels.
The high estimate came in at 119.95mln barrels, while the low estimate was 29.98mln barrels.
Maxim told investors: “All material aspects for the evaluation were included including relevant nearby wells and or analogous reservoirs and geological structures and formations.
“Based on the information provided, sourced and analysed, Chapman believes there is sufficient merit to justify the work program being proposed.”