Off-shore gas producer Island Oil & Gas has secured two offshore joint venture exploration permits in Morocco.
The agreement was signed by Island’s wholly owned subsidiary Island International Exploration Morocco (IIEM).
IIEM has a half share in the projects with Serica Energy and the Office National de Hydrocarbures et des Mines each taking a 25 per cent stake.
The agreements cover the Sidi Moussa and the Foum Draa in the Agadir Basin about 100 kilometers south west of the Moroccan city with previous operators having identified over 40 undrilled prospects in this region.
At 11.05am the company's shares were up 21 per cent in London at 12.75 pence, giving it a market value of £15 million. The company's shares are down 57 per cent over the last 12 months.