ANNUAL REPORT 2016Annual Report 2016 7 Oil prices registered another decline in 2016. Brent price reached $45.13, down 16.3% from 2015. The decline in E&P investment observed in

ANNUAL REPORT 2016

His Majesty King Mohammed VI,May God Assist Him

2

SUMMARY

MESSAGE FROM THE GENERAL DIRECTOR 4

INTERNATIONAL AND NATIONAL ENVIRONMENT 6International environment 6

National environment 10

MAJOR FACTS 12Hydrocarbons 12

Mining 12

Strategy & performance 13

Investment promotion 13

Human resources 13

Information system 14

Corporate social responsibility and environmental "CSR" 14

ONHYM’s contribution to COP22 15

MOROCCO-AFRICA PARTNERSHIP 16An inclusive South-South co-development vision 16

HYDROCARBON EXPLORATION 18Licensing 18

ONHYM’s own activity 19

Partners' activity 22

HYDROCARBON PARTNERSHIP & COOPERATION 25

Annual Report 2016 3

HYDROCARBON DEVELOPMENT & PRODUCTION 29

Reservoir studies 29

Development studies 29

Reservoirs production 29

Hydrocarbons delivery 30

Oil Shale - shale gas 31

Maghreb Europe Gas Pipeline ‘‘GME’’ 31

MINING EXPLORATION 32ONHYM’s own activity 32

Partners’ activity 40

Mining laboratories 42

MINING PARTNERSHIP & COOPERATION 43

HUMAN RESOURCES 45Social activities 46

ONHYM cultural center 46

Summer camps : Holidays for all 47

"SHC" safety and hygiene committee 48

Training 48

4

The worldwide oil price downturn which

we have experienced since June 2014

impacted investments, capital allocation

and employment.

Despite this challenging environment,

ONHYM has maintained and developed

its partnerships as well as attracted new

companies to intensify the exploration of

Moroccan sedimentary basins.

Today, more than twenty oil companies

operate in Morocco in partnership with

ONHYM, including two majors

(ENI and Chevron), one national oil

company (Qatar Petroleum), five

independent oil companies (Kosmos,

Capricorn, Glencor, Woodside and Repsol),

eleven independents and one junior.

In 2016, the efforts invested by ONHYM

and its partners revealed gas shows and

discoveries in the areas of Gharb, Meskala,

Tendrara and Essaouira.

Regarding mining research, ONHYM is

continuing its work on promising areas and

its dynamics of opening up to domestic

and international investors through the

sale of mature projects.

In the framework of the South-South

cooperation policy advocated by His

Majesty King Mohammed VI may God

Assist Him, and which is based on

co-development and solidarity principles’,

2016 was also characterized by a

continued cooperation with several

African countries.

Thus, ONHYM is fully engaged in capacity-

building activities, transfer of know-how

in the fields of oil and mining exploration,

and various management areas.

As a catalyst for the hydrocarbons

and mining exploration in Morocco,

ONHYM has made commitments as part

of its contribution to the sustainable

development of the country. ONHYM

ensures compliance with the regulations

applicable to its activities and develops

performance standards in line with the

best international practices.

Moreover, in the context of the Kingdom’s

involvement as the host of COP22, the

Office has committed itself as other

international oil and gas companies,

to promote sustainable solutions.

Amina BENKHADRA

MESSAGE FROM THE GENERAL DIRECTOR


… the efforts

invested by ONHYM

and its partners

revealed gas shows

and discoveries in

the areas of Gharb,

Meskala, Tendrara and

Essaouira.

Annual Report 2016

6

International environmentA low global growth

According to the IMF(*), world economic growth reached 3.1% in 2016. The global economy has been marked by a lower activity in the United States, particularly in the first half of the year, as well as by the impact of the Brexit. Even though the financial markets reactions to the British referendum result were limited, the increase in economic, political and institutional uncertainties and the expected reduction in trade and financial exchange between the UK and the rest of the EU had negative macroeconomic consequences, especially in the UK. As a result, growth in advanced economies in 2016 has been revised downward to 1.7%.

In emerging and developing countries, growth stabilized in 2016 at 4.1%, after five consecutive years of slowdown.

In 2017, the recovery is expected to accelerate with global economic growth estimated at 3.4%: the outlook is improving for emerging and developing countries and the US economy is regaining momentum. While the longer-term outlook for advanced economies remains moderate, due to weak productivity growth, further growth is expected in emerging and developing countries in the medium term.

INTERNATIONAL AND NATIONAL ENVIRONMENT

3,2%

World

3,1%3,4%

2,6%

1,6%

United-States

2,3%2%

1,7%

Euro Zone

1,6%

4,1% 4,1%

Emerging and Developing countries

4,5%

2015

2016

2017

Economic growth by region (years 2015-2017)

(*) International Monetary Fund: World Economic Outlook - January 2017.


Oil prices registered another decline in 2016. Brent price reached $45.13, down 16.3% from 2015.

The decline in E&P investment observed in 2015 was confirmed in 2016. At the global level, oil and gas upstream investment reached US$394 billion, down 24% from 2015. This decline particularly affected independents, whose budgets fell by 34%, against 26% for majors, and only 14% for national companies (NOCs). At the regional level, the Middle East and the CIS have been relatively spared. In the Middle East, investment was supported by the NOCs, which account for more than 70% of spending on the region and which, in general, maintained their budget at the 2015 level. The Americas suffered the strongest decrease with declines of 37% in North America and 34% in Latin America.

Finally, the decline in investment was close to the world average in Asia-Oceania (-20%), Europe (-22%) and Africa (-25%).

Crude Oil (Brent) prices $US/bl 1999 - 2016

17,9

28,524,4 25,0

28,9

38,2

54,4

65,972,6

98,2

62,0

79,4

111,0 111,5108,6

98,5

53,9

45,13

1999

0

20

40

60

80

100

120

2000

2001

2002

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

2015

2016

Global decline in

exploration & production

investment is confirmed.

8

High volatility and uncertainty affecting oil prices make forecasting the level of investment in 2017 difficult. Nevertheless, if the price of the barrel stays between 50 and 60 dollars, the E&P budgets could increase by 3 to 8%. The increase would mainly concern North America, where investment could jump by nearly 25%, mainly driven by independent US companies. Outside North America, relative stability is expected. The increase in NOCs investments is expected to be offset by continued declines in investment by majors and independents, which remain focused on restoring their margins.

Evolution of global investment in E&P* (in Billion US$)

2013

664 683

518

394405-425

2014 2015 2016 (e) 2017 (p)

0

100

200

300

400

500

600

700

800

Middle East

Europe

CIS

Asia - Pacific

Latin America

Africa

United States & Canada

*Source : French Institute of Petroleum - IFP (April 2017).

In mining exploration, global investment reached US$7.2 billion in 2016, down 22% from 2015. Since 2014, companies are allocating a growing share of their investment to late stage projects, less risky and less capital consuming, to the detriment of early stage projects aiming to find new deposits.

Most of the world exploration budget in 2016 was allocated to gold (47.9%), followed by copper (21.9%).

… companies are allocating

a growing share of their

investment to late stage

projects, less risky and less

capital consuming …

Billion USD

8

Assessment 2017


During 2016, gold and silver prices increased respectively by 7.8% and 9.3%. This trend was due, in particular, to the increased demand for safe-haven assets in the stock markets, and the climate of economic and political uncertainty in Europe that followed the Brexit.

Furthermore, platinum price fell by 6.1% due to the supply surplus on the world market, which followed the Volkswagen scandal. This situation has raised investors’ concerns about the stability of the overall demand for diesel vehicles, and therefore platinum. Similarly, the price of palladium declined by 11.2% due to lower demand for automotive catalysts.

After a decline during the first three quarters of the year, base metal prices strengthened at the end of the year, benefiting from higher economic growth forecasts and indices of industrial production, mainly in the United States (planned stimulus measures), in China (following the strengthening of the real estate sector) and in India. The only exception was copper, which has been impacted by the excess of supply, and which recorded an annual decline of 11.5% in 2016.

2012 2013 2014 2015 2016

Lead ($/t) 2 059 2 140 2 094 1 784 1 872 (+4,9%)

Tin ($/t) 21 071 22 289 21 868 16 070 17 994 (+12%)

Copper ($/t) 7 944 7 321 6 858 5 494 4 863 (-11,5%)

Zinc ($/t) 1 945 1 908 2 164 1 928 2 095 (+8,6%)

Gold ($/Oz) 1 669 1 410 1 266 1 160 1 250 (+7,8%)

Silver ($/Oz) 31,1 23,8 19,1 15,7 17 (+9,3%)

Platinum ($/Oz) 1 552 1 486 1 384 1 052 988 (-6,1%)

Palladium ($/Oz) 643 725 803 690 613 (-11,2%)

Metals prices - 2012-2016

Global exploration budget

Non

ferr

ous

Exp

lora

tion

Bud

get

(US

SB

)

Indexed Metals P

rice (1996=1)

US$ billions 9.2

US$ billions 7.2

Nonferrous Exploration Budget Total Estimated Exploration Total Annual Indexed Metals Price

24

22

20

18

16

14

12

10

8

6

4

2

096 97 98 99 00 01 02 03 04 05 06 07 08 09 10 11 12 13 14 15 16

0.0

0.5

1.0

2.0

3.0

4.0

1.5

2.5

3.5

Global nonferrous exploration budget (in US$B)

Source: SNL - Metals & Mining - 2017

Investment by exploration type (as a percentage of Worldwide Exploration)

Grassroots200741.1

39.6

19.3

200838.2

40.6

21.2

200933.8

40.4

25.8

201032.9

42.9

24.2

201133.6

41.7

24.7

201230.7

43.8

25.5

201333.0

38.1

28.9

201430.1

38.7

31.2

201529.0

36.8

34.2

201627.8

37.0

35.2

Late Stage

Minesite

50

40

30

20

10

0

Advanced exploration

Preliminary exploration

Minesite exploration

Source: SNL - Metals & Mining - 2017

10

National environmentThe Kingdom's Gross Domestic Product growth is estimated to have reached 1.1% in 2016, down from 4.5% a year earlier, due to a severe drought in 2016.

Other than agriculture sector, the economic growth has improved thanks to the dynamics of activities related to tertiary sector and the good performance of secondary sector’s activities.

In 2016, the tertiary sector recorded an increase of 2.3% against 1.4% a year earlier, mainly due to the remarkable growth of telecommunications, trade, tourism and business services.

As for secondary activities, the growth remained sluggish around 4 percent (+ 4,2%) reflecting a healthy performance related to export values of goods, notably by the strong recovery of the sector of phosphates and derivatives (contribute by 93, 5% to total increase in exports) and the launch of foreign businesses of Morocco.

In this context, the mining activities staged a slight recovery of 3.2% in comparison to a decrease of 5.1% in 2015.

Regarding the electricity sector, the electricity production is expected to increase by 2.9% by the end of this year. This performance is due to the private production of energy combined with the acceleration in the implementation of structural projects of renewable energies.

As for the consumption of electrical power, it grew by 1.9% in 2016 against 2.2% a year earlier. This variation is due in particular to the increase of the consumption related to high, very high and medium voltage electrical power by 1.3% and that of low voltage by 3.9%.

In terms of energy bill, it declined by 18% in 2016 to 54.4 billion dirhams in 2016 compared to 66.2 billion dirhams the year before.

The net energy bill amounted to 52.5 billion dirhams against 63.2 billion dirhams, registered in 2015, which represents a decrease of 17%.

As for the oil bill, it reached 40.48 billion dirhams in 2016, down 23% from the previous year.


… the energy bill

declined by 18%

in 2016.

11Annual Report 2016

12

Hydrocarbons A total investment of 1.117 billion DH by partners and 117.515 million DH by ONHYM;

Drilling of 3 exploratory wells; Evaluation of petroleum potential of 3 promising areas by ONHYM

Follow up of 26 projects in partnership, 7 special projects and 1 GIS Project;

Continuation of the study of the continental shelf extension;

Signing of two new Petroleum Agreements, one new Reconnaissance Contract, fourteen amendments to Petroleum Agreements, three addendum to Reconnaissance Contracts, two Protocol to the Agreement on Cooperation, and two amendments to Protocol to the Agreement on Cooperation.

Mining Realization of research over 40 objectives located in the most promising areas of the country. ONHYM's own work concerned 29 objectives, including 11 for precious metals, 8 for base metals and uranium, 2 for rocks and industrial minerals, 7 for mineral exploration and 1 special project (geothermal energy). Partnership work has involved 11 objectives, including 4 for base metals, 4 for precious metals and 3 for industrial rocks and minerals;

Signing of 2 transfer agreements, 1 memorandum of understanding, 5 cooperation agreements and 7 amendments.

MAJOR FACTS

12


Strategy & performanceThe implementation of the organizational evolution has been started to: Update the management manual and the manual of procedures,

Develop human resources, Optimize the procurement and supply process,

Strengthen the control management, Consolidate the process of strategic planning and portfolio management.

Investment promotion In 2016, ONHYM adopted a new development model that clarifies its positioning and strategic orientations. A new organization aligned with this new strategic positioning was set up with the creation of a Pole dedicated to investments promotion.

The creation of this new cluster will reinforce some key functions, such as marketing, promotion, fund raising, asset portfolio and participations management, as well as the monitoring of cooperation agreements, and coordination of actions carried out within the framework of these conventions and agreements.

Human resources2016 was marked by the implementation of the Office’s new organizational structure and the new Staff Status, which entered into force on December 1st 2015. Focusing on the unifying values of Career management, evaluation through performance and expertise recognition. This new Status reinforced ONHYM's positioning as a committed and citizen-based company.

ONHYM continues to pursue a sustained training program to address strategic needs.

14

Information system2016 was marked by the implementation of a new 2017-2021 IS Master Plan. The IS security audit project provided an opportunity to analyze the inventory of IS security and to draw up a list of recommendations. A major project for the preservation, management and accessibility improvement of the national geophysical data heritage has started. Concerning the support functions, the year 2016 was marked by the new compensation system’s implementation at the SIRH level following the adoption of the new Staff Status and the upgrading of ONHYM’s intranet and the projects center.

As part of the governance of the Office's documentary and information assets and in accordance with the IS security audit, ONHYM launched a transverse project for the study and implementation plan for documentary heritage classification and a calendar for ONHYM’s archives preservation. In addition, a project to digitize supporting documents was launched to consolidate the benefits of the documentary heritage treatment program resulting from the first Master Plan.

Corporate social responsibility and environmental "CSR" As part of its continuous improvement, ONHYM strictly respects the regulations applicable to its activities and develops performance standards in line with international best practices in the hydrocarbons and mining industry.

In terms of hydrocarbon production, ONHYM contributes indirectly to the reduction of CO2 emissions. Indeed, sales of gas to its customers in the Meskala and Gharb regions avoid CO2 emissions when the fuel equivalent is used. ONHYM has also converted all Meskala’s generators into a gas-powered group and is doing the same for the Gharb. A carbon footprint appraisal covering all ONHYM facilities is underway.

Additional specific actions (limiting gas flaring, reducing the impact of lighting, dematerializing many operations, etc.) are in progress of evaluation.

On the environmental front, ONHYM ensures the use of best environmental practices, and the restoration of sites in case of damage. Impact studies are systematically carried out before the start of projects with the implementation of a well-defined validation and acceptability results process.

Concerning the mining sector, ONHYM subsidiaries and participation companies continued this year their social and societal actions in partnership with the communities around their production sites.

Impact

studies are

systematically

carried out

before the

start of

projects…


ONHYM’s contribution to COP22During the 22nd Conference of Parties on Climate COP22 in Marrakech from 7th to 18th of November 2016, ONHYM was actively involved in this event through the organization of the “OIL AND GAS SUSTAINABILITY FORUM”, a COP 22-labeled event focused on examining key issues related to the oil and gas companies engagement in sustainable development policy.

The main recommendations from this event include:

Increasing the share of natural gas in the energy mix;

Reduction of methane emissions from oil and gas production;

Increasing energy efficiency; Development of research and innovation for low-carbon technologies;

Accelerating CO2 storage and capture technologies;

Implementation of an incentive price for carbon;

Development and support of renewable energies, especially through increased investment ($ 400 billion in 2030);

Gradual abandonment of the least efficient coal-fired power plants.

The Office also participated in many events organized during the COP22:

Active participation in a study on the consideration of climate change by the mining sector. A conference-debate under the theme "Mines & Climate in Morocco", labeled COP22, published the study’s results;

Contribution to the International Symposium on Climate Change "New Approaches, New Technologies, New Opportunities" preparation, labeled COP22 and organized by CCME;

The first global alliance and coalition forum;

The Expert Forum on Nationally Determined Contributions (NDC);

Seminar for the 3rd national communication to the United Nations Framework Convention on Climate Change (TCN) presentation;

The Conference "360 Degree on Carbon: Towards a sustainable energy transformation in an inclusive conversation on the road to COP22";

The MedCOP Climate - Tangier 2016; African Philanthropy Forum: Taking Bolds Steps in Energy and Climate Change;

The "Energy Transformation through Diplomacy and Entrepreneurship" panel organized by the US Embassy;

The "Energy Day" organized by the Ministry of Energy, Mines, Water and Environment.

16

An inclusive South-Southco-development vision The Moroccan - African partnership is characterized by a secular relationship, a geographical, cultural and spiritual closeness. This cooperation has been strengthened by the recent visits of His Majesty King Mohammed VI, May God Assist him, in several African countries with the signing of numerous agreements marked by a strong commitment of the public and private sectors, within the framework of an inclusive South-South and co-development vision.

… Whether we look at it from the angle of the continent’s

dynamic forces, its resources or its potential, Africa is a

great continent. It therefore has to take its destiny in its

own hands… This is why Africa should learn to trust Africa.

Our continent does not need assistance so much as

mutually profitable partnerships. Africa needs human and

social development projects much more than it needs

humanitarian aid…

Extract from His Majesty King Mohammed VI speech’s at Moroccan-Ivorian economic forum in Abidjan on 24 February 2014

The cooperation with African countries is an important part of ONHYM's strategy that involves sharing experiences, synergies and building partnership projects on a win-win basis.

… In this regard, the Kingdom of Morocco attaches a

particular importance to the human element, whether

through training and qualification or through the

implementation of human and sustainable development

programs, which have a direct impact on the improvement

of the living conditions of the African Citizen...

Excerpt from the message of His Majesty King Mohammed VI to the participants of the 2017 Crans-Montana Forum

MOROCCO-AFRICA PARTNERSHIP


In 2016, ONHYM continued cooperation with several African countries (Mali, Guinea Conakry, Gabon and Mauritania) and signed new cooperation agreements:

Guinea Conakry: ONAP (National Office of Petroleum);

Madagascar: OMNIS (Office of National Mines and Strategic Industries);

Nigeria: NGSA (National Geologic Survey Agency);

South Sudan: DGS (Directorate of Geological Survey of the Republic of South Sudan).

These agreements are devoted to scientific and technical cooperation (exchange of experiences and information), training activities in the different disciplines of hydrocarbon and mining exploration and management (regulation, promotion, project management…), and possible participation of both Parties in mining, oil and gas projects.

In this context, ONHYM has received several high-level delegations for working visits, as well as executives and engineers for short-term trainings. At the end of 2016, the total number of people / days for training courses was 925.

© M

AP

© M

AP

© M

AP

© M

AP

18

In a gloomy economic climate, following the fall in oil prices, ONHYM maintains its efforts to attract new partners and to ensure regular followup of its partners in the fulfillment of their commitments. Work planned in hydrocarbon exploration for the year 2016 aimed to maintain momentum, impelled by ONHYM own activities and by its partners in order to consolidate progress in the knowledge of the potential of the Moroccan sedimentary basins for conventional and unconventional hydrocarbons (shale gas and oil shale).

Licensing At the end of 2016, licensing concerning hydrocarbon exploration, was carried out on a total area of 284 220.59 Sq. km, by 23 companies including ONHYM.

Designation ONHYM In partnership Area (Sq. km)

Onshore exploration permits 29 36 643.65

Offshore exploration permits 64 97 583.07

Onshore reconnaissance licenses

3 126 134.70

Onshore reconnaissance licenses

1 23 790.60

Exploitation concessions 1 38.71

Exploitation concessions 8 29.86

Oil shale 2 MOU

Total 284 220.59

HYDROCARBON EXPLORATION Knowledge consolidation of Moroccan sedimentary basins

ONHYM

continues to

double efforts

to attract new

partners…


ONHYM’s own activity Recognition of regional geology and hydrocarbon potential of Lemsid coastal area in the southern provinces

Acquisition of 456.75 km of 2D seismic lines of a planned total of 950 km; Preparation of a geochemical synthesis of existing data within the area, and realization of petrophysical and well logs interpretation reports for 6 wells;

Loading and interpretation of 18 157 km of 2D seismic data, including 456 km newly acquired and 17 701 km vintage data from the neighboring areas.

The integration of geological, geochemical and geophysical data allowed the identification of new play concepts and leads in the Paleozoic and Jurassic with promising potential.

20

Control of the play concepts in offshore Rabat-Tarfaya segment

Realization of a bibliographic synthesis and interpretation of 14 050 Km of 2D seismic data and 6 200 Sq. km of 3D seismic data and 12 well logs data in the offshore areas of Tarfaya, Ifni Deep, Mir Left, Loukos and Foum Assaka;

Seismic interpretation and correlation of horizons corresponding to the Upper Callovian, Valanginian, Albian and Miocene on 10 assemblages of seismic lines. These will serve as a basis for a regional geochemical modeling of potential source rocks in the area of Rabat-Tarfaya segment;

Evaluation of the source rock potential of the Valanginian - Albian from the geological and geochemical synthesis of data from wells and outcrops. Special emphasis was placed on the Aptian-Albian interval in the Essaouira-Agadir basin following the encouraging results obtained from geochemical analysis of samples from outcrops;

Identification of new leads in the Mesozoic and Cenozoic sequences of the intra-nappe in the Loukos Offshore area, salt related leads with areas ranging from 20 to 45 Sq. km in the areas of Foum Assaka and Mir Left Offshore, as well as stratigraphic and structural leads in the area of Tarfaya.

Synthesis study on Mesorif

A new 2D seismic acquisition of 850 km was programmed in order to set up the geodynamic evolution of the Mesorif domain and develop new exploration concepts related to alpine thrusting.Mapping exercises at the Jurassic sequence allowed identification of 14 leads that will be invested by the seismic program planned in the area.

Study on the Continental Atlantic shelf extension

Work on this project has continued with the processing and interpretation of Multichannel Seismic data, Multibeam echosounder and Sub bottom profiles acquired in 2015, which served as a basis for the preparation of the Moroccan submission of the extension of the Atlantic continental shelf beyond 200 Miles. The Moroccan submission final report was finalized.

Realization of the historical review of hydrocarbon exploration in Morocco and promotion of the free acreage

Completed in 2016, this project aimed to update the history of oil exploration, which dates back to 1996. This document will provide an enlightened view of what has been done in the field of the hydrocarbon exploration in each sedimentary basin in Morocco especially in terms of ideas and concepts of exploration evolution. It will also serve as a source of references for partners wishing to enter an exploration zone in Morocco.

Biostratigraphic, petrophysical and geochemical study of cuttings from wells drilled between 2010 and 2015

Realization of 7 wells stratigraphic, biostratigraphic, geochemical and petrophysical synthesis; Drafting of the report and development of the geothermal gradient map for the wells TAO-1, CB-01, SM-1, JM-1 and FA-1;

Rock Eval pyrolysis analysis of 10 samples from the well FD - 1 (between 2 510 m and 2 750 m); Realization of numerous works of transcription of seismic data, logs and well data vectorization.


ONHYM exploration activity in 2016

G&G studies and promotion of the Offshore segment of Rabat - Tarfaya

Seismic interpretation of 14 050 Km of 2D and 6 200 Km2 of 3D seismic data

Triassic, Jurassic and Cretaceous

Geological & Geophysical studies and mapping of the new leads, launch and awarding of three contracts related to the acquisition of 850 Km of 2D seismic

Paleozoic, Jurrasic, Cretaceous & Tertiary

Lemsid : Geological and Geophysical synthesis, and interpretation of 1 857 Km of 2D seismic lines

Acquisition of 456,75 km of 2D seismic lines

2

3

4

1

The continental shelf extension

Finalization of the processing and interpretation of the data

Organization of three meetings with MZSL and other departments

Preparation of the final report of the Moroccan submission

22

Partners' activityOffshore Zones

Zone Partner(s)Permits/

Reconnaissance Zone

Achievements

Gharb Offshore South

Repsol Exploration permit

Reprocessing of 1 590 km of 2D seismic data; Interpretation of seismic data and evaluation of the petroleum systems including leads and prospects;

Acquisition of 1 218.5 Sq. km of 3D seismic data which is being processed.

Mohammedia Offshore

Chariot Oil & Gas

Exploration permit

Geological & Geophysical evaluation

Rabat Deep Offshore

Woodside / Chariot Oil &

Gas / ENI

Exploration permit

Interpretation of 3D seismic data and evaluation of the hydrocarbon potential of the area;

Identification of secondary targets above the P-1 prospect in the Jurassic;

Identification of 9 Jurassic leads.

Rabat Ultra Deep Offshore

Woodside ReconnaissanceLicense

PSTM processing and interpretation of 2D seismic data;

Interpretation of Gravity-Magnetic data; Identification of salt related and carbonate play concepts.

Cap Cantin Deep Offshore

Chevron / Qatar Petroleum

Exploration permit

Reprocessing of 2D and 3D data, mapping and identification of potential leads;

Finalization of gravimetric modeling and the source to sink study;

Acquisition of 3 726 Sq. km of 3D seismic data which is being processed.

Cap Walidia Deep Offshore


Exploration permit

Finalization of the source rock distribution regional study;

Prospects portfolio update with 50 new leads, following the new results of the 2D seismic data reprocessing;

Acquisition of 596 Sq. km of 3D seismic data, which is being processed.

Cap Rhir Deep Offshore


Exploration permit

Reprocessing and processing of 2D/3D data; Study of the prospectivity of the area based on the newly acquired 3D data interpretation.

Essaouira Offshore

Kosmos Exploration permit

Specific reprocessing of a volume of 615 Sq. Km of 3D data in order to improve subsalt resolution close to the prospect "Spiders" programmed for drilling;

Preparation of a report including the results of a study related to reservoir rocks distribution and source rock modeling;

Detailed study of a Cretaceous lead in the Essaouira Shallow Offshore area following ONHYM’s recommendations.



Reconnaissance Zone

Achievements

Mazagan Offshore

PXP / PVD Exploration permit

Evaluation of the area and mapping of structures above and below the salt, as well as identification of new prospects following the results of the well MZ-1;

Finalization of the analysis on rock and gas samples extracted from the well MZ-1;

Elaboration of a synthesis on source and reservoir rocks characteristics located in the area.

Sidi Moussa Offshore

Genel / San Leon / Serica

Exploration permit

Continuation of prospects evaluation by integrating data from the well SM-1 and farm out campaign to attract partners to share the risk;

Cretaceous mature prospects inventory.

Foum Ognit Offshore

New Age / Glencore

Exploration permit

Finalization of the interpretation of the newly acquired 2D seismic data;

Regional geological analysis and reservoir modeling; Establishment of environmental impact assessments prior to the 1 000 Sq. km of 3D seismic data acquisition.

Boujdour Maritime

Kosmos / Capricorn

Exploration permit

Finalization of the PSDM reprocessing of the seismic data acquired in 2009 and 2014, and a new interpretation is underway based on this reprocessing;

Preparation for a new 3D seismic program acquisition.

Onshore Zones


Reconnaissance Zone

Achievements

Lalla Mimouna Circle Oil Exploration permit

Evaluation of the permit by integrating the results of the wells: NFA-1, ANS-2 and LAM-1.

Sebou Circle Oil Exploration permit

Geological and geophysical studies.

Tendrara Lakbir Sound Energy / OGIF

Exploration permit

Drilling of two wells: TE-6 and TE-7 the results of which were positive (gas discovery);

Preparation for the well TE-8 drilling.

Moulay Bouchta Gulfsands Exploration permit

Continuation of geological and geophysical studies.

Sidi Mokhtar Sound Energy Exploration permit

Continuation of hydrocarbon evaluation of the area.

Haha onshore PEL Exploration permit

Finalization of the report for the well TAMANAR-2 location;

Preliminary topographic work and permitting for the well TAMANAR-2 drilling (Spud date on 31/12/2016).

Hassi Berkane Maxim Reconnaissance license

Hydrocarbon evaluation of the area; Relinquishment of the area.

24

Partners exploration activity in 2016

FesRabat

Oujda

Tanger

Figuig

Agadir

Dakhla

Lâayoune

Lagouira

Marrakech

Ouarzazate

Casablanca

Er-rachidia

A

t

l

a

n

t

i

c

O

c

e

a

n

01

0203

0408

05

06

07

Repsol (Gharb offshore South) Realization of environmental impact assessments and acquisition of 1 218,5 Km2 of 3D seismic data

Kosmos / Capricorn (Boujdour Maritime) Geological and Geophysical studies Preparation for the acquisition of a 3D seismic program

01 06

PEL (Haha onshore) Well spud of Tamanar-2 on 31/12/2016

New Age / Glencore (Foum Ognit offshore) Realization of environmental impact assessments prior to the acquisition of 1 000 Km² of 3D seismic data

0805

Sound Energy / OGIF (Tendrara Lakbir) Drilling and test of the wells TE-6 and TE-7, gas discovery

Preparation for the drilling of the well TE-8

Chevron / Qatar Petroleum (Cap Cantin, Cap Walidia and Cap Rhir) Evaluation and gravimetric modeling underway Acquisition of 4 322 Km² of 3D seismic data

07020304


The year of 2016 was marked by the signing of:

À fin 2016, le domaine minier des hydrocarbures a couvert une superficie totale de 284 220,59 km² répartie en :

Conventional Hydrocarbons Partnership

Twenty-two (22) companies are ONHYM’s partners under petroleum agreements and reconnaissance contracts covering a surface area of 260 391.28 Sq. km, divided as follows: 20 petroleum agreements covering 93 Exploration Permits for a surface area of 134 226.72 Sq. km;

3 reconnaissance contracts relating to 3 onshore Reconnaissance Licenses for a surface area of 126 134.70 Sq. km;

8 Exploitation Concessions for a surface area of 29.86 Sq. km.

ONHYM

ONHYM mining titles cover an acreage of 23 829.31 Sq. km representing 1 Reconnaissance License (23 790.60 Sq. km) and 1 Exploitation Concession (38.71 Sq. km).

Unconventional HydrocarbonsTwo companies are ONHYM’s partners under 2 MOUs relating to oil shale.

HYDROCARBON PARTNERSHIP & COOPERATION

5 Applications for entry into the first extension period.

1 32

Reconnaissance contract; Application for exploitation concession; Application for exceptional extension of exploitation concession.

Addendums to reconnaissance contracts.

Petroleum Agreements; Cooperation Heads Of Agreements; Amendments To Heads Of Agreements.

14 Amendments to petroleum agreements.

By the end of 2016, hydrocarbon licensing covered an acreage of 284 220.59 Sq. km.

26

Petroleum Agreements Area Partner(s) Work program

Boujdour Maritime Kosmos Energy Maroc Mer Profonde / Capricorn Exploration and Development

Company Limited

3D seismic acquisition; G&G works and studies.

Mohammedia Offshore

Chariot Oil & Gas Investments (Morocco) Limited

2D Seismic acquisition; 3D Seismic acquisition.

Reconnaissance Contracts Area Partner Work program

Doukkala Abda Olympus Energy International Inc. Seismic reprocessing. G&G works and studies.

Amendments to petroleum agreements (First part)

Area Partner(s) Purpose

Zag Basin San Leon (Morocco) Limited / Longreach Oil and Gas Ventures Limited

12 months extension of the First Extension Period.

Boujdour Offshore Shallow

Teredo Morocco Limited / Glencore Exploration (Morocco) Limited

2 years extension of the First Extension Period;

Work program modification.


Chevron Morocco Exploration Limited / Qatar Petroleum International Upstream

Transfer of 40% of Chevron’s percentage interest to Qatar Petroleum.







Sidi Mokhtar Petromaroc Corporation Plc / Maghreb Petroleum Exploration S.A

Gathering the First and Second Extension Periods under one validity period


Tendrara Lakbir Sound Energy Morocco Sarl Au / Oil and Gas Investments Fund

4 months extension of the Initial Period.

Gharb Offshore Sud

Repsol Exploracion Gharb S.A 12 months extension of the Initial Period; Work program modification.

Sidi Mokhtar Petromaroc Corporation Plc / Maghreb Petroleum Exploration S.A / Sound Energy

Morocco SARL AU

Transfer of 100% of PetroMaroc and MPE’s percentage interests to Sound Energy.

Rabat Deep Offshore

Chariot Oil and Gas Investments (Morocco) Limited / Woodside Energy (Morocco) Pty

Ltd / Eni Maroc B.V

Transfer of 80% of Chariot’s percentage interest to ENI.


Amendments to petroleum agreements (Second part)

Area Partner(s) Purpose

Sidi Moussa Offshore

Genel Energy Limited / San Leon Offshore Morocco B.V. / Serica Sidi Moussa B.V.

Gathering the First and Second Extension Periods under one validity period;


Essaouira Offshore Kosmos Energy Deepwater Morocco / BP Exploration (Morocco) Limited

Transfer of 100% of BP’s percentage interest to Kosmos.

Essaouira Offshore Kosmos Energy Deepwater Morocco 18 months extension of the First Extension Period;


Moulay Bouchta Gulfsands Petroleum Morocco Limited 12 months extension of the Initial Period; Work program modification.

Application for entry into first extension periodArea Partners Work program



Gathering the 3D seismic data; G&G interpretation.



3D seismic acquisition.


Chevron Morocco Exploration Limited / Qatar Petroleum international upstream

3D seismic acquisition.

Rabat Deep Offshore

Chariot Oil and Gas Investments (Morocco) Limited / Woodside Energy (Morocco)

Pty Ltd.

Drilling of a well; Optional 3D seismic acquisition.

Tendrara Lakbir Sound Energy Morocco SARL AU / Oil and Gas Investment Fund

Drilling of a well.

Addendum to reconnaissance contractsArea Partner Purpose

West Mediterranean Mubadala Petroleum 5 months extension.

Aoufouss Repsol Exploracion Atlas, S.A. 12 months extension.

Issouka Shell Exploration Company B.V. 9 months extension.

28

Exploitation concessionArea Partner Purpose

Sidi Al HaratiSouth-West

Circle Oil Maroc Limited Production of the well SAH-W1.

Exceptional extension of exploitation concessionArea Owner Purpose

Meskala ONHYM (alone) 10 years exceptional extension.

Other agreementsPurpose Partner Country

Cooperation Heads of Agreement

Office National des Pétroles « ONAP » Republic of GuineaAmendment toHeads of Agreement

Cooperation Heads of Agreement

Office des Mines Nationales et des Industries Stratégiques « OMNIS »

Madagascar

Amendment toHeads of Agreement

Société des Pétroles du Sénégal« PETROSEN »

Senegal

28


Reservoir studies

Performance monitoring and reserves reevaluation for producing fields;

Establishing the short and mid-term production forecast for producing wells in Gharb region;

Accomplishment of Meskala reservoir simulation study allowing to define the development plan with several production scenarios;

Monitoring the realization and analysis of well tests data from TE-6 and TE-7 wells, drilled in Tendrara Lakbir permit, with ONHYM’s partner Sound Energy Morocco.

Development studies

Preliminary and topographic studies to supply the PSA plant with natural gas were established. However, engineering studies for the connection of the PSA plant to the Gharb gas pipeline network were initiated;

Technical and economic studies were carried out for the development of the Gharb discoveries;

Technical report accompanying the concession demands for the Gaddarri Sud-Ouest "CGD-12" and Sidi Al Harti "SAH-W1" were studied;

Establishing of Meskala’s possible development scenarios with assessment of their economic viability;

Preparation of the technical report accompanying the request for the exceptional extension of the Meskala concession.

Reservoirs production

During 2016, this activity was characterized by the realization of several projects relating to the state determination of the natural gas transport networks in Essaouira and Gharb regions, especially: Diagnosis of cathodic protection in both regions;

Inspection of the 4” inches pipeline connecting the DRJ station to the CMCP plant at Kenitra;

Realization of an expertise on the 8” inches pipeline located in the Gharb region; Monitoring of the construction of a 4” inches pipe section which was damaged by a landslide near Super Cerame clay deposit.

HYDROCARBON DEVELOPMENT & PRODUCTION


30

Hydrocarbons deliveryProduction concentrated in Essaouira and Gharb regions

During 2016, natural gas delivery increased by 4.3 % due to OCP consumption increase even with CMCP consumption stop during 78 days, from 28 June until 13 September (for the construction of a 4 inches pipe section which was damaged by a landslide near Super Cerame clay deposit).

Years 2015 2016

Natural gas in millions Nm3 41.83 43.80

Condensate in Tons 4 998 4 849.7

The overall turnover generated by hydrocarbons sale (Natural gas and condensate) at the end of December 2016 is 100.7 Millions MAD.

30


Oil Shale - shale gas

Sampling and mechanical preparation of Tarfaya and Timahdit oil shale for our partner General Strade. The samples will be the object of laboratory analysis and asphalt production pilot tests at the University of Rome in Italy.

Follow-up the activities of our partners Zonatec, General Strade and GOS, and providing to them the technical and administrative support by proposing the necessary recommendations to carry out the MOUs tasks work program.

Maghreb Europe Gas Pipeline "GME"As a part of the royalty management received by the Moroccan Government for the transit of natural gas through our country for European customers « Sagane & Transgas » benefit, ONHYM’s teams continued to ensure regular monitoring of consumption of Spanish and Portuguese customers as well as ONEE power plants natural gas royalty consumption. As a result, the natural gas volume transited through the GME in 2016 is 9.01 billion NM3, which represents a slight decrease of 0.9% compared to the volume transited in 2015 valued to 9.09 billion NM3.

Designations 2015 2016 Difference2015/2016

Quantities of natural gas transported for Sagane and Transgas, in billion NM3

9.09 9.01 -0.9%

Royalties, in millions NM3 650.4 644.6 -0.9%

Quantities of gas consumed by ONEE power plants ”Tahaddart & ABM”, in millions NM3

445.2 465.1 4.5%

32

The mining exploration in 2016 concerned 40 projects, 29 by ONHYM’s own activity and 11 in partnership.

ONHYM’s own activity concerned 29 projects including 11 for precious metals, 8 for base metals and uranium, 2 for industrial rocks and minerals, 7 for general research and 1 special project (geothermal). Activity in partnership interested 11 projects including 4 for base metals, 4 for precious metals and 3 for industrial rocks and minerals.

ONHYM’s own activity

Precious metals

Lahjeyra (REE, Nb, Mo, Au)

The chemical analysis results of the drill holes carried out during 2015 (1 031 m) confirm the encouraging results of the previous campaigns in the central mass, whereas the results of the drill holes in the northern part are just indicatives. A re-evaluation of resources was performed, based on the drilling results, and give 372 Mt at 0.62% LREE, 613 ppm HREE, 0.34% Nb2O5 and 461 ppm Th.

Essarih (REE, Mo, Au)

A reconnaissance program including a survey of 4 drill holes totaling 838.8 m was carried out during 2015. The drill holes intersected the structures defined by geophysics. However, the results of chemical analysis show low grades of rare earths elements, which not exceed 565 ppm Ce and 248 ppm Y. A detailed soil geochemistry program continued during 2016 in the area to define other mineralized structures; 189 samples were collected and show contents up to 330 ppm Ce, 2711 ppm Cu and 949 ppm Zn.

Tlayha (U)

The structure of Tlayha was identified by the geological mapping (1/5 000) and lithogeochemical sampling of the radiometric anomalies. The result revealed grades up to 1 062 ppm U. Drill holes TLS01 to TLS64 show encouraging grades ranging from 100 to 767 ppm U with a thickness varying from 0.8 to 4 m.

MINING EXPLORATION The mining exploration continues with determination


The mining

exploration

in 2016

concerned 40

projects,

29 by

ONHYM’s

own activity

and 11 in

partnership.

Lafhouda East (Ta, Nb et U)

A geological mapping (1/5 000) and several geologic cross-sections were carried out in this prospect. The results of chemical analysis revealed grades up to 0.8% Ce, 1.6% Nb and 322 ppm U. The planned program of drilling (600 m) was initiated by the completion of the first drill hole (GLS15) stopped at the depth of 100.3 m.

Saghro South (Ag, Cu)

The research was carried out in the areas of Tizi N'Ousatour and Iknioun. In the Tizi n'Oussatour argentiferous copper sector, geological surveys were carried out at different scales (1/10 000, 1/2 500, 1/500) over a total area of 130 ha. 370 samples for chemical analysis and 7 samples for petrographic study were collected. The results of chemical analysis of the surface samples showed grades up to 363 g/t Ag and 3.25% Cu. Following these results, a drilling campaign was performed with the realization of 4 drill holes totaling 489 m. The first drill hole intersected three mineralized passes successively at the depth of 20, 44 and 64 m of respective apparent thickness and grade of 6.5 m at 259.5 g/t Ag and 2.5% Cu; 3 m at 33.3 g/t Ag and 0.6% Cu; 2.3 m at 161.1 g/t Ag and 0.2% Cu. The result of chemical analysis of the third drill hole shows an average grade of 19 g/t Ag and 0.15% Cu on a thickness of 30 m. The fourth drill hole was implanted to recognize the rooting of the mineralization intersected by the first one. Chemical analyzes of this latest survey are underway.

In the Iknioun area, the Outta Oui, Aït Mersid and Taytlast occurrences, mineralized in Au, Ag and Cu, were subject to a 1/2 500 geological mapping over an area of 120 ha, with the collection of 203 samples for chemical analysis and 11 samples for petrographic and metallographic studies. The results of analysis show grade up to 5.9 g/t Au, 74 g/t Ag and 2.1% Cu.

Tighmi (Au)

The work carried out consisted in a geological follow up of the BLEG geochemical anomalies revealed in the Aït Issafen sector with watersheds of 14.9 and 18.46 ppb Au, and in the sector of Agouzouln with 10.24 ppb Au. The work carried out consisted of a 1/10 000 geological mapping covering an area of approximately 5 Sq. km, with the sampling and chemical analysis of 120 samples which showed occurrences grade levels (59 ppb Au, 0.8% Cu and 1.1% Zn). The activity is currently suspended in this area, following the signing of a memorandum of understanding on 21/07/2016 with the Turkish company Abalioglu, which will continue the research on this project.

Tizgzaouine (Au, Cu, Mn)

The work carried out concerned the two sectors of Tizgzaouine Merzoug and Tizgzaouine North. In the first sector, the work consisted of a geological survey with the carrying out of 70 linear meters of trenches and the collection of 120 samples. The results of the chemical analysis showed isolated anomalous with contents up to 88,5 g/t Ag and 2% Cu. In the Tizgzaouine North area, ten resistivity / chargeability profiles and a magnetic survey were carried out covering an area of 154 ha. The magnetometry revealed a magnetic perturbation zone superimposed on the mineralized structures, which confirms an NW-SE continuity in the two studied areas. The induced polarization revealed a resistant body on the mineralized structures, which probably corresponds to a silica filling, with chargeability anomalies.

34

Tanalt (Au, Cu, Pb)

This project consists of the geological control of gold geochemistry anomalies, BLEG and alluvial, that coincide with hyperspectral targets. The work carried out consisted of a 1/25 000 mapping over an area of 17 km² and the collection of 246 geochemical samples. The analysis results showed isolated concentrations of lead up to 1.2% obtained in the quartzites of the Precambrian II.

Tidili (Au, Cu)

The work carried out consisted of a geological follow up of a hyperspectral anomaly, by geological mapping at 1/5 000 over an area of 1,5 Sq. km and the collection of 50 geochemical samples. Near this target, the area of Aoudid was also mapped at 1/1 000 covering an area of 1 Sq. km, with the collection of 148 samples on ferruginous quartz veins hosted in the volcanic breccia with andesites and rhyolites.

The result of the chemical analysis show encouraging grade up to 19 g/t Au, obtained in a NW / SW vein structure, with an extension of 300 m and thicknesses ranging from 0.5 to 1 m. A second vein structure, parallel to the first, show an anomalous gold grade from 30 to 100 ppb and sporadic Ag (up to 89 g/t Ag).

Activity will continue on this project to assess the potential of Aoudid's gold-bearing vein structures.

Otherwise, a study of the geological context of this mineralization was undertaken within the framework of the agreement with the University of Geneva.

General research (precious metals)

General research in the south zone (RG-SZS)

In the The Chenna areathe work carried out in this area consisted of geological survey and the collection of 1 206 rock samples.

The mineralization is related to centimetric to decimetric silicified sandstones horizons, with quartz and carbonate filaments and veinlets, iron oxides and malachite, showing grades up to 6 g/t Au and 6% Cu.

Besides, samples from the Amaragh, Tichla and Oum Tlayha sectors are being analyzed. A soil geochemistry campaign covering an area of approximately 750 Sq. km was carried out in the greenstone area of Bir Gandouz and Tichla, with the collection of 748 soil samples that are being analyzed.


General research in the Anti-Atlas (RG-SAA)

In 2016, the work in the North zone concerned the Zgounder, North Tamlalt (Eastern High Atlas) and Tizi N'Test (Western High Atlas) sectors.

This activity consisted of geological mapping and the collection of 87 samples that show grades up to 0.4% Pb, 0.1% Zn and 19 ppm Ag. In the area around the Zgounder Mine, an alluvial and stream-sediment geochemistry survey was carried out.

In North Tamlalt, the work carried out consisted of geological mapping coupled with the collection of 438 samples. The results of chemical analysis show grades up to 6.5 g/t Au, 120 g/t Ag, 1% Pb and 7% Cu.

In the Tizi N'Test area, work was carried out on the Aït Lahcen sector, with an 1/25 000 geological mapping covering an area of 9.8 Sq. km and another at 1/5 000, coupled with the collection of 174 samples. Analysis results showed sporadic grades up to 424 ppb Au, 5.6% Cu and 326 g/t Ag.

Base metals

Occidental Anti-Atlas (Cu)

For the Taâdant sector, the results of chemical analysis show grade up to 1.4% Cu, 106 ppb Au and 102 g/t Ag.

The second drill campaign (TD3 to TD9) totaling 925.80 m, was then carried out. These drill holes intersected two mineralized zones: the quartz sandstones of the basic series located below the small limestone and the PIII conglomerates.

The result of core sampling (160 samples) shows grade, at the basic series, up to 0.64% Cu over 15 cm (TD5) and 0.30% Cu over 2.10 m (TD8), whereas, in the PIII conglomerates, the grades are 0.4% Cu over 4.15 m (TD6) and 0.6% Cu over 1.45 m (TD5).

In addition, chemical analysis in the Tizoula sector shows grade up to 3.8% Cu and 92 ppm Ag, whereas in the Agoulmine sector, the copper grade are up to 1.14% Cu with an average of 0.1% Cu. A geophysical survey of 5 profiles totaling 12 km by the resistivity / chargeability method was carried out at Tizoula and confirms the perfect correlation of the AFMAG anomaly with the formations of the basic series, with apparent rooting below the signals of high resistivity that correspond to dolomites and limestones.

Aghracha (U, REE)

In Aghracha project (Aousserd province), exploration work continued on the Awhifrite sector, with the realization of 220.5 m of drilling, 68.22 m3 of trenching and collecting 48 rock samples. The chemical analysis revealed grades exceeding 14% REE and 1 400 ppm U. The analysis of the 604 half core samples show grades from 0.2% to 6.3% REE and from 50 to 624 ppm U on metric to decimetric passes, with an average grade of 1.7% REE and 160 U on an average effective thickness of 4.80 m at AW23 drill hole.

… in the

Anti-Atlas

The results

of chemical

analysis show

grades up to

6.5 g/t Au,

120 g/t Ag …

36

Laâyoune Basin (U)

The geological follow up of airborne radiometric anomalies revealed uranium occurrences in the Agwidir and Lahmada sectors with grades up to 275 ppm and 430 ppm U respectively. A drilling campaign intersected the targeted radioactive facies but uranium grades were sporadic, not exceeding 100 ppm.A soil geochemistry campaign was carried out over an area of 55 Sq. km (863 soil samples). The interpretation of the data revealed geochemical anomalies (Pb, Zn, Cu, Ba, Th, U). A geological follow up of some geochemical and geophysical anomalies was carried out over an area of 28 Sq. km with the collection of 143 samples whose results show relatively low grades.

Awark (REE, U)

Chemical analysis of the surface samples revealed grade above 9% REE and 700 ppm U, with an exceptional gold content of 246 ppb in a ferruginous quartz vein with pyrite and malachite. The drill holes intersected the targeted pegmatites at varying thickness, between 0.5 and 5 m. Its radioactivity oscillates from 300 to 1 200 c/s. Chemical analysis of core drills show grade ranging from 0.1% to 2.2% REE and from 50 to 341ppm U on centimetric to metric passes.

Ras Kemmouna (Cu)

On the project of Ras Kemmouna (Errachidia province), geological work have revealed copper and iron structures of hectometric extension and decimetric thickness. Chemical analysis revealed grades up to 2.2% Cu and 64% Fe. Geophysical study was also carried out to investigate the extension of the occurrence of copper and iron mineralization.

Iraouène Mouzaref (Cu)

Following the inconclusive results of the interpretation of the last drilling survey performed during 2015, the project is closed. A synthesis report of all project data is underway.

Aït Tamelil (Cu)

In the project of Aït Tamellil (Azilal province) a geological mapping at 1/10 000 on 1,6 Sq. km area revealed a copper-bearing structure, which trends EW to ENE-WSW with an extension of about 600 m and a thickness up to 15 m. The chemical analysis of the 120 samples show grades up to 4.11% Cu over 1 m.Geophysical studies (MAG and IP) were also carried out in order to study the extension and the rooting of the copper-bearing occurrence. The interpretation of the resistivity profiles revealed an apparent contrast between the geological formations.

The vein structures, moderately polarizable, occur on some profiles, at the contact between schist and sandstone. From the processing of the magnetic data, the anomalies seem to be located at a depth of up to 100 m depending on the direction of the vein structure.


General research(base metals)

As part of the general research on base metals, exploration activities concerned the research of Pb-Zn-Cu-Ni in the Rif, Prérif and Central High Atlas regions, as well as manganese in the sectors of Tasdremt-Aoufour, Ouarzazate and the countries of horsts. In the region of the Prerif (Ouezzane province), geological investigation has been done in the Pb-Zn occurrences of Sidi Redouane and Nefza, in order explore their extension. The work carried out showed that the zinc grades in the two showings are respectively from 1.3% to 3.6% and from 4.7% to 14.5%. Lead grades in Nefza ranged from 0.25% to 13.5%, with an average of 5.05%. Moreover, in the Rif (Chefchaouen province), the Tirinesse sector shows a zinc stratiform mineralization as calamine, hosted in the breccia dolomites of the Triassic base.In the Tasdremt-Aoufour district (Taroudant province), the activity concerned manganese occurrences and consisted of geological mapping and cross sections with the collection of 53 rock samples, which yielded up to 41% Mn over a thickness of 0.5 m. This work revealed that the mineralized layer thickness varies between 0.1 m and 1.20 m, with a maximum 1.80 m at Tighanimine.

In the Central High Atlas (Beni Mellal province), the Aouddine lead-zinc occurrences were subjected to geological work with the collection of 9 rock samples, that revealed grades varying from 0.11% to 6.11% Pb and 0.1% to 0.9% Zn. At the Naour and Tizi n'Isli sectors, the geological work concerned the Aguerd Meziane and Tamaracht occurrences as well as the Tassent and Aqqa n'Ouanine sectors, with the collection of 113 rock samples overall sectors. The 32 samples taken from the sectors of Aguerd Meziane and Tamaracht revealed copper grade varying from 0.1 to 1.1%. The analysis of the other samples are underway.

The geological works in the Tiouine basin (Ouarzazate province) focused on targeting the extensions of the manganese occurrences of Tikirt, Offremt and Daousdrem. The chemical analysis are ongoing. In addition, exploration work is underway in the area of Merija (Figuig province), through the realization of seven geological sections and the collection of 39 samples. The chemical analysis show low copper grades not exceeding 260 ppm Cu and 0.9% Pb.


38

Rocks and industrial minerals

Rhamna (electrometallurgical silica)

In the area of Rhamna, work for the research for electrometallurgical silica continued in the areas of Jebel Kharrou and Koudya Maguil by geological mapping and sampling of quartzites. These massive quartzites of Ordovician age are light gray to white with ferruginous fractures. 65 samples were taken and the chemical analysis are in progress.

General research (rocks and industrial minerals)

The general research for industrial rocks and minerals were initiated by geological reconnaissance, sampling and follow up of occurrences in the Saiss basin of Meknes for the research of extra-siliceous sands, in the North of the Oulmes granite for the research of kaolinic clays and feldspars, and in the calcareous ridge of the Western Rif for industrial dolomites. 151 samples were collected. The first results from analysis and technological studies show that, for the siliceous sands of Saiss, the useful portion represents 84.25 to 90.31% of the total weight, consisting essentially of quartz. For the granite arena of Oulmes, the clay fraction represents 13.88% of the total weight, composed mainly of kaolinite. 60 samples of industrial dolomites are undergoing chemical analysis.

Strategic research

Geochemical campaign in Dakhla-Oued Ed Dahab region

The soil and alluvial geochemistry campaign in the region of Oued Ed-Dahab - Lagouira (Dakhla - Oued Ed-Dahab region) was closed.

At the end of this campaign, 2 794 soil anomalies and 255 alluvial anomalies were identified and are placed on the maps of the study area. These anomalies will be subject to geological follow up.

Integrated project for mining exploration in the Oriental

Following this project, three targets were identified: The Tiouli West area for Mississippi Valley-type Pb-Zn mineralization, which will be the subject to detailed geological mapping, soil geochemistry, geophysical and drill surveys during 2017.

The Merija sector for stratified copper-bearing mineralization, which will also be subject to detailed geological mapping, geochemical, geophysical and drill surveys during 2017.

The Metroh area where work has not shown any potential for Mississippi Valley Pb-Zn mineralization does not warrant any additional work.


Integrated mining exploration project in the Southern Provinces

The integrated project for mining exploration in the southern provinces aims, on one hand, to evaluate the work carried out in the area since 2002 and reassess the identified prospects and, on the other hand, to highlight new potential targets.

Alluvial geochemistry campaign in the central High Atlas

This campaign will cover an area of 10 000 Sq. km and will start in February 2017.

Synthesis of hyperspectral data

As part of the project "synthesis of hyperspectral data", and following the compilation and interpretation of the geoscience data from the two hyperspectral surveys in Siroua, Kerdous, Bas Draa, Tata and Akka Nord, priority targets with metallogenic criteria were selected. An action plan was developed for each target.

The field control work at the Kerdous inlier consisted of collecting and measuring by field spectroradiometry of 801 samples as well as collecting 24 rock samples for chemical analysis. This work allowed the individualization of prioritized targets with sulfated minerals.

Geothermal Energy

The synthesis made on the Errachidia-Boudnib basin, from the data collected from the oil and hydraulic drilling shows that Errachidia and Aoufous sectors could be favorable as potential geothermal areas. This synthesis shows that the Turonian and Senonian aquifers have temperatures ranging from 38° to 42°C, whereas the Jurassic aquifer, located more deeply, would have a temperature exceeding 90°C. The synthesis carried out on Fez-Saiss basin shows that the geothermal aquifer is located in the lower Jurassic with temperature estimated to be above 92°C. Fieldwork was carried out during the 4th quarter of 2016 and continue to cover the two basins.


40

Partners’ activity

Ighrem Domain (copper) - MANAGEM (Morocco)

The work carried out in 2016 under this agreement focused mainly on the Tizert sector by conducting a survey of core and reverse circulation drillings, focused on the junction zone and the extension of the west lens, in order to recognize and increase the resources and reserves of the Tizert deposit.

The total length of drill holes is 11 905.20 m. These surveys have shown very satisfactory results and have revealed additional copper resources.

Further work will focus on the West and North lateral extensions of the deposit, the junction and the eastern block of Tizert and Aferni-Maamour in order to increase the resources of this potential sector.

Tichla-Aousserd (precious metals and base metals) - ONHYM-METALEX (Canada)

As part of ONHYM-METALEX agreement on mining exploration in the Tichla area, samples collected during the previous year are being analyzed in Metalex laboratories in (Canada).

Zgounder (silver) - MAYA (Canada)

During 2016, Zgounder Millenium Silver Mining (ZMSM), of which ONHYM owns 15%, and who exploit the Zgounder silver deposit, produced 16 192.64 kg of silver.

ZMSM continue to upgrade plant facilities in order to reduce substantially the cyanide consumption. Pilot tests using a flotation process show a total silver recovery of 84%. Maya initiated a project to improve plant efficiency by introducing flotation cells.

Tighmi (Precious metals and base metals) - ABALIOGLU (Turkey)

A memorandum of understanding was signed between ONHYM and the Turkish company Abalioglu on 21/07/2016.

The aim is to carry out, by Abalioglu, a study and work program for assessing the mining potential of the Tighmi sector in order to conclude a research agreement that could lead to the identification of an economic deposit.

… the

Zgounder

silver deposit,

produced

16 192.64 kg

of silver.


Mining exploration, location map of mining projects 2016

NB : The projects of general research (RG-SAA, RG-ZS, RG-SMB, RG-SRM and RG-Geochemistry), Geothermal, Strategic Campaigns and Integrated Projects concern many regions and are not plotted in the map.

Precious MetalsONHYM Projects1- Lahjeyra (Nb, REE, Fe)2- Essarih (REE, Nb, Mo, Au)3- Tlayha (U, Au)4- Lafhouda East (Nb, REE, Fe)5- Kerdous North (Au, Ag, Zn, Pb, Cu)6- Tighmi (Au, Ag, Cu)7- Saghro South (Ag, Cu, Au)8- Tizegzaouine (Au, Ag, Cu)9- Tidili (Au, Cu)

Projects in partnership10- Had Imawn (Au)

(ONHYM-Managem)11- Tichla Awserd (Au, Cu)

(ONHYM-Metalex)12- Maroc Central (Au)

(ONHYM-Newmont)13- Zgounder (Ag)

(ONHYM-Maya Gold & Silver)

Base MetalsONHYM Projects14- Aghracha (REE, U)15- Awark (REE, U)16- Laâyoune Basin (U)17- Iraouène-Mouzeref (Cu)18- Ras Kemmouna (Cu, Fe)19- Occidental Anti-Atlas (Cu)20- Ait Tamellil (Cu, Pb, Zn)

Projects in partnership21- Jebilet (Polym) (ONHYM-CMG)22- Guemassa-Haouz (Polym)

(ONHYM-CMG)23- Tekna (Polym) (ONHYM-CMG)24- Ighrem Domain (Cu)

(ONHYM-Managem)25- Boumadine (Zn, Pb, Au, Ag)

(ONHYM-Maya)26- Ait Amar (Fe)

(ONHYM-CMMF)

Rocks & industrial Minerals

ONHYM Projects27 - Rhamna (Silica)

Projects in partnership28- Tertiairy Basin (Bentonite)

(ONHYM-TOLSA)29- Zrahina (F, Ba, Pb)

(ONHYM-Garrot-Chaillac)30- Nqob (Talc) (ONHYM-MECTP)

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Mining laboratories

Certification

The certification of the mining laboratories, according to ISO 9001 version 2008, was renewed for a period of three years following the audit carried out by Moody Certification Morocco during 2014. Supervision audit n°2 was carried out in March 2016 and concluded that certification for the current year would be maintained. The renewal and transition to 2015 is scheduled for 2017.

Mineralogy

During 2016, 293 samples from ONHYM projects were studied: 223 thin blades, 13 polished blades, 18 polished sections were made and 39 artificial concentrates were prepared. Petrographic and mineralogical studies involved 174 samples, divided into 124 petrographic studies and 50 mineralogical studies of artificial concentrates.

Mineralurgy

Worksite Number of samples

ONHYM Projects 11 004

Subsidiaries and third parties

343

Total 11 347

Mineral chemistry

Worksite Number of samples

Number of determi-

nation

ONHYM Projects

11 061 114 616

Subsid-iaries

and third parties

490 1 442

Total 11 551 116 058

Mineral chemistry

During 2016, 158 drill holes totaling 3763.50 m were completed. All such work was completed for the ONHYM's account.

Worksite Province Number of drillings (U)

Total coring (ml) Tracks (ml)

Aghracha Aousserd 5 220.50 -

Awark Aousserd 13 707.90 -

Tlayha Aousserd 123 934.20 -

Lafhouda Est Aousserd 1 100.30 -

Ras Kemmouna Errachidia 5 385.00 1 420

Occidental Anti-Atlas

Taroudant 7 925.80 1 723

Saghro Sud Tinghir 4 489.80 1 991

Total work 158 3 763.50 5 134


MINING PARTNERSHIP & COOPERATION

The mining partnership and cooperation activity was marked by the signing of:

Assignment contracts

Partner Zone Description

Inversiones Monte Olimpo

Boudkek Signature of a contract for the assignment on 18/08/2016, in favor of the Spanish company INVERSIONES MONTE OLIMPO, of the Boudkek magnesite deposit.

OCP S.A Khémisset Signature of a contract for the assignment on 09/09/2016, in favor of OCP S.A. of the potash and rock salt deposit of Khémisset.

Protocol agreement

Partner Zone Description

Abalioglu Tighmi

Signature on 21/07/2016 of a Protocol agreement with the company ABALIOGLU, concerning the execution of a study and works campaign to evaluate the mining potential of the Tighmi mining area, Souss-Massa.

Cooperation agreements

Partner Description

BRGMSignature on 03/05/2016, of the Framework Cooperation Agreement ONHYM / BRGM (France) related to the scientific and technical cooperation in the field of earth sciences.

UNIGESignature on 30/05/2016, of the Framework Cooperation Agreement ONHYM / UNIGE (Switzerland) related to the cooperation in the fields of earth sciences and mineral exploration.

OMNIS Signature on 21/11/2016, of the ONHYM / OMNIS (Madagascar) Protocol Agreement, on scientific and technical cooperation in the field of mines and hydrocarbons.

NGSA Signature on 03/12/2016 of the ONHYM / NGSA Framework Cooperation Agreement (Nigeria), on scientific and technical cooperation in the field of mines.

ONAP Signature on 23/12/2016, of the ONHYM / ONAP Protocol Agreement (Guinea Conakry), related to the scientific and technical cooperation in the field of hydrocarbons.

7 Amendments1 Protocol Agreement 5 Cooperation

agreements2 Assignment contracts

44

Amendments

Partner Description

SOGUIPAMI

Signature on 25/01/2016, of the 2nd Amendment to the ONHYM / SOGUIPAMI Protocol Agreement (Guinea Conakry) concerning the cooperation actions scheduled for the financial year 2016 and the first five months of the financial year 2017.

OMRGSignature on 31/03/2016, of the Amendment N° 2 to the ONHYM / OMRG Protocol Agreement (Mauritania), concerning the cooperation actions scheduled for the financial years 2016 and 2017.

DNGMSignature on 24/05/2016, of the 2nd Amendment to the ONHYM / DNGM Protocol Agreement (Mali), concerning the cooperation actions scheduled for 2016 and the first six months of the 2017 financial year.

AUREP Signature on 01/06/2016 of the 2nd Amendment to the ONHYM / AUREP Protocol Agreement (Mali), on the cooperation actions scheduled for the financial year 2016 and the first six months of the 2017 financial year.

SEMSignature on 09/06/2016, of the 2nd Amendment to the ONHYM / SEM Protocol Agreement (Gabon), related to the cooperation actions scheduled for 2016 and the first five months of the 2017 financial year.

PETROSENSignature on 02/09/2016, of the Amendment to ONHYM / PETROSEN Protocol Agreement (Senegal) concerning the planned cooperation actions for the years 2016 and 2017.

ONAP Signature on 23/12/2016 of the Amendment to the ONHYM / ONAP (Guinea Conakry) Protocol Agreement concerning the cooperation actions scheduled for the financial years 2016-2017.


By the end of 2016, ONHYM's workforce is 609 officers, including 197 engineers and executives, 195 superior supervisors, 105 primary supervisors and 112 classified agents, of which 20% of women.

The supervisory rate improved by three points to 32% thanks to targeted recruitments as reflected in the integrated approach drawing on the results of the GPEC and the succession plan.

The Office's workforce, after a steady decline from 2001 to 2007, under the combined effect of retirements and voluntary departures operations, experienced a stagnation from 2007 to 2009, then a downward trend from 2009 to 2016 mainly due to massive retirements, voluntary departures and very limited recruitment focused on the core business and the need in specific profiles.

ONHYM recorded 54 departures this year. The recruitments done under the 2016 framework law involved 42 staff members (16 engineers and executives, and 26 supervisors); 37 were recruited in this year and 5 postponed to 2017.

HUMAN RESOURCES

1571 1535 1499 1477 14341359

947 942 955 899827 781

689 647 624 609

2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

Engineers & Executives Superior supervisors Primary supervisors Classified agents

19%

17%

32%

32%

Workforce evolution (2001 - 2016)

46

Social activities ONHYM devotes particular attention to social activities within the Office. The objective is to optimize working conditions and create a work blooming atmosphere for all.

Several annual actions are carried out, such as summering centers in different regions of Morocco, support of pilgrims, granting of loans for housing... On the medical matter, several initiatives have been carried out: the organization of Mammography campaigns, pulmonary screening, influenza vaccination campaigns...

ONHYM cultural centerCreated by the BRPM (Mining Research and Participations Office) in 1984, the socio-cultural center provides social and cultural activities for the children of ONHYM’s staff. The socio-cultural center offers a wide range of activities throughout the year: languages, music, theater, computer science, poetry, civic education...Based on the principle that "a child who reads is a successful child", the center also provides children with a rich library to familiarize them with the world of books.

This year, ONHYM signed a partnership agreement with the Al Amal association for the implementation of an annual program of activities for the benefit of participants in the center and the development of the "child artist" project in partnership with the INDH (National Initiative for Human Development). The agreement also includes the creation of an artistic institute and the training of talents in the fields of painting, music, dance, poetry and theater. The children of the center are also engaged in solidarity actions with regard to vulnerable populations (elderly, sick children…).


Summer camps: Holidays for all Focused on offering a playful holiday for all the children of its staff, ONHYM has long maintained this tradition of organizing summer camps. The ultimate goal is to offer the children a way to live their leisure in a constructive way by encouraging participation and good integration.

ONHYM mobilizes supervisors, animators and administrative agents to animate and manage in the best conditions these colonies and offer these children a rich and pleasant experience.

During these colonies, the ONHYM ensures to: Suggest a safe way for children to spend their holidays in a different setting from their daily routine.

Bringing life skills to community life: listening to others, participating in the different tasks of everyday life…

Integrate hygiene, food rules and sensitization to environment respect and sustainable development.

Developing self-sufficiency. Discover nature and learn how to respect the environment.

48

"SHC" safety and hygiene committeeThe Safety and Hygiene Committee contributes to the protection of health and safety of ONHYM’s staff, and the improvement of its working conditions.

TrainingIndicators Total

Training activities 140

Participations 1 016

Person/ Training Day 2 806

Total of beneficiaries 336

Training data

Training domains Total of actions

Total of participations Total PTD

Congresses, forums, workshops, promotion action...

20 58 205

Exploration, operations, treatment & technical themes

22 92 249

Computers - office and IT 9 25 125

Human Resources Management & HRM

35 197 595

Quality Security & Environment 23 365 334

Management techniques & other themes

19 119 259

Medium and long term trainings (Morocco and Abroad)

11 11 718

English 1 49 221

TOTAL 140 1 016 2 806

HYDROCARBONLICENsING maP

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204206

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7974 80 81

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78

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205

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72

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107

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144145143

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217

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166

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S P A I N

M e d i t e r r a n e a n S e a

31 - 12 - 2016

M

A

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N° NAME AREA Km²

1 LOUKOS OFFSHORE 1 910,60

9 LIXUS OFFSHORE 2 338,40

35 RHARB OCCIDENTAL 1 362,10

36 RHARB ORIENTAL 1 807,74

38 SEBOU 190,40

59 OULJA 1 771,18

86 IFNI DEEP OFFSHORE 10 861,23

111 GHARB OFFSHORE NORD 10 028,94

112 TADLA I 18 845,00

115 ASSA 54 808,10

120 MAZAGAN OFFSHORE 9 561,70

126 EL ARGOUB OFFSHORE 105 863,62

130 TARHAZOUTE OFFSHORE 8 645,04

132 TAOUNATE 8 080,40

162 MIR LEFT OFFSHORE 3 265,70

163 HAOUZ 9 474,40

182 RABAT ULTRA DEEP OFFSHORE 36 736,90

186 RABAT ULTRA DEEP OFFSHORE SUD 10 865,00

187 HASSIBERKANE 5 116,00

188 BOUJDOUR ONSHORE OUEST 14 861,30

192 SAKIA EL HAMRA 13 128,80

C1-C2 SAFI OFFSHORE NORD ET SUD 12 300,80

R BOUJDOUR OFFSHORE I 11 147,10

X SOUSS 6 345,10

Y BOUJDOUR OFFSHORE II 17 496,40

I OUEZZANE 4 119,57

IX OUARZAZATE 4 145,80

XI BOUJDOUR ONSHORE EAST 19 754,20

XII DAKHLA LAGWIRA 37 919,80

XIII MAAMORA EST 755,00

XIV ASILAH 2 200,10

109 MERIDJA 8 873,33

190 TARFAYA OFFSHORE SHALLOW NORD 11 442,66

191 TARFAYA OFFSHORE SHALLOW SUD 10 977,17

195 CAP JUBY DEEP OFFSHORE 1 057,70

220-221 RENDUS TENDRARA 5 207,70

A KENITRA OFFSHORE 1 400,00

B EL JADIDA OFFSHORE 6 349,40

OPEN ACREAGES

BLOCS UNDER NEGOTIATION

N° EXPLORATION ZONES COMPANY AREA Km²

5 - 7 SIDI MOKTAR ONHYM

SOUND ENERGY MOROCCO SOUTH LIMITED2700,7

18 - 19 LALLA MIMOUNAONHYM

CIRCLE OIL MAROC LIMITED2211,3

71 - 81 BASSIN DE ZAG

ONHYM

SANLEON (MOROCCO) LTD

LONGREACH Oil & GAS VENTURES LTD

14625,3

82 - 85 SIDI MOUSSA OFFSHORE

ONHYM

SAN LEON OFFSHORE MOROCCO B.V

SERICA SIDI MOUSSA B.V

GENEL ENERGY LIMITED

5018,0

97 - 101 BOUJDOUR OFFSHORE SHALLOW

ONHYM

TEREDO MOROCCO LIMITED

GLENCORE EXPLORATION & PRODUCTION (MOROCCO) LTD

7244,4

102 - 108 ESSAOUIRA OFFSHORE

ONHYM

KOSMOS ENERGY DEEP WATER MOROCCO 8786,0

137 - 142 RABAT DEEP OFFSHORE

ONHYM

CHARIOT OIL & GAS INVESTMENTS (MOROCCO) LIMITED

WOODSIDE ENERGY (MOROCCO) PTY LTD

ENI MAROC B.V

6738,8

152 - 157 CAP CANTIN DEEP OFFSHORE 7709,6

158 - 160 CAP RHIR DEEP OFFSHORE 3634,3

146 - 151 CAP WALIDIA DEEP OFFSHORE 7647,6

165 - 172 TENDRARA LAKBIR

ONHYM

OIL & GAS INVESTMENTS FUND

SOUND ENERGY MOROCCO SARL AU

9335,7

176 - 179 FOUM OGNIT OFFSHORE

ONHYM

NEW AGE MOROCCO LTD


7997,9

143 - 145 GHARB OFFSHORE SUDONHYM

REPSOL EXPLORACION GHARB S.A4417,7

56 - 58 HAHA ONSHOREONHYM

PETROLEUM EXPLORATION (Private) LIMITED4919,0

180-181 MOULAY BOUCHTAONHYM

GULFSANDS PETROLEUM MOROCCO LIMITED2851,7

200 - 216 BOUJDOUR MARITIME

ONHYM

KOSMOS ENERGY MAROC MER PROFONDE

CAPRICORN EXPLORATION AND DEVELOPMENT COMPANY LIMITED

33733,9

217 - 219 MOHAMMEDIA OFFSHOREONHYM

CHARIOT OIL & GAS INVESTMENTS (MOROCCO) LIMITED4654,9

114 AOUFOUSS ONHYM - REPSOL EXPLORACION ATLAS S.A 34018,2

189 ISSOUKA ONHYM - SHELL EXPLORATION COMPANY BV 87126,6

220 DOUKKALA ABDA ONHYM - OLYMPUS ENERGY INTERNATIONAL INC 4989,9

193 LEMSID ONHYM 23790,6

RECONNAISSANCE CONTRACTS

PETROLEUM AGREEMENTS

ONHYM

CHEVRON MOROCCO EXPLORATION LIMITED

QATAR PETROLEUM INTERNATIONAL UPSTREAM O.P.C

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Agadir

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Casablanca

Er-rachidia

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115

XII

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182

XI

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86

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188

192

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111

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163

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C1

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C2

IX

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XIV

35

195

XIII

220

38

189

114

193

223

6

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57

56

58

99

97

211

98

18

216

215

209

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204206

76 77

71179

178

177

7974 80 81

176

207

201200

203

73 75

202

213

210

212

208

78

85

205

84

83

219

72

102

103

108

104

82

105

107

106

101

180

144145143

100

217

218

181

152

157

153

154

149

7

146

151

166

150

155

168

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169

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158

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148

159

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172

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2000

3000

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31 - 12 - 2016

M

A

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A

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A

N° NAME AREA Km²

1 LOUKOS OFFSHORE 1 910,60

9 LIXUS OFFSHORE 2 338,40

35 RHARB OCCIDENTAL 1 362,10

36 RHARB ORIENTAL 1 807,74

38 SEBOU 190,40

59 OULJA 1 771,18

86 IFNI DEEP OFFSHORE 10 861,23

111 GHARB OFFSHORE NORD 10 028,94

112 TADLA I 18 845,00

115 ASSA 54 808,10

120 MAZAGAN OFFSHORE 9 561,70

126 EL ARGOUB OFFSHORE 105 863,62

130 TARHAZOUTE OFFSHORE 8 645,04

132 TAOUNATE 8 080,40

162 MIR LEFT OFFSHORE 3 265,70

163 HAOUZ 9 474,40

182 RABAT ULTRA DEEP OFFSHORE 36 736,90

186 RABAT ULTRA DEEP OFFSHORE SUD 10 865,00

187 HASSIBERKANE 5 116,00

188 BOUJDOUR ONSHORE OUEST 14 861,30

192 SAKIA EL HAMRA 13 128,80

C1-C2 SAFI OFFSHORE NORD ET SUD 12 300,80

R BOUJDOUR OFFSHORE I 11 147,10

X SOUSS 6 345,10

Y BOUJDOUR OFFSHORE II 17 496,40

I OUEZZANE 4 119,57

IX OUARZAZATE 4 145,80

XI BOUJDOUR ONSHORE EAST 19 754,20

XII DAKHLA LAGWIRA 37 919,80

XIII MAAMORA EST 755,00

XIV ASILAH 2 200,10

109 MERIDJA 8 873,33

190 TARFAYA OFFSHORE SHALLOW NORD 11 442,66

191 TARFAYA OFFSHORE SHALLOW SUD 10 977,17

195 CAP JUBY DEEP OFFSHORE 1 057,70

220-221 RENDUS TENDRARA 5 207,70

A KENITRA OFFSHORE 1 400,00

B EL JADIDA OFFSHORE 6 349,40

OPEN ACREAGES

BLOCS UNDER NEGOTIATION

N° EXPLORATION ZONES COMPANY AREA Km²

5 - 7 SIDI MOKTAR ONHYM

SOUND ENERGY MOROCCO SOUTH LIMITED2700,7

18 - 19 LALLA MIMOUNAONHYM

CIRCLE OIL MAROC LIMITED2211,3

71 - 81 BASSIN DE ZAG

ONHYM

SANLEON (MOROCCO) LTD

LONGREACH Oil & GAS VENTURES LTD

14625,3

82 - 85 SIDI MOUSSA OFFSHORE

ONHYM

SAN LEON OFFSHORE MOROCCO B.V

SERICA SIDI MOUSSA B.V

GENEL ENERGY LIMITED

5018,0

97 - 101 BOUJDOUR OFFSHORE SHALLOW

ONHYM

TEREDO MOROCCO LIMITED


7244,4

102 - 108 ESSAOUIRA OFFSHORE

ONHYM

KOSMOS ENERGY DEEP WATER MOROCCO 8786,0

137 - 142 RABAT DEEP OFFSHORE

ONHYM

CHARIOT OIL & GAS INVESTMENTS (MOROCCO) LIMITED

WOODSIDE ENERGY (MOROCCO) PTY LTD

ENI MAROC B.V

6738,8

152 - 157 CAP CANTIN DEEP OFFSHORE 7709,6

158 - 160 CAP RHIR DEEP OFFSHORE 3634,3

146 - 151 CAP WALIDIA DEEP OFFSHORE 7647,6

165 - 172 TENDRARA LAKBIR

ONHYM

OIL & GAS INVESTMENTS FUND

SOUND ENERGY MOROCCO SARL AU

9335,7

176 - 179 FOUM OGNIT OFFSHORE

ONHYM

NEW AGE MOROCCO LTD


7997,9

143 - 145 GHARB OFFSHORE SUDONHYM

REPSOL EXPLORACION GHARB S.A4417,7

56 - 58 HAHA ONSHOREONHYM

PETROLEUM EXPLORATION (Private) LIMITED4919,0

180-181 MOULAY BOUCHTAONHYM

GULFSANDS PETROLEUM MOROCCO LIMITED2851,7

200 - 216 BOUJDOUR MARITIME

ONHYM

KOSMOS ENERGY MAROC MER PROFONDE

CAPRICORN EXPLORATION AND DEVELOPMENT COMPANY LIMITED

33733,9

217 - 219 MOHAMMEDIA OFFSHOREONHYM

CHARIOT OIL & GAS INVESTMENTS (MOROCCO) LIMITED4654,9

114 AOUFOUSS ONHYM - REPSOL EXPLORACION ATLAS S.A 34018,2

189 ISSOUKA ONHYM - SHELL EXPLORATION COMPANY BV 87126,6

220 DOUKKALA ABDA ONHYM - OLYMPUS ENERGY INTERNATIONAL INC 4989,9

193 LEMSID ONHYM 23790,6

RECONNAISSANCE CONTRACTS

PETROLEUM AGREEMENTS

ONHYM

CHEVRON MOROCCO EXPLORATION LIMITED

QATAR PETROLEUM INTERNATIONAL UPSTREAM O.P.C

5, avenue moulay Hassan B.P. 99,10 000 Rabat - maroc

Tel. : +212 (0) 537 23 98 98Fax : +212 (0) 537 70 94 11

[email protected]

Documents

ANNUAL REPORT 2016Annual Report 2016 7 Oil prices registered another decline in 2016. Brent price reached $45.13, down 16.3% from 2015. The decline in E&P investment observed in