http://www.proactiveinvestors.co.uk Proactiveinvestors RSS feed en Thu, 29 Jun 2017 15:22:05 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Maxim Resources raises $386,400 in placing ]]> http://www.proactiveinvestors.co.uk/companies/news/125670/maxim-resources-raises-386400-in-placing-125670.html Maxim Resources Inc (CVE:MXM) closed the previously announced private placing and raised $386,400.

The funds will be used to explore the company's Hassi Berkane block in Morocco and for corporate and working capital.

Maxim issued a total of around 15.45mln shares at 2.5 cents a  unit.

Each unit consist of one share and one share purchase warrant, exercisable into one share at a price of C$0.05 per share for five years from the offer closing.

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Fri, 06 May 2016 17:03:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/125670/maxim-resources-raises-386400-in-placing-125670.html
<![CDATA[News - Maxim bolsters board with experienced director ]]> http://www.proactiveinvestors.co.uk/companies/news/122378/maxim-bolsters-board-with-experienced-director-122378.html Oil and gas junior Maxim Resources (CVE:MXM) said David Robinson will join the board of directors immediately.

Chief executive Andrew Male said: "His experience will be a valuable addition to our board and management.

"David will assist in seeking new production-based opportunities and financing structures that will put Maxim on a strong footing going forward."

Robinson has almost three decade's experience in the energy sector and a strong background in finance.

He has managed companies operating all over the world and ranging from everything from exploration to production.

In  December last year, the firm told investors it intends to continue with its planned dual listing onto London’s AIM market.

In documents accompanying its interim results, Maxim said it is in the process of discussions with investors which were part of a syndicate that previously made indicative investment orders.

The pre-revenue oil and gas junior, which currently has assets in Morocco, reported a C$227,726 loss for the three month period to September 30 and ended the quarter with C$89,571 of cash and equivalents.

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Wed, 10 Feb 2016 06:36:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/122378/maxim-bolsters-board-with-experienced-director-122378.html
<![CDATA[News - Maxim Resources retains plans for London dual-listing ]]> http://www.proactiveinvestors.co.uk/companies/news/119898/maxim-resources-retains-plans-for-london-dual-listing-119898.html Maxim Resources (CVE:MXM) has told investors it intends to continue with its planned dual listing onto London’s AIM market.

In documents accompanying its interim results, Maxim said it is in the process of discussions with investors which were part of a syndicate that previously made indicative investment orders.

The pre-revenue oil and gas junior, which currently has assets in Morocco, reported a C$227,726 loss for the three month period to September 30 and ended the quarter with C$89,571 of cash and equivalents.

Efforts to conclude an acquisition and new partnership for assets in the United Arab Emirates was a key focus during recent months.

A co-operation agreement was signed between Maxim and its new partner Quest Energy LLC at the end of October.

“The agreement forms the foundation for a strategic relationship between QE and Maxim, enabling the joint evaluation and potential acquisition of oil and gas projects that either company is considering,” Maxim highlighted.

It added: “The intention is that cash flow or near term cash flow will be a strong focus for the opportunities considered under the terms of the agreement.”

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Tue, 01 Dec 2015 12:52:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/119898/maxim-resources-retains-plans-for-london-dual-listing-119898.html
<![CDATA[News - Maxim Resources strikes deal with Quest Energy ]]> http://www.proactiveinvestors.co.uk/companies/news/116541/maxim-resources-strikes-deal-with-quest-energy-116541.html Maxim Resources (CVE:MXM) has struck a deal with Dubai-based Quest Energy, which kick starts its hunt for oil and gas assets with cash flow or near term cash flow.

Maxim and Quest already have a well-documented relationship and were involved in a proposed new venture in the  United Arab Emirates, but that deal was subsequently cancelled in August due to lack of financing.

QE is part of the Quest Group which includes Quest Investment LLC and Quest Oil & Gas Ventures Inc.

Today's co-operation agreement will see the firms consider production or near term production opportunities, "which may include strategic opportunities that could be considered unconventional but can lead to an expanded asset or set of opportunities", said Maxim.

"The parties intention is that cash flow or near term cash flow will be a strong focus for the opportunities considered under the terms of the agreement," it added.

Andrew Male, Maxim's chief executive, said: "This agreement provides a unique opportunity for Maxim to be able to access projects that it may normally not be able to.

"The agreement also enables Maxim to have continued access to the technical expertise of Quest and its affiliates.

"In turn, we believe that Maxim's public company platform will provide access to the capital markets for necessary financing for opportunities which arise under the Agreement.

Overall, we believe that the agreement solidifies Maxim's strategic relationship with Quest and we look forward to continuing to working with Quest."

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Thu, 22 Oct 2015 09:23:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/116541/maxim-resources-strikes-deal-with-quest-energy-116541.html
<![CDATA[News - Maxim Resources sticks with AIM plans but UAE deal won’t proceed ]]> http://www.proactiveinvestors.co.uk/companies/news/110123/maxim-resources-sticks-with-aim-plans-but-uae-deal-wont-proceed-110123.html Maxim Resources (CVE:MXM) has revealed that the proposed deal with Quest Investments will not go ahead.

The deal, the company’s entry to an exploration venture in the United Arab Emirates, was subject to financing and had an August 16 deadline.

Maxim said it had secured indicative orders that would’ve been sufficient to meet the acquisition requirements, but, it would not have been possible to close the funding in time.

The company said it still intends to continue with its proposed dual listing onto London’s AIM market, and it is talking to the investors that were prepared to participate in the planned funding.

It also said that an open channel of communication is in place with Quest for future opportunities.

Maxim now seeks production, near-term production and high-impact exploration opportunities, it added.

Andrew Male, Maxim’s chief executive, said: "The transaction was challenging to complete in light of the company's timetable for its listing on AIM concurrently with the closing of the transaction, and, as a result, this contributed to the extended dates for closing the transaction.

“In addition, the last two months have been challenging in the capital markets as a result of the depreciation in the price of oil.

“We are pleased to confirm that Quest's managing director, Ian Baron, will continue to be a director of Maxim, and we look forward to leveraging his oil and gas experience in emerging markets."

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Thu, 20 Aug 2015 08:14:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/110123/maxim-resources-sticks-with-aim-plans-but-uae-deal-wont-proceed-110123.html
<![CDATA[News - Maxim Resources extends deadline for Quest deal ]]> http://www.proactiveinvestors.co.uk/companies/news/109607/maxim-resources-extends-deadline-for-quest-deal-109607.html Maxim Resources (CVE:MXM) has extended the deadline for closing its tie-up with Quest Investments, so that it can complete certain procedural requirements as it seeks a listing on London’s AIM market.

The Toronto listed group has now paid US$100,000 to Quest to move the first closing date to August 17.

"Maxim is very pleased with the progress we have made in securing the finance to fund the acquisition and Admission to the AIM market. We would also like to thank Quest for the extension that has been granted in order to accommodate this," said chief executive Andrew Male.

Maxim and Quest agreed terms for their new venture, in the Emirate state of Umm Al Quwain, back in early June.

And the venture will be supported by a fundraise, associated with its listing onto AIM.

Maxim will invest up to US$7.5mln to acquire a 50% stake in Quest Oil & Gas and it will have at least 17.5% interest in the exploration concession. Maxim will pay Quest Investments by paying cash and issuing new shares.

Quest Oil & Gas will in turn own half of CanEmir Petroleum, alongside Arawak Energy.  And CanEmir owns of 70% of UAQ PL, which is the holder of the concession. The other 30% of UAQ is Hong Kong domiciled vehicle PTTEP.

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Mon, 03 Aug 2015 08:01:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/109607/maxim-resources-extends-deadline-for-quest-deal-109607.html
<![CDATA[News - Maxim Resources extends Morocco exploration deadline ]]> http://www.proactiveinvestors.co.uk/companies/news/108760/maxim-resources-extends-morocco-exploration-deadline-108760.html Tue, 07 Jul 2015 12:42:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/108760/maxim-resources-extends-morocco-exploration-deadline-108760.html <![CDATA[Media files - Maxim Resources CEO on UAE deal and upcoming AIM listing ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/3823/maxim-resources-ceo-on-uae-deal-and-upcoming-aim-listing-3823.html Tue, 02 Jun 2015 16:35:00 +0100 http://www.proactiveinvestors.co.uk/companies/stocktube/3823/maxim-resources-ceo-on-uae-deal-and-upcoming-aim-listing-3823.html <![CDATA[News - Maxim Resources to go ahead with new UAE venture ]]> http://www.proactiveinvestors.co.uk/companies/news/107629/maxim-resources-to-go-ahead-with-new-uae-venture-107629.html Maxim Resources (CVE:MXM) has confirmed it will go ahead with the proposed new venture in the United Arab Emirates.

An agreement with Quest Investments will now see the group acquire a significant indirect stake in an exploration concession covering the majority of Umm Al Quwain, the least populated of the seven sovereign Emirates.

Today’s formal agreement follows the initial terms that were previously announced in recent months.

Maxim can now invest up to US$7.5mln to acquire a 50% stake in Quest Oil & Gas and it will have at least 17.5% interest in the exploration concession. Maxim will pay Quest Investments by paying cash and issuing new shares.

Quest Oil & Gas will in turn own half of CanEmir Petroleum, alongside Arawak Energy.  And CanEmir owns of 70% of UAQ PL, which is the holder of the concession. The other 30% of UAQ is Hong Kong domiciled vehicle PTTEP.

Maxim will now pursue with a share sale alongside a concurrent listing on the London’s AIM market.

Andrew Male, Maxim’s chief executive, said: "Maxim's board of directors and senior management are very excited with this next step in the evolution of our company.

“The signing of the SPA sets the stage for the completion of our financing and secondary listing on the AIM market in London.”

Maxim will be ‘uniquely positioned’ as a result of the deal, Male added.

Ian Baron, a stakeholder in Quest who will join Maxim as a director, in the statement said: "The acquisition of its substantial shareholding in Maxim will be a strategic move for Quest which we intend to leverage in order to expand our oil and gas business in the MENA region.

“In particular, Quest's regional networks provide early access to new opportunities, which we can now take greater advantage of with Maxim's public listing and access to the international capital markets.

“We believe this partnership with Maxim is synergistic whereby our combined strengths and expertise will benefit both parties significantly."

Umm Al Quwain is in the northern part of the UAE region, lies next to the Emirate of Sharjah and neighbours the Sultanate of Oman; both of which have known oil fields that are ‘on trend’ with the exploration area.

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Tue, 02 Jun 2015 14:13:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/107629/maxim-resources-to-go-ahead-with-new-uae-venture-107629.html
<![CDATA[News - Maxim Resources postpones AGM as due diligence continues for UAE deal ]]> http://www.proactiveinvestors.co.uk/companies/news/68684/maxim-resources-postpones-agm-as-due-diligence-continues-for-uae-deal-79995.html Maxim Resources (CVE:MXM) has postponed an AGM until June 8 so that management has more time to conduct due diligence over a proposed acquisition in the United Arab Emirates.

Through the proposed deal the company can acquire an indirect interest of up to 17.5% in an oil and gas exploration and production concession for an onshore area within the Emirate of Umm Al-Quwain.

The acreage spans almost 750 square kilometres, which represents the majority of Umm Al Quwain. 

It is described as being prospective for oil and gas, and is ‘on-trend’ with significant producing in adjacent Emirates as well as neighbouring Sultanate of Oman.

Details of the deal were first announced in March.

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Fri, 01 May 2015 20:00:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/68684/maxim-resources-postpones-agm-as-due-diligence-continues-for-uae-deal-79995.html
<![CDATA[Media files - Toronto-listed Maxim Resources close to completing AIM float, says CEO ]]> http://www.proactiveinvestors.co.uk/companies/stocktube/3153/toronto-listed-maxim-resources-close-to-completing-aim-float-says-ceo-3606.html Tue, 24 Mar 2015 10:42:00 +0000 http://www.proactiveinvestors.co.uk/companies/stocktube/3153/toronto-listed-maxim-resources-close-to-completing-aim-float-says-ceo-3606.html <![CDATA[News - Maxim Resources to acquire 25% stake in UAE exploration project ]]> http://www.proactiveinvestors.co.uk/companies/news/67357/maxim-resources-to-acquire-25-stake-in-uae-exploration-project-78554.html Maxim Resources (CVE:MXM) has struck a deal to add an exploration project in the United Arab Emirates.

Maxim is partnering Dubai based Quest Investments and buying up to 50% of Quest Oil & Gas Ventures, to acquire an indirect 25% stake in the onshore concession within the Emirate state of Umm Al Quwain.

The acreage spans almost 750 square kilometres in an onshore area, which represents the majority of Umm Al Quwain. It is described as being prospective for oil and gas, and is ‘on-trend’ with significant producing in adjacent Emirates as well as neighbouring Sultanate of Oman.

"This transaction represents a unique strategic and commercial opportunity for Maxim to accelerate its growth and deliver shareholder value by partnering with leading investment group in the United Arab Emirates,” said Andrew Male, Maxim’s chief executive.

Maxim will pay Quest Investments by paying cash and issuing new shares.

Quest Oil & Gas Ventures, in turn, owns 50% of the Canemir vehicle which alongside Vitol Group unit Arawak Euroasia has the exploration and production concession.

Ian Baron, a stakeholder in Quest, will be appointed to the Maxim board as part of the transaction which is expected to see Quest gain an interest in more than 20% of the Toronto listed company.

The deal remains conditional, with due diligence expected to be completed by April 6, and it will require the approval of Maxim shareholders.

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Mon, 23 Mar 2015 11:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/67357/maxim-resources-to-acquire-25-stake-in-uae-exploration-project-78554.html
<![CDATA[News - Maxim Resources says new inputs could accelerate Hassi Berkane evaluation ]]> http://www.proactiveinvestors.co.uk/companies/news/65769/maxim-resources-says-new-inputs-could-accelerate-hassi-berkane-evaluation-76784.html Maxim Resources (CVE:MXM) outlined its exploration plans for the Hassi Berkane project in Morocco, where it is currently analysing additional seismic data.

The data was provided by state petroleum company ONYHM, and the company believes the additional input could help accelerate the current evaluation process.

Maxim’s exploration team, headed by recently hired Anthony Lucas, is now carrying out a re-interpretation of the data for Hassi Berkane.

The programme also involves the acquisition of satellite imagery of structural geology, the integration of gravity and geochemical information, and Vintage seismic will be reprocessed using modern techniques.

Lucas’s team will then define leads and prepare volumetric calculations of the area's exploration potential and suggest possible drilling locations accordingly.

"Having recently taken over the role of president and CEO of Maxim I am pleased with the continued progress that we make at a project level as well as expanding the technical and expertise available to Maxim,” said Andrew Male.

“These activities are a continuation of the corporate vision and working relationship that Art Brown and I have had for the past couple of years while working together."

Male, who has been with the company since 2011, took the helm earlier this month replacing Arthur Brown who has given up the roles to concentrate on his duties as chairman.

The management changes were described as key to the company’s next stage of development, which will see the group establish an additional stock market listing, on London’s AIM.

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Fri, 30 Jan 2015 09:17:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/65769/maxim-resources-says-new-inputs-could-accelerate-hassi-berkane-evaluation-76784.html
<![CDATA[News - Maxim Resources appoints new CEO ahead of AIM listing ]]> http://www.proactiveinvestors.co.uk/companies/news/65332/maxim-resources-appoints-new-ceo-ahead-of-aim-listing-76291.html Maxim Resources (CVE:MXM) has promoted Andrew Male as the company’s new chief executive and president.

Male has been a director of Maxim since 2011 and he replaces Arthur Brown who has given up the roles to concentrate on his duties as chairman.

Brown says Male’s appointment is key to the company’s next stage of development, which will see the group establish an additional stock market listing, on London’s AIM.

“Andrew Male and I have been working closely over the past four years and Andrew was instrumental in managing and securing the company’s recent litigation settlement in Trinidad,” Art Brown said.

“His finance, mergers and acquisition knowledge will be a valuable asset going forward.”

The Canadian company has also appointed current chief financial officer Cyrus Driver as a director of the company. He replaces Neil Dinsdale, who has resigned.

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Fri, 16 Jan 2015 07:56:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/65332/maxim-resources-appoints-new-ceo-ahead-of-aim-listing-76291.html
<![CDATA[News - Maxim Resources raises $584,750 after completing placing ]]> http://www.proactiveinvestors.co.uk/companies/news/64920/maxim-resources-raises-584750-after-completing-placing-75818.html Toronto listed Maxim Resources (CVE:MXM) has closed its non-brokered private placing, raising gross proceeds of $584,750, it said.

The oil and gas company issued around 4.7mln units at $0.125 each.

Each unit consisted of one company share and one common share purchase warrant, entitling the bearer to acquire one share for $0.18 until December 29 2016.

The firm recently invested in a reconnaissance contract for the Hassi Berkane block in Morocco in partnership with the National Office of Hydrocarbons and Mines (ONHYM).

Maxim chairman Art Brown said: "The closing of this private placement continues to validate the market's view of our business strategy and the future prospects of our operations in Morocco."

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Tue, 30 Dec 2014 09:26:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64920/maxim-resources-raises-584750-after-completing-placing-75818.html
<![CDATA[News - Maxim Resources expects to close $2.5mln placing this month ]]> http://www.proactiveinvestors.co.uk/companies/news/64269/maxim-resources-expects-to-close-25mln-placing-this-month-75096.html Toronto listed Maxim Resources (CVE:MXM) said it expects to close a $2.5mln private placing by December 15.

The funding, announced last month, will see the company issue 20mln units - comprising one share and one warrant - priced at $0.125 each.

Proceeds from the funding will be used for working capital.

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Fri, 05 Dec 2014 08:28:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64269/maxim-resources-expects-to-close-25mln-placing-this-month-75096.html
<![CDATA[News - Maxim Resources spends over $60,000 on exploration in first nine months ]]> http://www.proactiveinvestors.co.uk/companies/news/64103/maxim-resources-spends-over-60000-on-exploration-in-first-nine-months-74902.html Toronto -listed oil and gas junior Maxim Resources (CVE:MXM), which is focused on the onshore Hassi Berkane reconnaissance licence in Morocco, spent $62,027 on exploration on the nine months to end September, it said.

For the period, the loss before other items was $765,790 compared to $278,758 in 2013.

Last month, the group revealed the significant potential of its onshore Hassi Berkane reconnaissance concession in Morocco with a National Instrument 51-101 report.

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.

It recently told investors it would raise up to C$2.5mln via a private share placing, for working capital.

The offering is for up to 20mln units at 12.5 Canadian cents each for total gross proceeds of up to C$2.5mln.

Each unit consists of one company share and one share purchase warrant, allowing the holder to buy a share at 18 cents for a period of two years from the date of issuance.

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Mon, 01 Dec 2014 14:02:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/64103/maxim-resources-spends-over-60000-on-exploration-in-first-nine-months-74902.html
<![CDATA[News - Maxim Resources to raise up to C$2.5mln in placing ]]> http://www.proactiveinvestors.co.uk/companies/news/63828/maxim-resources-to-raise-up-to-c25mln-in-placing-74585.html Maxim Resources (CVE:MXM), the oil and gas junior, is to raise up to C$2.5mln via a private share placing, for working capital.

The offering is for up to 20mln units at 12.5 Canadian cents each for total gross proceeds of up to C$2.5mln.

Each unit consists of one company share and one share purchase warrant, allowing the holder to buy a share at 18 cents for a period of two years from the date of issuance.

Last month, the group revealed the significant potential of its onshore Hassi Berkane reconnaissance concession in Morocco with a National Instrument 51-101 report.

It was essentially a best guess of what might lie within the three target areas examined.

Compiled by Chapman Petroleum Engineering using existing 2D seismic and reservoir data for similar structures, the study assessed what may exist in the Middle Jurassic, or Dogger sandstones.

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.

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Fri, 21 Nov 2014 07:33:00 +0000 http://www.proactiveinvestors.co.uk/companies/news/63828/maxim-resources-to-raise-up-to-c25mln-in-placing-74585.html
<![CDATA[News - Maxim Resources gives hint to the significant potential of Morocco reconnaissance concession ]]> http://www.proactiveinvestors.co.uk/companies/news/62889/maxim-resources-gives-hint-to-the-significant-potential-of-morocco-reconnaissance-concession-73477.html Maxim Resources (CVE:MXM) has revealed for the first time the significant potential of its onshore Hassi Berkane reconnaissance concession in Morocco.

And while the National Instrument 51-101 report it published on Friday is essentially a best guess of what might lie within the three target areas examined, it will be helpful in guiding prospective investors in its upcoming AIM float.

More than that, it tells the Canada-listed junior that it is worth the time, effort and expenditure pursuing further exploration work.

Compiled by Chapman Petroleum Engineering using existing 2D seismic and reservoir data for similar structures, the study assessed what may exist in the Middle Jurassic, or Dogger sandstones.

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 programme being proposed.”

The premise of Maxim, according to director Andrew Male, is it will be a hydrocarbon investment vehicle.

“We aren’t particularly operators,” he said. “Our objective is to establish a bona fide position in an exploration project and bring in a major or a mid-tier company that can exploit this opportunity.

“We will maintain a carried interest over a longer period of time.”

But there is quite a bit of work to be done in Morocco before it can open the doors to the data room and then bring in a partner.

It has been lucky in acquiring a large reconnaissance concession with a footprint in an area known for oil and gas production and a jurisdiction that is possibly the most fiscally benign in the world.

Those searching for benchmarks need look no further than UK-listed Circle Oil (LON:COP) and Gulfsands (LON:GPX), which have enjoyed success onshore Morocco.

The concession is large, covering 5,116 square kilometres to the north of the country. It is near the coast and has infrastructure such as tarmacked roads and, importantly, export pipelines.

“We like to find an asset in an area that hasn’t been trodden over 100 times,” said Male.

“We prefer to seek projects where Maxim can be one of 20 not one of 500. That’s where Morocco comes into play.”

The plan now for Hassi Berkane is to re-process the existing 2D seismic shot across the reconnaissance concession area.

“We are going to confirm the integrity of the 2D now and with that knowledge we will then begin re-processing over 600 kilometres of 2D,” said Male.

“Beyond that, and prior to drilling an exploration well, we will complete a 3D package to further reinforce what we believe is there.”

However, Maxim has been provided a hint of what it might be sitting on by existing operators there.

“While things are highly prospective and we don’t know what outcome [of exploration efforts] will be, the pay zone from the three target locations appears quite thick,” said Male.

“The technical team that we will be engaging will be able to analyse similar formations in order to determine more accurately what the structures, anti-clines and pay zones are likely to contain.

“Combined with the reprocessed 2D and new technical data we are excited to get going.”

The Maxim director said the group would ideally like to drill the first well itself. The cost of doing this “is not out of the question and is achievable”, he added.

However, Maxim’s team, which also includes veteran natural resources investors Arthur Brown, who is the chairman, and Chris Farnworth, special project coordinator, are realistic enough to know you take the opportunities when they present themselves.

“The best scenario is [we partner] when we have completed an exploration well – which would be in 18-24 months,” said Male.

“If we find the right partner and the right financial relationship then we will bring them in.

“At this stage of the game we’d hope to secure enough capital to drill an exploration well to determine the economics and entice interest.”

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Tue, 21 Oct 2014 11:33:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/62889/maxim-resources-gives-hint-to-the-significant-potential-of-morocco-reconnaissance-concession-73477.html
<![CDATA[News - Maxim Resources eyes 60mln barrels of oil at Hassi Berkane ]]> http://www.proactiveinvestors.co.uk/companies/news/62792/maxim-resources-eyes-60mln-barrels-of-oil-at-hassi-berkane-73364.html 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.”

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Fri, 17 Oct 2014 07:57:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/62792/maxim-resources-eyes-60mln-barrels-of-oil-at-hassi-berkane-73364.html
<![CDATA[News - Maxim Resources gets green light to start work at Hassi Berkane ]]> http://www.proactiveinvestors.co.uk/companies/news/60282/maxim-resources-gets-green-light-to-start-work-at-hassi-berkane-70679.html Maxim Resources (CVE:MXM) has got the green light to begin work at the Hassi Berkane block onshore Morocco.

The oil firm has received reconnaissance concession authorisation, which is required to carry out the research needed to meet the requirements of the contract with the state-owned oil firm ONHYM unveiled last month.

The work will include geophysical surveys and geotechnical review of existing data and will be completed within around four months.

With a successful review of the data Maxim,  with ONHYM, will have the right to obtain an exploration permit for all or part of the concession.

Maxim's chief executive Art Brown told investors: "Maxim is pleased to now be able to move forward with Stage 1 of our reconnaissance works on Hassi Berkane. 

"While trying to complete this works at the earliest, we are continuing to review further projects and opportunities as well."

Formerly known as Beni Znassen, the property covers 5,116 square-kilometres, has extensive 2-D seismic data and, crucially, similar reservoir characteristics and source rocks to the Tselfat area in central Morocco, which has large proven oil and gas reserves.

Maxim has said seismic data reveals several “alluring structural anomalies” with similar profiles to the numerous oil and gas fields on Tselfat.

The block is close to the Maghreb Europe pipeline, which transports gas from the super-giant Maghreb field in neighbouring Algeria.

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Thu, 24 Jul 2014 19:40:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/60282/maxim-resources-gets-green-light-to-start-work-at-hassi-berkane-70679.html
<![CDATA[News - Maxim Resources’ new Morocco asset could prove company-defining ]]> http://www.proactiveinvestors.co.uk/companies/news/59397/maxim-resources-new-morocco-asset-could-prove-company-defining-69752.html Maxim Resources (CVE:MXM) has made what could be a company-defining acquisition onshore in Morocco after signing a reconnaissance contract for the Hassi Berkane Block.

Formerly known as Beni Znassen, the property covers 5,116 square-kilometres, has extensive 2-D seismic data and, crucially, similar reservoir characteristics and source rocks to the Tselfat area in central Morocco, which has large proven oil and gas reserves.

Maxim says seismic data reveals several “alluring structural anomalies” with similar profiles to the numerous oil and gas fields on Tselfat.

One in particular is “extremely large” and appears have the structural closure required for a large accumulation of hydrocarbons. Additionally, there’s an oil seep close to the periphery of the basin.

Companies active in the area are targeting oil and gas from 3,000 metres and above, which isn’t particularly technically challenging.

Meanwhile, the block is close to the Maghreb Europe pipeline, which transports gas from the super-giant Maghreb field in neighbouring Algeria.

Maxim will start stage-one reconnaissance of the Hassi Berkane in the next month. This includes preparing the data to the levels required of Canada’s strict NI51-101 code for oil and gas code.

The team, led by Art Brown, will also re-process 600km of 2-D seismic data and 10,000km of aero magnetic and gravity surveys along with the extensive suite of other information.

Brown said: “Maxim has been seeking new opportunities that will have both exploration and near term production possibilities. 

“This Hassi Berkane Block has a substantial footprint and the early stage research appears promising. Morocco has become a new frontier for oil and gas exploration and production and we are very excited about the opportunity to participate in this country’s development.”

Morocco, both onshore and offshore, is the go-to destination for oil exploration at the moment.

The resources remain largely untapped, while there is a significant domestic demand for output, particularly the gas.

The fiscal regime is one of the best in the world and the state-owned oil company, ONHYM, is one of the most progressive organisations of its kind and pushes to take stakes in the country’s main developments.

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Tue, 24 Jun 2014 08:52:00 +0100 http://www.proactiveinvestors.co.uk/companies/news/59397/maxim-resources-new-morocco-asset-could-prove-company-defining-69752.html