Farm-out of the Seebach license

MOORE Energy AS (MOORE) is pleased to announce that its wholly owned subsidiary Bluebach Ressources SARL (Bluebach) has signed a farm-out agreement with Vermilion REP SAS (Vermilion), a wholly owned subsidiary of the Canada based international independent E&P company Vermilion Energy Inc (producing more than 60,000 boepd), in relation to Bluebach’s 50% working interest in the “Seebach” conventional hydrocarbon exploration license in Alsace, onshore France.

Vermilion is currently the largest oil producer in France, producing 12,600 boepd from the Paris basin and the Aquitaine basin and possesses a solid technical track record through its 20 years’ experience in the country.

The transaction comprises firm investments by Vermilion of a 2D seismic campaign in 2017 during the license’s first validity period and a firm investment programme during the second validity period. The seismic campaign aims to improve the imaging of a prospect in the Triassic with the target of drilling an exploration well during the second validity period.

In return Vermilion will be granted certain interests in the license from Bluebach and has an option to acquire additional interests from Bluebach. For future work programmes beyond the firm investment programme, Bluebach will be responsible for its own share.

The Seebach license was awarded on 7 September 2013 for an initial four years period to Bluebach in partnership with Geopetrol SA who holds 50% working interest. The license covers 328 km2 and is located on the French side of the Rhine Graben and north of the “Soufflenheim” license.

The license comprises proven oil bearing Tertiary sands and potentially oil rich Triassic horizons which have produced hydrocarbons in tests from wells within the neighbouring "Pechelbronn" concession. The Triassic horizons are the main exploration plays on the German side of the Rhine Graben following the recent "Speyer" discovery on the German side.

MOORE Energy is a Norwegian oil and gas exploration and production company with focus on conventional resources in France. The company currently holds three exploration licenses and has since 2009 been in process of securing a unique position in France with a portfolio of 13 applications in the pipe line that have all passed the competition phase.

Lars Johan Frigstad, CEO of MOORE Energy, said: “We are delighted to partner with a first class operator like Vermilion who shares our view on the potential of the deeper horizons in the license. MOORE Energy appreciates Vermilion’s reputation when it comes to its excellent technical and operational track record, pro-active environmental focus and prudent local operation”.