France
has one of the most attractive petroleum laws in the world. As a consequence
of the departure of the major oil companies from France in the mid eighties
(in view of the economies of scale), the French government has pursued
an active policy to attract the smaller independents. Marex has been involved
in the exploration of the Aquitaine basin of France since 1984 where it
has participated in various ventures with different partners. Marex was
granted the Lavignolle Permit in late 2002. The permit (concession) is
located within the fairway along the rim of the Parentis sub-basin and,
based on extensive exploration data available, is believed to contain
from 40 to 70 million of recoverable oil reserves from shallower depths
(2,300 meters or 7,600 feet) as well as having a very large gas potential
(3 to 4.5 Tcf) at a depth 3,600 meters (12,000 feet).
Through
our affiliate (RUSK, BERTAGNE & ASSOCIATES), Marex has completed in
June of 2003 a three-year study of the petroleum potential of the deep-waters
offshore East Africa in an area extending from southern Tanzania to East
Africa. The core of the study was based on the interpretation of 31,000
Km of seismic, acquired primarily for scientific purposes by various French
institutions and unavailable until now for petroleum 
exploration.
The seismic data were integrated with the available onshore and near-shore
well data. The study addresses the various aspects of the stratigraphic
and structural evolution of the area with specific reference to the various
petroleum systems, and the maturation, migration and preservation of hydrocarbons
in the various traps. It points, in particular, to the existence of numerous
basins with a thick sedimentary section, some with evaporites, and the
presence of world-class mega-anticlinal stuctures located within commercially
exploitable water depths.
AAPG Explorer (June 2003) published a story about East Africa Offshore (click to view).