ANNUAL REPORT 2014

5, Avenue Moulay Hassan B.P. 99, 10 000 Rabat - Morocco Tel. : +212 (0) 5 37 23 98 98 Fax : +212 (0) 5 37 70 94 11 [email protected] www.onhym.com

His Majesty King Mohammed VI, May God Assist Him TABLE OF CONTENT

1 MESSAGE FROM THE GENERAL DIRECTOR 04

2 CONJUNCTURE 06 International conjuncture 06 A stabilized global growth and an energy sector marked by the fall of oil price National conjuncture 09 A national economy growth and a decline in net energy bill

3 HIGHLIGHTS 10 Hydrocarbons 11 Mining 11 Human Ressources 11 Health and Safety Committee (CHS): A firm commitment 11 CSR: ONHYM, a corporate citizen 12 Project Management Office (PMO): For a better performance… 12

PETROLEUM EXPLORATION 13 4 130 permits to explore for hydrocarbons in onshore and offshore Licensing 13 ONHYM’s activity 14 Partners’ activity 18

PETROLEUM PARTICIPATIONS & COOPERATION 24 5 Strengthening participation and oil cooperation Conventional hydrocarbons 25 Unconventional hydrocarbons 25

2 ONHYM • Annual Report 2014 TABLE OF CONTENT

PETROLEUM DRILLING & PRODUCTION 28 6 Natural gas and condensate turnover increased by nearly 3% over last year Hydrocarbons production 28 Maghreb-Europe gas pipeline 28

MINING EXPLORATION 29 7 Efforts continue with ambitious goals ONHYM’s own activity 29 Partners’ activity 34 Mining laboratories 37

MINING PARTNERSHIP & COOPERATION 38 8 Strengthening cooperation with African countries Agreements signed with African countries 38 Other agreements 38

9 MINING DRILLING 39

10 INFORMATION SYSTEM 40 Project Management Office (PMO) 40

HUMAN RESOURCES 41 11 Human capital highlighted Training 42 Social activities 42 Cultural activities 42

ONHYM • Annual Report 2014 3 1 MESSAGE FROM THE GENERAL DIRECTOR

2014 was a year of challenges, with major achievements and the launch of new projects for ONHYM. Thus, in accordance with its strategic vision, ONHYM continued intensification of oil and mineral exploration, which resulted in an increase in the number of drilling and partners’ investments.

In addition, 2014 was also marked by a strengthening cooperation, especially with African countries. In this regard, the African tour of His Majesty King Mohammed VI, May God Assist Him, resulted in the signing of several cooperation agreements with many African countries.

Furthermore, ONHYM held the Moroccan oil and gas Summit, which confirmed Morocco as a destination for conventional and unconventional hydrocarbons exploration in Africa, thanks to its favorable geology, proactive promotion strategy and an attractive regulatory and tax environment.

Finally, this year has seen the strengthening of CSR strategy. ONHYM, aware of its responsibilities as a citizen organization, has strengthened its social and environmental commitment through a number of social and community investment activities in collaboration with its partners.

Today, ONHYM is a leading player in Morocco thanks to its proven expertise and its promoter role of the national oil and mining potential since its creation in 1928.

Our success and progress are the result of joint efforts of all ONHYM’s employees and of our entire organization. I would like to acknowledge here their mobilization.

ONHYM and its partners look to the future with optimism and are convinced of the Moroccan sedimentary basins’ potential.

Amina BENKHADRA

4 ONHYM • Annual Report 2014 ONHYM • Annual Report 2014 5 2 CONJUNCTURE

International conjuncture A stabilized global growth and an energy sector marked by the fall of oil price

Global economic activity has seen a stabilization in 2014 due to the residual effects of the economic crisis and the weak growth, which continue to weigh on the global economy. According to the IMF, global growth reached 3.3% in 2014, as in 2013 and will rise to 3.5% in 2015. Growth accelerated in developed countries but remained slower in the euro area (+ 0.8%) and Japan (+ 0.1%). In the main emerging countries, growth remained at higher levels in Asian countries (+ 6.5%), stabilized in China (7.4%) and accelerated in India (5.8%), but weakened in Brazil (+ 0.1%) and Russia (+ 0.6%). The IMF forecasts a slight rebound in growth in developed countries and a stabilization for emerging countries in 2015. In 2014, hydrocarbons In this context, oil markets were marked by the fall of oil price. The Brent price for example fell by nearly a half since mid-June, reaching $ 57 in late December. This decrease is E&P mainly attributed to the unconventional oil production increase in North America, to the investments sustained OPEC production at high levels and to the US dollar strengthening. Finally, Brent rose price decreased by 9.3%, from an annual average of $ 108.6 in 2013 to $ 98.5 in 2014. moderately, In 2014, hydrocarbons E&P investments rose moderately, by 5%, the lowest increase since by 5%, the 2010. This situation is due to the majors investments reduction, while independent and lowest national companies maintained a strong growth. Investment has nevertheless posted a new record of $ 733 billion, $ 36 billion more than in 2013. The Middle East was the increase fastest growing region with a growth of around 10%, followed by North America (8.5%) since 2010. and the CIS (7.5%), Asia-Pacific (3.3%), Europe and Africa with an increase of 2.8% each, and finally Latin America with the lowest growth (1%).

In 2015, growth should remain moderate with an estimated increase of 4%. Most majors have announced a stabilization or even a decline in their investments. In Australia, investments should reach a peak in 2014-2015, after several years of strong growth due to LNG projects development. In North Sea, the investments are expected to decrease significantly as from 2015. However, NOCs and Independents, which constitute the growth drivers in 2014, should continue to invest and North America is expected to keep up strong activity, especially in the US thanks to the continuing development of gas and oil shale.

6 ONHYM • Annual Report 2014 120 111,5

108,6 111

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80 79,4 72,6 65,9 60 62 54,4

40 38,2 28,5 28,9 25,0 24,4

20 17,9

0 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Crude oil (Brent) prices in $US/bl (1999 - 2014)

USA and Canada Latin America Europa CIS Africa Middle-East Asia-Pacific Estimation 2015

565 628697 733762 800 750 700 +4% 650 +5% 600 550 +11% 500 +11% 450 400 G US$ 350 300 250 200 150 100 50 0 In terms of mineral exploration, global Source: IFP Energies nouvelles - November 2014 2011 2012 2013 2014 (e) 2015 (p) investments in 2014 totaled $ 11.36 billion, down 25% compared to 2013. Global investments in E&P in 2014-2015 Juniors and majors’ exploration budgets fell by 25% and 29% respectively year on year. Investment in large multi-year Estimated worldwide exploration total SNL annual Indexed Metals Price Annual indexed metals price (1996=1) projects have limited the ability of mining 24 4 companies to change their vision rapidly. 20 Therefore, the companies continue to focus 3 on mature projects at the expense of early- 16 stage projects. 12 2

8 Furthermore, base metals were penalized 1 4 by the fall of oil prices and the weak global economic growth in 2014. The copper lost 0 0 Source: SNL - Metals Economics Group October 2014 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 6.3% of its price. Lead and tin lost 2.2% Estimated nonferrous exploration budget (US$B) and 1.9% respectively. The only exception Total global budget for nonferrous metals exploration (1996-2014) was Zinc price which increased by 13.4% and could continue in this trend due to supply deficit exacerbated by the closure of major zinc mines in Canada, Australia and 2012 2013 2014 Zambia. Lead ($/t) 2 059 2 140 2 094 (-2,2%) Tin ($/t) 21 071 22 289 21 868 (-1,9%) Copper ($/t) 7 944 7 321 6 858 (-6,3%) Zinc ($/t) 1 945 1 908 2 164 (+13,4%) Gold ($/Oz) 1 669 1 410 1 266 (-10,2%) In terms of mineral exploration, Silver ($/Oz) 31,1 23,8 19,1 (-19,8%) global investments in 2014 Platinum ($/Oz) 1 552 1 486 1 384 (-6,8%) totaled $ 11.36 billion, down 25% Palladium ($/Oz) 643 725 803 (+10,8%) compared to 2013. Metals prices (2012-2014)

ONHYM • Annual Report 2014 7 The mining sector showed a favorable trend in late 2014 as indicated by the increase in its production index by 3.4% over one year, ...

8 ONHYM • Annual Report 2014 National conjuncture A national economy growth and a decline in net energy bill

The national economy recorded a GDP growth of 2.6% in 2014. This evolution is due to a 3.4% improvement of non-agricultural activities, particularly driven by a good performance of tertiary sector. However, agricultural activities remained sluggish compared to the previous year, with a decrease of 1.8% year-on-year.

The mining sector showed a favorable trend in late 2014 as indicated by the increase in its production index by 3.4% over one year, after a decline of 1.8% the previous year. This evolution reflects the improvement of 4.2% recorded in the first quarter, of 6.4% in the second quarter and of 6.1% during the third, mitigated by a decline of 3.2% in the fourth quarter the same year. This good performance is in line with the strengthening of phosphate production volume of 3.6% at end-December 2014. continues its favorable trend as indicated by the strong acceleration in mining production index during the third quarter of 2014 (+ 23.1%), after having registered 6.4% and 4.2% respectively during the second and first quarters of this year, as a result of the increase in the production index of various extractive industries products by 24.3% and the metal ores index by 0.3%. Furthermore, this activity was marked, in late September 2014, by an average improvement of 11.2%, after a decrease of 1.6% a year earlier.

The energy bill declined for the second consecutive year, recording a decrease of 10.1% and reaching 91.9 billion dirhams. This evolution is explained by the decline in crude oil and “gas oils and fuel oils” imports by respectively 22.9% and 10.1%, reaching 28.1 and 32 billion dirhams at the end of 2014. The net energy bill reached 84.9 billion dirhams against 93.2 billion dirhams recorded in 2013.

As for the petroleum bill, it recorded 79 billion dirhams, down by 15% compared to 2013.

ONHYM • Annual Report 2014 9 3 HIGHLIGHTS

An organizational strengthening of the operational, which continues to advance at a rapid pace

ONHYM conducts its activities in accordance with its strategic vision, which includes: > Increase hydrocarbon and mining exploration and strengthen promotion activities; > Involve private operators in research and development; > Reinforce partnership with sub Saharan African countries; > Develop internal expertise, establish multidisciplinary teams and introduce new advanced exploration techniques; > Integrate CSR in the Office’s activities.

10 ONHYM • Annual Report 2014 Hydrocarbons

During this year, ONHYM’s activity has been marked by: > A total investment of 6.05 billion DH by partners and 85.67 Million DH by ONHYM; > Drilling of 13 new exploratory wells; > Acquisition of 11 244 Km² of 3D seismic and 7 801 Km of 2D seismic; > Signing of 2 new petroleum agreements, 3 new reconnaissance contracts, 1 request for passage to the first additional period, 16 amendments to petroleum agreements, 1 addendum to reconnaissance contract, 2 Memorandum of Understanding (MOU), 1 amendment to MOU, 3 protocol agreements and 2 amendments to protocol agreements; > The organization of “Morocco Oil & Gas 2014 Summit” in Marrakech, May 07-08, 2014.

Mining

> Exploration of 43 projects (27 own projects and 16 projects in partnership), located in the most promising areas in the country and broken down as follows: 16 for precious metals, 18 for base metals and energy substances, 6 for industrial rocks and minerals, 2 for general research and 1 special project (geothermal); > Launching a strategic geochemist campaign in the province of Awsred and an integrated mining project in the oriental region aiming to define the potential of MTV type mineralizations; > Signing of 3 protocol agreements, 5 amendments, 1 act of cession, 1 framework agreement of cooperation; > Signing of cooperation agreements with some African countries including Mali, Guinea Conakry, Gabon, Senegal and Tunisia on scientific and technical cooperation in the fields of hydrocarbons and Mines.

Human Ressources

ONHYM pursues a sustained training program designed according to an engineering training process to meet its strategic needs. These trainings concerns all the vocational categories directly projects related to accompany ONHYM’s Human Resources to face technical, technological and organizational evolutions. A total of 155 training actions (54% abroad) have been made for a total of 3 190 HJF and an overall cost of nearly 12 509 KDH (89% on partners’ budget).

Following the massive retirement and to accompany ONHYM for renewing its resources, while developing and maintaining strategic skills, an approach based on the GPEC was initiated and is ongoing. A review of main competences has allowed having a succession plan with recruitment needs for the five-year period 2014-2018.

Health and Safety Committee (CHS): A firm commitment

In 2014, the health and safety committee achieved the following actions: > Assessment of ONHYM’s current situation in terms of its safety and health at work obligations, through field observations, particularly at Meskala and Gharb sites; > Training of CHS members and SST correspondants; > Risk analysis and environmental assessment.

ONHYM • Annual Report 2014 11 CSR: ONHYM, a corporate citizen

ONHYM has adopted and implemented a strategic vision of CSR through actions in collaboration with its partners: > Social Investment Program with Chevron «the Morocco Capacity Partnership (M-CAP)» whose main subjects are education and training, health and social development; > Community Programs and solidarity actions for the populations surrounding its exploration sites.

Project Management Office (PMO): For a better performance…

The Project Management Office, set up after the adoption of the ONHYM’s approach «Project Management», has been strengthened by the integration of a sustained program of actions in order to maintain a continued membership to the methodology and to facilitate its use by ONHYM’s project managers.

12 ONHYM • Annual Report 2014 4 PETROLEUM EXPLORATION 130 permits to explore for hydrocarbons in onshore and offshore Licensing

As of December 31, 2014, licensing concerning hydrocarbon exploration was carried out on a total area of 353 467,98 Km² and included 40 onshore permits, 90 offshore permits, 2 onshore reconnaissance zones, 3 offshore reconnaissance zones and 11 exploitation concessions (including 2 specific concessions to ONHYM) and 4 MOUS for oil shale.

The following table summarizes the licensing situation at the end of December 2014:

Designation ONHYM In Partnership Area (Km²) Onshore exploration permits 40 54 036,40 Offshore exploration permits 90 140 586,40 Onshore reconnaissance licenses 2 16 033,90 Offshore reconnaissance licenses 3 142 318,46 Exploitation concessions 2 50,71 Exploitation concessions 9 60,11 Oil shale 4 MOU 382,00 Total 353 467,98

ONHYM • Annual Report 2014 13 ONHYM’s activity Play concepts of Boujdour onshore coastal areas project > Geological, geochemical and seismic data collection, to extend the evaluation study to the whole onshore southern provinces of Morocco; > Loading and interpretation of 1 000 km of 2D seismic lines including the data from 8 wells focused on the areas of Tarfaya-Laayoune, and realization of bathymetric contour maps; > Determination of geothermal gradients from well logs, realization of a geothermal gradient map and the geochemical synthesis report; > Realization of depth and isopach maps from well data as well as 4 well correlations between the wells UETAT-A1-41/ UETAT-A2-41/ URGANAT-32-A1/ CORC 15-1; CORC 23-2/ CORC 23-1/ Laayoune 8-3/ Laayoune 8-2; D 9-2/ Hagounia 2-1/ Amseiquir 8-1/ Daoura-1 and El Amra-1/ Puerto Cansado-1.

Play concepts of offshore Rabat-Tarfaya project > Interpretation of 1 960 Km of 2D seismic lines and well calibration using the well LBS-1 in Casablanca offshore segment; > Mapping of several horizons: Sea bed, Jurassic, Paleozoic, Hercynian unconformity and Cambrian; > Bibliographic synthesis and interpretation of 550 Km of 2D seismic lines in the Safi Offshore area. Integration of these data allowed the identification of many play concepts in the Paleozoic and Triassic; > Interpretation of 4 240 Km of 2D seismic lines and compilation of previous reports in order to evaluate the hydrocarbon potential of the Ifni Shallow area; > Loading of 20 000 Km² of 3D seismic data and 50 000 Km of 2D seismic lines incorporating well data to establish the geodynamic and structural evolution of the Moroccan atlantics margin between Tangier and Tarfaya; > Interpretation of 6 000 Km of 2D seismic data and 2 000 Km² of 3D seismic lines, and mapping of the sea bed, the Jurassic top and the base of the Tertiary horizons of the whole area.

Synthesis study of the Mesorif project > Loading and interpretation of 3 487 Km of 2D seismic lines covering the Mesorif and Asilah areas; > Synthesis and integration of geochemical and biostratigraphic data in order to understand the petroleum potential of the area.

Play Concepts of Zelten and Hanchane areas project > Loading of more than 6 870 Km of 2D seismic lines including data from 86 wells from the Essaouira onshore area; > Interpretation of seismic data and realization of regional maps; > Control of many prospects identified from 3D seismic interpretation and realization of cross sections through the Meskala basin; > Analysis of 235 core samples from 11 wells and synthesis of geochemical data from sampled Paleozoic source rocks from the field and wells existing in the area.

Preliminary study on the extension of the Atlantic Continental Shelf project > Finalization of the Preliminary Indicative Information of the Kingdom of Morocco Continental Shelf Outer Limits; > Launch of the preliminary study of the shelf delimitation, preparation of the work program and future data to be acquired in order to get the final report.

14 ONHYM • Annual Report 2014 Collection of stratigraphic and well data available in ONHYM > Collection and data capture of 390 wells from the 530 available wells, as well as data sorting for 390 well in the areas of Essaouira-Haha, Gharb and Prerif, Souss, Tarfaya-Lagwira and Zag-Low Draa; > Organization of the data base in the core shack and preparation of the end of project report; > Realization of a stratigraphic data base for all the available wells existing in the core shack.

ONHYM • Annual Report 2014 15 Oil exploration ONHYM’s activity 2014

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16 ONHYM • Annual Report 2014 Objectives: Cretaceous and Jurasic 1 Boujdour onshore : > Interpretation of 1 000 Km of 2D seismic lines; > Realization of regional depth maps; > Diagraphic interpretation.

Objectives: TAGI and Jurassic reservoirs 2 Zelten-Hanchane : > Interpretation of 6 870 Km of 2D seismic lines and prospect analysis.

Objectives: Hydrocarbon potential valorisation (for both 3 conventional and unconventional) of the Mésorif area > Loading and interpretation of 3 487 Km of 2D seismic lines; > Achievement of 2 field trip studies and data collection.

Objectives: The Continental Shelf Extension 4 > Réalization of the «Preliminary Information Indicative of the Outer Limits of the Continental Shelf of the Kingdom of Morocco»; > Launch of the preliminary study of the shelf delimitation with a specialized service provider.

Objectives: Jurassic, Cretaceous & Tertiary 5 > Rabat - Tarfaya offshore: Interpretation of 12 750 Km of 2D seismic lines and 2 000 Km² of 3D data; > New structures identification.

ONHYM • Annual Report 2014 17 Partners’ activity

Offshore zones

Permits/ Zone Partner(s) Reconnaissance Activities Zone • Reprocessing and reinterpretation of 1 171 Km of 2D seismic data from Petro Canada. • Acquisition and processing of 250 Km² of 3D seismic lines. Preliminary interpretation in progress. Loukos offshore Chariot Oil & Gas Exploration permit • Fluid inclusions analysis, geochemical and biostratigraphic study of cuttings from the well LBS - 1 (in progress). • Identification of different play concepts in the infra and supra nappe formations. • Evaluation study. • Interpretation of the available 2D seismic data. Mohammedia Reconnaissance • Acquisition and processing of 375 Km² of 3D seismic Chariot Oil & Gas offshore License lines. Preliminary interpretation in progress. • Mapping of a prospect identified in the Jurassic carbonates. • Mapping of an identified channel (top and thickness). Rabat Deep Chariot Oil & Gas • Acquisition and processing of 1 075 Km² of 3D seismic Exploration permit offshore Woodside data. Interpretation in progress. • Identification of a Jurassic play. • Evaluation of the area hydrocarbon potential. Gharb offshore Repsol Exploration permit • Reprocessing of 1 500 Km of 2D seismic data (in South progress). • Reprocessing and realisation of a seismic velocity model on the 3D cube, and finalization of velocity analysis and tomography model. • Organization of a field work study from the 17th to 21th February in the coastal Atlantic basins between Casablanca and Sidi Ifni, in order to study the Cap Cantin Moroccan Atlantic Offshore geology. Chevron Exploration permit Deep offshore • Evaluation of geological data (in progress). • Realization of regional isochrone and depth maps from the available seismic data. • Realization of a 1 912 Km 2D seismic campaign, processing in progress. • Identification of 3 play concepts: presalt, subsalt and suprasalt. • Acquisition of 1 541 Km of 2D seismic lines, processing in progress. Cap Walidia • Reprocessing of vintage 2D seismic data. Chevron Exploration permit Deep offshore • Analysis of core samples from the well DSDP-416. • Interpretation of seismic data and identification of different play concepts from Tertiary to Jurassic. • Reprocessing of vintage seismic data and realization of the paleogeographic model. • Collection of seismic and well data. Cap Ghir Deep Chevron Exploration permit • Acquisition of 1 795 Km of 2D seismic data, offshore processing in progress. • Mapping of identified leads in the Jurassic and Cretaceous.

18 ONHYM • Annual Report 2014

Offshore zones

Permits/ Zone Partner(s) Reconnaissance Activities Zone • Processing in PSDM of 2 400 Km² of newly acquired 3D seismic data, processing report in progress. • Detailed mapping and attribute analysis in progress, in order to define the geometry of the potential reservoir and the best prospects. Essaouira Kosmos / BP Exploration permit • Reevaluation of the hydrocarbon potential area in offshore the light of the results of the well FA-1 drilled in the neighboring blocks. • Acquisition of a new 3D seismic program of 1 100 Km² between March and the beginning of July, preliminary processing in progress. • Finalisation of the reprocessing of 50 Km2 of the ‘’shallow hazard’’ seismic program and the environmental impact study, realization of the evaluation report. Mazagan • Achievement of an electromagnetic survey of 812 Km PXP / PVD Exploration permit offshore between March and May 2014. • Reevaluation of the Toubkal prospect which will be replaced by the Ouanoukrim prospect in the Jurassic (new main objective). • Acquisition of 3 300 Km² of 3D seismic lines between Tarhazoute the 18th March and the first week of July. Preliminary Kosmos / BP Exploration permit offshore processing in progress. • Mapping of identified play concepts in the Tertiary. • Finalization of the processing of the 3D acquired data. • Seismic interpretation and regional study of the facies distribution. Mir Left offshore Genel Exploration permit • Shallow hazard study of the area. • Interpretation of the 3D seismic data and identification of new prospects and leads. • Reprocessing of 3D seismic data acquired in this block which were merged with Remilla block data. • Drilling of the well FA-1 in the Triassic salt (final depth Kosmos / of 3 830 m), under a 600 m layer of water, between Foum Assaka Pathfinder / Exploration permit the 15th march and the 10th May. offshore BP / SK • Study of the FA-1 well results and analysis (cores, cuttings and various samples). • Reinterpretation of the 3D seismic cube in PreSDM. • Mapping and new prospects identification. Capricorn / San • Post mortem study of the well FD-1 (drilled at the end Foum Draa Leon / Serica / Exploration permit of 2013). offshore Longreach • Reprocessing of 1 000 Km² of 3D seismic lines in progress. • Paleogeographic studies in order to assess the reservoir facies distribution. Sidi Moussa Genel / San Leon / • Identification of the final location for the well SM-1. Exploration permit offshore Serica / Longreach • Drilling of the well SM-1 (Nour) between the 30th July and the 11th November (final depth of 2 762 m) under a 983 m layer of water. Oil shows have been identified in the Upper Jurassic. The post mortem study of this well is in progress.

ONHYM • Annual Report 2014 19 Offshore zones

Permits/ Zone Partner(s) Reconnaissance Activities Zone • Realization of the environmental impact study related to the well TAO- 1. • Morphological study of the underwater currents near the Tarfaya Galp Energia / Exploration drilling site. offshore DVM permit • Drilling of the well TAO-1, under a 105 m layer of water, between the 30th June and the 31th July 2014 (final depth of 3 518 m). The dry well was plugged and abandonned. • Drilling of the well Juby Maritime-1 (JM-1) (final depth of 3 835 m), under a 102,5 m layer of water, in the Middle Jurassic, between the 8th January and the 13th March 2014. Capricorn / Exploration Juby Maritime • Finalization of the processing and acquisition reports, Genel permit the technical, geological and well reports, including the diagraphic reports for the well JM-1. The well JM-1 met heavy oil in the Upper Jurassic. • Realization of the environmental impact study related to the Boujdour 2D/3D seismic campaigns. Exploration offshore Teredo / Glencore • Finalization of the field trip reports achieved in Laayoune permit shallow and Canarian Islands respectively in 2013 and 2014. • Identification of leads and prospects. • Acquisition of a 3D seismic program of 5 144 Km² lines, Cap Boujdour Kosmos / Exploration processing in progress. offshore Capricorne permit • Launch of the drilling of the well CB-1 the 19th December targeting the prospect “Al-Khayr”. • Collection of seismic and well data available for the preliminary evaluation of the area oil potential. Foum Ognit New Age / Exploration • Finalization of the interpretation of available 2D seismic offshore Glencore permit data. • New acquisition of 2 226 Km of 2D seismic lines. • Realization of a seismic velocity model for time-depth conversions and resuming a 2D/3D velocity model for the whole Anzarane block. • Synthesis of hydrocarbon generation systems. • Continuation of the GIS data base feeding. Anzarane Reconnaissance Total • Interpretation of the 3D seismic data. offshore License • Updating of the basin models in order to produce new TOC maps related to the main source rocks (Turonian, Albian and Barremian) and evaluation of migration times. • Identification of 11 leads & prospects mainly in the Lower Albian- Turonian.

Onshore zones

Permits/ Zone Partner(s) Reconnaissance Activities Zone • Depth conversion of seismic data. • Interpretation of 3D seismic data and prospects ranking. Exploration Lalla Mimouna Circle Oil • Interpretation of regional transects across Lalla Mimouna permit and Sebou blocks. • Hydrocarbon evaluation of the area in progress.

20 ONHYM • Annual Report 2014 Onshore zones

Permits/ Zone Partner(s) Reconnaissance Activities Zone • Finalization of the acquisition of 651.35 Km of 2D seismic lines the 28th February 2014, of which 327.35 were acquired in 2014 (the acquisition started the 09/06/2013) Fez Gulfsands Exploration permit • Analysis of cuttings from 10 wells (ZHA-5, NRT-3, NRT-4, DAR-1, OBD-2, LTO-1, LTO-3, AHF-1, MA-3, FES-1). • Processing of the acquired seismic data in progress. • Identification of 2 leads. • Processing of the 3D seismic data acquired at the end of 2013. • Drilling of 2 wells BFD-2 (1 025 m) and LTU-1 (1 182 m). Rharb Gulfsands Exploration permit The well LTU-1 encountered many gas shows. • Launch of the drilling of the well DRC-1, the 19th December 2014. • Geochemical study. • Drilling of 3 wells: SAH-1 (1 263 m), CDG-12 (1 232 m) Sebou Circle Oil Exploration permit and KSR-12 (1 982 m). All these wells confirmed the presence of gas. • Reinterpretation of 3D seismic data. • Study of the Triassic reservoir of the well TE-5 and Tendrara identification of a 21 m interval of potential reservoir. OGIF Exploration permit Lakbir • Planification of the well TE-6, expected to be drilled on the second quarter of 2015, not far from the well TE-5, in order to test the same reservoir (Triassic). • Post mortem study of the well Koba-1, reevaluation of the prospect Kamar-1 and another Triassic prospect. Sidi Mokhtar Longreach / MPE Exploration permit • Drilling of the well Kamar-1 between the 20th March and the 07th May 2014 at the final depth of 2 760 m in the Triassic salt. • Evaluation of the Paleozoic potential of the area. • Review of the preliminary log for the well Tamanar-1. • Geological evaluation report given to ONHYM. • Finalization of the environmental impact study report. Haha PEL Exploration permit • Conclusion of a contract with the Chinese company Forpetro to drill the well Tamanar-1. • Launch of the drilling of the well Tamanar-1 the 15th Novem- ber 2014. Depth reached the by 31 December: 1891.8 m. • Hydrocarbon potential evaluation in progress. • Identification of many leads and prospects including the San Leon / Zag Basin Exploration permit Baba Kabir prospect. Longreach • Mapping and reserves assessment of the Baba Kabir prospect. • Hydrocarbon potential revaluation in progress. Tarfaya San Leon / Exploration permit • Identification of 5 leads and prospects. onshore Longreach • Evaluation of a play from the Tertiary. • Geological évaluation of the area. • Reprocessing of 2D seismic data in progress. Reconnaissance Boufakrane Petra • Source rock and TOC modelisation including key wells in License the area. • Interpretation and integration of all data. • Geological evaluation in progress and reprocessing of seismic data. Reconnaissance Berrechid Petra • Source rock and TOC modelisation including key wells in License the area. • Abandonment of the area. Moulay • Preliminary evaluation of the area and identification of 2 Gulfsands Exploration permit Bouchta leads.

ONHYM • Annual Report 2014 21 Oil exploration Partners activity 2014

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• Seismic acquisitions 11 244 Km² 3D and 7 801 Km 2D. • Drilling of 13 wells.

22 ONHYM • Annual Report 2014 C Gulfsands (Rharb): > Drilling of 3 wells.

D Circle Oil (Sebou): > Drilling of 3 wells.

F Gulfsands (Fez): > Acquisition of 327,35 Km of 2D seismic lines.

I Longreach (Sidi Mokhtar): > Drilling of 1 well.

J PEL (Haha): > Drilling of 1 well.

3 4 5 Chariot Oil (Loukos, Rabat Depp offshore and Mohammadia): > Acquisition of 1 700 Km² of 3D seismic lines, processing underway.

7 8 Chevron (Cap Cantin, Cap Walidiya Deep offshore): > Acquisition 3 453 Km de sismique 2D, traitement en cours.

9 11 Kosmos (Essaouira et Tarhazoute offshore): > Acquisition of 4 400 Km² of 3D seismic lines.

12 Chevron (Cap Ghir deep offshore): > Acquisition of 1 795 Km of 2D seismic lines, processing underway.

13 Kosmos/Pathfinder (Foum Assaka : > Drilling of 1 well.

16 Genel/SLE/Longreach/Serica (Sidi Moussa): > Drilling of 1 well.

17 Galp/Tangiers Petroleum (Tarfaya offshore): > Drilling of 1 well.

18 Capricon (Juby Maritime): > Drilling of 1 well.

21 Kosmos (Cap Boujdour offshore): > Acquisition of 5 144 Km² of 3D seismic lines and drilling of 1 well.

22 Total (Anzarane offshore): > Interpretation of 5 947,55 Km² of 3D seismic lines and evaluation report finalization.

ONHYM • Annual Report 2014 23 PETROLEUM PARTICIPATIONS 5 & COOPERATION

Strengthening participation and oil cooperation

The year 2014 has been marked by the signing of: > 2 new petroleum agreements; > 16 amendments to petroleum agreements; > 1 entry into the first extension period; > 3 new reconnaissance contracts; > 1 addendum to a reconnaissance contract; > 2 memorandums of understanding; > 1 amendment to a memorandum of understanding; > 2 confidentiality agreements; > 3 heads of agreements; > 2 amendments to heads of agreements.

24 ONHYM • Annual Report 2014 To year-end, licensing covered a total area of 353,467.98 Km² distributed as follows: Conventional hydrocarbons

> 353 085.98 Km² covering the conventional hydrocarbon domain; > 30 companies are partnering with ONHYM under petroleum agreements and reconnaissance contracts; > 30 petroleum agreements covering a total area of 194 622.80 Km²; > 5 reconnaissance contracts relating to 2 onshore and 3 offshore reconnaissance licenses covering a total area of 158 352.36 Km²; > 9 exploitation concessions covering a total area of 60.11 Km².

The licencing domain specific to ONHYM covers a total area of 50.71 Km² representing the total area of 2 exploitation concessions. Unconventional hydrocarbons

4 companies are partnering with ONHYM under 4 MOU relating to oil shale covering a total area of 382 Km².

Petroleum agreements et amendments to petroleum agreements signed during the year 2014 are:

Petroleum agreements

Area Partner Work program Gulfsands Petroleum • Acquisition and processing of long offset 2D seismic data. Moulay Bouchta Morocco Limited • Reprocessing and interpretation of 2D and 3D seismic data. Repsol Exploracion • Acquisition, processing and interpretation of 3D seismic data. Gharb offshore South Gharb S.A • Reprocessing of 2D seismic data.

Amendments to petroleum agreements

Area Partner(s) Purpose Cap Rhir Deep Chevron Morocco Exploration Modification of the initial period and first extension period offshore Limited work program. 6 months extension of the permits’ initial period, until 19th September 2014 in order to drill 1 well. Petroleum Exploration (Private) Haha 4 months extension of the permits’ initial period and Limited modification of the initial period and first extension period work program, as well as the provisions relating to the bank guarantee. Kosmos Energy Deepwater Cession of 46.8% of Kosmos share interest in the permits in Morocco / Pathfinder favor of BP. Foum Assaka offshore Hydrocarbon Ventures Limited / BP Exploration (Morocco) Limited Kosmos Energy Deepwater Cession of 60% of Kosmos share interest in the permits in Essaouira offshore Morocco / BP Exploration favor of BP. (Morocco) Limited Kosmos Energy Deepwater Cession of 60% of Kosmos share interest in the permits in Tarhazoute offshore Morocco / BP Exploration favor of BP. (Morocco) Limited Teredo Morocco Limited / Cession of 51% of Teredo share interest in the permits in favor Boujdour offshore Glencore Exploration of Glencore. Shallow (Morocco) Limited

ONHYM • Annual Report 2014 25 Amendments to petroleum agreements

Area Partner(s) Purpose Kosmos Energy Deepwater Cession of 50% of Pathfinder share interest in the permits Morocco / Pathfinder Hydrocarbon in favor of SK. Foum Assaka offshore Ventures Limited / BP Exploration (Morocco) Limited / SK Innovation Co. Ltd Kosmos Energy Offshore Morocco / Cession of 26.7% of Kosmos share interest in the permits in Cap Boujdour Capricorn Exploration and favor of Capricorn. offshore Development Company Limited Modification of the permits’ initial period work program in Chariot Oil and Gas Investments Rabat Deep offshore order to forecast the acquisition of 2D or 3D seismic. (Morocco) Limited

Cession of 33.3% of Chariot share interest in the permits in favor of Woodside. San Leon Energy Plc / San Leon Cession of 100% of San Leon Energy share interest in the Foum Draa offshore Offshore Morocco B.V/ Capricorn / permits in favor of San Leon Morocco. Longreach / Serica Foum Draa B.V San Leon Energy Plc / San Leon Cession of 100% of San Leon Energy share interest in the Offshore Morocco B.V / Genel permits in favor of San Leon Morocco. Sidi Moussa offshore Energy Limited / Longreach Oil and Gas Ventures Limited / Serica Sidi Moussa B.V Grouping of the validity periods and work programs of the Lalla Mimouna Circle Oil Maroc Limited initial period and first extension period in one initial period. San Leon Morocco B.V / Total cession of Longreach share interest in the permits in Tarfaya onshore Longreach Oil and Gas Ventures favor of San Leon Morocco B.V. Limited 15 months extension of the the permits’ first extension Tarfaya onshore San Leon Morocco B.V period.

Entry into extension periods

Area Partner Works Kosmos Energy Deepwater Drilling and evaluation of an exploration well results. Essaouira offshore Morocco / BP Exploration (Morocco) Limited

Reconnaissance contracts

Area Partner Works Mohammedia Chariot Oil and Gas Investments Acquisition and processing of 3D seismic data. offshore (Morocco) Limited • Reprocessing of 2D seismic data. Hassi Berkane Maxim Resources Inc. • G&G studies and works. Rabat Ultra Deep Woodside Energy (Morocco) • Acquisition of 2D seismic. offshore PTY Ltd • G&G studies and works.

Addendum to reconnaissance contract

Area Partner Purpose Third extension for 12 months of the reconnaissance Anzarane offshore Total E&P Maroc license.

26 ONHYM • Annual Report 2014 Other agreements

Purpose Partner(s) Agreement Reconnaissance Repsol Exploracion S.A / Dana MOU relating to the reconnaissance contract «Tanger- Contract Tanger- Petroleum (E&P) Limited / Gas Larache Offshore» Larache Offshore Natural Exploracion S.L Oil Shale of Tarfaya MOU relating to the evaluation of the hydrocarbon Oil Shale Deposit & Global Oil Shale potential of the oil shale in the area Tarfaya South Oil Permit 1 Shale Deposit & Permit 1. Petrosen (Société des Pétroles du Heads of agreement relating to scientific and technical Cooperation Sénégal) cooperation in the hydrocarbon sector. Ministère des Mines de la Heads of agreement relating to scientific and technical Cooperation République du Mali cooperation in the hydrocarbon and mining sectors. ETAP (Entreprise Tunisienne Heads of agreement relating to scientific and technical Cooperation d’Activités Petrolières) cooperation in the hydrocarbon sector. Morocco’s petroleum MDC Oil & Gas Holding Confidentiality agreement relating to the provision to potential Company Llc (Mubadala) Mubadala of data about Morocco petroleum potential. China National Oil and Gas Confidentiality agreement relating to the provision to Petroleum potential of Exploration and Development CNODC of data about the open acreage petroleum the open acreage Corporation (CNODC) potential.

Amendments to other agreements

Area Partner Purpose Amendment 1 to the oil shale MOU relating to an area of Tarfaya West Flank Zonatec S.A interest extension to include permits 13 to 16. Smh (Société Mauritanienne des Amendment to the head of agreement relating to the Cooperation Hydrocarbures) action plan for the year 2014. AUREP (Autorité pour la Amendment to the heads of agreement relating to the Cooperation Promotion de la Recherche action plans for the years 2014-2015. Pétrolière du Mali)

ONHYM • Annual Report 2014 27 PETROLEUM DRILLING 6 & PRODUCTION Natural gas and condensate turnover increased by nearly 3% over last year

Hydrocarbons production

Essaouira and Gharb are the main regions where the hydrocarbons production is concentrated. During 2014, the sale of hydrocarbons (natural gas and condensate) generated a total turnover of 190.49 million Dirhams, which represents an increase of 2.82% compared to the turnover realized in 2013. This result was achieved despite the new conjuncture characterized by the decompensation of petroleum products and the declining prices of the oil barrel and fuel n° 2 on which the natural gas and condensate prices are indexed.

Designations 2013 2014 Natural gas, in million Nm3 45.16 44.34 Condensate in tons 5 936 5 184

Maghreb-Europe gas pipeline

As part of its mission, ONHYM manages the royalty fees stemming from the Maghreb–Europe gas pipeline transiting through our country. The team in charge ensures tracking of the daily, weekly and monthly gas quantities as well as ONEE planning consumption. As a result, the transited volume in 2014 is 9.74 billion NM3.

Designations 2013 2014 Quantities of gas transported for SAGANE and 9.89 9.74 TRANSGAS in billion NM3 Total amount of the royalty, in million NM3 708 697 Quantities of gas consumed by ONEE in favor of 507 444 ‘’Tahaddart & ABM’’ thermal Centres, in million NM3

28 ONHYM • Annual Report 2014 7 MINING EXPLORATION Efforts continue with ambitious goals

The mining exploration in 2014 concerned 43 projects, including 27 ONHYM’s own projects and 16 projects in partnership. ONHYM’s own activity concerned 27 projects including 10 for precious metals, 10 for base metals and uranium, 4 for industrial rocks and minerals, 2 for general research and 1 special project (geothermal). Activity in partnership interested 16 projects including 8 for base metals, 6 for precious metals and 2 for rocks and industrial minerals. In addition, this year was also marked by the launch of several partnership initiatives with countries in sub-Saharan Africa, Guinea Conakry, Gabon and Mali and the pursuit of cooperation with Mauritania.

ONHYM’s own activity Precious metals

. Lahjeyra (REE, Nb, Mo, Au): The results of punctual chemical analyzes reach 0.57% Ce, 0.29% La and 0.56% Nb showing grades reaching 7% REE. Grades of Yttrium (heavy rare earth) are thereabouts of 1 144 ppm. We also notice relatively high grades of Thorium (penalizing element) that can reach 1 600 ppm. The second drilling campaign of 5 drill holes was conducted with a total length of 946.80 m. The results of the drill holes LHS6 and LHS7 show averages of 0.66% ∑REE, 666 ppm Th over 204 m and for LHS6, 0.36% ∑REE, 401 ppm Th over 26 m for LHS7. Other drill holes are being analyzed.

. Laknouk (Au): A preliminary rock sampling yielded grades up to 1.5 g/t Au. Results of chemical analysis in the trenches confirm these grades that can reach 16 g/t Au over 0.5 m. The prospection continued during 2014 in the South and the North of Laknouk The mining by geological mapping at 1/25 000 on an area of 40 Km² and by lithogeochemical exploration in sampling of the structures. 384 rock samples and 89 soil samples were collected for chemical analysis. The grades remain low and do not justify carrying out a second drilling 2014 concerned campaign. The soil samples show several anomalies in copper and gold (up to 966 ppm 43 projects, Cu and up to 48 ppb Au). including 27 ONHYM’s . Jbel Lahouanit (Au): In 2014, a soil geochemistry survey in areas covered by Quaternary sediments was conducted in order to locate possible hidden gold own projects mineralization. In parallel, geological surveys were conducted at different scales. and 16 projects Soil geochemistry samples yielded grades that can reach 32 ppb Au, 106 ppm Cu, in partnership. 156 ppm Zn and 3% Fe. Samples taken from a brecciated sandstone structure of an extension of a hundred meters, a metric thicknesses and trending N120°, yielded gold values up to 1.5 g/t with 80 ppm Ag, 2.2% Cu, 5.5% Pb. In another structure trending N25° with a thickness of 1 to 4 meters and a visible extension of 90 meters, the results show grades reaching 3.9% Cu, 0.7% Zn, 0.2% Pb and 41% Fe.

. Bas Draa hyperspectral (Au-polymetallic) : In 2014, the work carried out concerned the targets located in the central and eastern part of the inlier. This work consisted of a geological mapping at 1/25 000 over an area of 34 Km² and the collection of 213 rock samples. Chemical analyzes of these samples did not show any significant grades.

ONHYM • Annual Report 2014 29 . Kerdous hyperspectral (Au-polymetallic): The work carried out in 2014 concerned the hyperspectral targets in the ONHYM mining domain not part of the agreement with Newmont. The southwestern part of the western lobe of the Kerdous inlier has been mapped at 1/25 000 over an area of about 9.24 Km², coupled with the collection 132 samples. The results show low gold grades (<0.1 g/t Au) and grades not exceeding 0.1% Pb and 0.1% Zn..

. Takenzart (Au): The work performed on this project consisted of a geological mapping at 1/10 000 over an area of about 30 Km², coupled with the collection of 89 rock samples for which chemical analysis obtained to date show low grades (100 ppb Au).

. General Research (precious metals): - General Research in South Zone (RG-SZS): General research for precious metals in the southern area continued in 2014 and concerned the geological control of the gold anomalies in the area of Madnat As Sadra, Lahjayra Lbaida and Aghracha located at the axial unit of the Proterozoic chain of Adrar Souttouf and the sectors of Al Aggaya and Ouday Cfa in the western part. The work carried out consisted of a geological control of soil anomalies in gold and rare earth by geological mapping at 1/25 000, lithogeochemical sampling and trenching. The results of chemical analyzes of rock samples from the NW of Al Malhate sector are indicative in gold and copper, reaching 1 467 ppb Au and 2 058 ppm Cu. Gold grades in the Aghracha sector are punctual and do not exceed 1 607 ppb. Spot copper contents of up to 0.3% have been highlighted in the amphibolite of Sebkhat Bouloutad sector.

- General Research in Anti-Atlas (RG-SAA): Research conducted as part of the overall research project RG-MP-SAA, focused on the sectors of Tizegzaouine Askaoun in Sirwa. In Tizgzaouine, one structure (ST5) showed contents generally ranging from 0.1 to 1.2 g/t Au, from 10 to 55 g/t Ag and 0.1 to 5.7% Cu. In Askaoun, results of chemical analyzes received to date show punctual grades of gold (up to 326 ppb) corresponding to a slightly silicified, brecciated texture structure. In the Tichka massif sector in western High Atlas, the Alebdi show presented grades ranging between 0.1 and 7.4 g/t Au, 10 to 595 g/t Ag with exceptional grades of 1 271 and 2 144 g/t Ag, copper grades up to 1%, lead grades ranging from 300 ppm and 6%, and zinc grades ranging from 500 ppm to 8%. In Ouirgane, an area of 18 Km² has been mapped at 1/25 000 with the collection of 98 samples that are under chemical analysis. In the SE of Boumalne, 100 samples were collected from vein structures hosted in rhyolitic complex said «lower» of Saghro composed of rhyolites, ignimbrites, tuffs and breccias.

. RG Geochemistry - Akka sector: Alluvial samples were collected in anomalous areas identified during the strategic prospecting. The detail work was mainly focused in the anomalous zone of Imitek which is an extension of the tectonic corridor of Inlioua-Bou Zarif, known by gold occurrences and deposits of Akka. The first geological observations of the anomalous zone of Imitek show the presence of quartz structures generally oriented NW-SE and NW-SE, and fault zones accompanied by brecciation and silicification within carbonate formations. Gold grades in panned concentrates reach 18.4 ppm.

30 ONHYM • Annual Report 2014 Base metals

. Mfis (Cu, Co, Pb, Zn): The vein structure of Mfis has been recognized by 4 core drilling totaling 421.7m in 2013. In 2014, research work was continued by performing 3 core drilling totaling 401.5 m with a 1/1 000 topographic survey over an area of 30 ha and a complementary geological mapping at the same scale. Over the 111 half-core samples, punctual grades, reaching 4.7% Pb and 1% Zn, were obtained over low thickness that does not exceed 40 cm..

. Western Anti-Atlas (Cu): The first geological and geophysical controls of ZTEM anomalies (AFMAG) were initiated especially on Tizoula target which is in the form of an anticline that matches with the PR12 resistant paleohigh highlighted by the AFMAG survey. A copper mineralization occurs as malachite platings in sandstones and siltstones of the basic serie, on the eastern flank of the anticline. Chemical analyzes of some samples from the area show grades reaching respectively 1.7% Cu, 2.4% Pb, 1.8% Zn and 105 g/t Ag. Moreover, the Taâdant sector (target AFMAG PR2) also presents an anticlinal structure matching a hidden paleohighs highlighted by the AFMAG geophysical survey. The ground resistivity and induced polarization geophysics methods show that it correspond to a resistant area extended over 300 m to about 200 m deep, topped by a conductive and polarizable relatively shallow area (150 m) which correspond to the basic serie potential for copper mineralization..

. Aghracha (U, REE): The drilling campaign started in 2013 was completed during the first half of 2014 with the realization of 647.30 m of core drilling and sampling of 918 half-core samples. The first results of chemical analysis showed: > For calcretes (U): The uranium grades range from 50 to 378 ppm U3O8 over varying thicknesses ranging

from 0.4 to 1.5m. The resources were re-estimated to 35 million tonnes at 143 ppm U3O8. > For pegmatites (REE): All the drillings crossed the targeted epidotized pegmatites and some have shown encouraging results. They intersected Rare Earth Elements mineralization at a depth lower than 50 m and sampling gave variable REE average grades of 1.3%, 1.5%, 1.9%, 2.6%, 2.8%, 3.0% and 5.6% over the respective thicknesses of 25 m, 15 m, 5 m, 4.3 m, 4 m, 1.3 m and 3 m. > For gabbros (Ni-Cr): Subcropping gabbroic intrusion was intersected with an average grade of 0.73% Cr + Ni over a thickness of 11 m.

. South Zone (U): In the South Zone (Awserd province), geochemical exploration for uranium has continued in the Al Faj and Lahjayra Al Beida areas by conducting tactical geochemical survey covering the sector of Mzayz Ould En Noum located 200 Km SE of Dakhla. The control of the anomalies demonstrated that they are mainly associated with the different granite and pegmatite dykes and also quartz and carbonatites veins. Rock samples taken at these dykes and veins show grades reaching 713 ppm Ce, 48 ppm Th and 71 ppm Nb.

. Anti-Atlas uranium (U): Uranium exploration work has continued during this year on the Ougnat target (Errachidia province) and have shown only few punctual uranium grades that do not exceed 50 ppm.

ONHYM • Annual Report 2014 31 . Iraouene-Mouzaref (Cu, Ni, Fe): A 1/1 000 topographic survey was done over an area of 40 ha and on which all the drill holes were reported. In addition, geological work (mapping and sampling) were continued in Innukian, Tijekht and Ras Kemmouna areas, located respectively 5 Km South and 200 Km East of Mouzaref region. Chemical analysis results of samples from these areas show encouraging grades of iron, copper, lead and zinc distributed as follows: > Tijekht: Up to 59% Fe, 9% Cu, 3.9% Pb and 2% Zn. > Innukian: Up to 41% Fe, 2% and 4% Zn Pb. > Ras Kemmouna: Up 64% and 6% Cu Fe.

. Tiddas (polymetallic): Samples collected at the Bent Maamar sector yielded average grades of 1% Pb and 0.9% Sb, a sample of oxidized micro gabbro yielded grades of 20% Pb and 16% Sb. Samples collected at the Majmaa Salihine sector yielded average grades of 2% Pb and 2% Sb, the maximum grades reached 14% Pb and 7% Sb. In the sector of Tizi Bou Nasseh, the results from gray quartzite samples show lead grades up to 14% with an average of 3% Pb. Average antimony grades is 116 ppm with a maximum of 580 ppm. For the 11 samples taken in the area of Dhar Uzzi, the results of chemical analysis show average grades of 650 ppm Sb and 1% Pb, a sample yielded grades of 2% Pb and 8% Sb.

. Imlily (U): A campaign of 26 short drill holes totaling 497.40 m was performed, with varying lengths ranging from 13 to 40 m. All drill holes intersected a silicified micro-conglomerate horizon at different depths ranging between 9 and 14 meters over a thickness that range from 10 cm to 1.20 m and with a radioactivity of about 150 to 200 c/s. In addition, the radiometric prospecting continued in the south of the drilling area and shows continuity to the SW of the radioactive silicified conglomerate (up to 1 500 c/s). 48 lithogeochemical samples were collected there and are under analysis.

. Hassi Bou Al Maamra (Fe): Geological works continued for the prospection of iron in the Devonian and Ordovician formations. The early results of chemical analysis of reddish ferruginous sandstone and sandy limestone show iron grade up to 26% Fe. According to the geochemical campaign results in the region, scintillometric control of cerium geochemical anomalies was carried out, the average measured radioactivity in situ is about 150 c/s, some points showed radioactivity of up to 210 c/s. Chemical analysis of the 78 corresponding samples are in progress.

. General Research (base metal): In Zaër sector, the works carried out consisted on geological mapping at 1/15 000 with sampling covering the three shows of El Kiar-Feddane (Cu, Fe), Cameron (W) and Rhouirat N’has (Cu, U, Sn). Chemical analyzes showed encouraging grades of copper up to 2.8% in El Kiar and up to 4.1% in Rhouiret N’has. The latter sector also showed the presence of a polymetallic vein mineralization. In the basin of Tarfaya-Laayoune, the geological control of PNCG airborne radiometric anomalies was initiated by the realization of radiometric counting plans located on Khachbiyine and As-Saquia Al Hamra topographic maps. This work highlighted strong radioactivity ranging between 2 000 and 5 000 c/s. The first results of chemical analysis showed uranium grades ranging between 50 and 233 ppm in the Agwidir sector. Other chemical analysis (65 samples) are in progress. In the central High Atlas area, an alluvial geochemistry survey coupled with stream sediment was conducted in Imilchil region over an area of 130 Km² in order to evaluate the mineral potential of this area.

32 ONHYM • Annual Report 2014 . Rocks and industrial minerals

- Ras Tarf (Diatomite): Six whitish diatomite horizons with varying thicknesses ranging from 1 to 4 meters are located in the Tighza sector. The work done in this prospect consisted on topo-geological mapping and geological cross sections with the collection of 97 samples including 51 samples for chemical analysis and 46 for density determination. The magnetic survey has identified the presence of a magnetic area that would likely be due to Ras Tarf volcanism. Thereafter, 5 diamond drill holes totaling 242.8 meters were completed and sampled with the collection of 62 samples. The results of density measurements show that it varies from 0.36 to 0.86 and chemical analyzes are ongoing.

- Khemis (magnesite): Detailed geological cross sections with sampling (19 samples) were realized. This work has identified the continuity of the magnesite mineralized horizons. Chemical analysis show grades reaching 47% MgO.

- Rhamna (electrometallurgical silica): During 2014, geological mapping and sampling has been performed in the sector located in the North of Skhour Rhamna with the collection of 194 samples whose chemical analysis are ongoing.

. Strategic research

- Geochemistry: Like the two campaigns conducted in 2006-2007 and 2009-2010 in the province of Awserd, and to cover areas non covered by strategic geochemistry, a third campaign (soil and alluvial) was started in March 2014 over an area of 3 100 Km², for the collection of 6 200 soil samples and 620 alluvial samples.

- Geothermal: According to the synthesis conducted in 2011 on the Moroccan geothermal resources, ONHYM launched works in 2012 to study the geothermal potential of Morocco and the possibilities of using this resource, particularly in home heating, heating of greenhouses and fish farming.

- Integrated mining exploration Project in the Oriental: The integrated mining exploration project in the Oriental Region aims to define potential targets for mineral exploration, especially for MVT type deposits (Pb, Zn).

ONHYM • Annual Report 2014 33 Partners’ activity

. Had Imawn (Au) - MANAGEM (Morocco): The development work continues in Had Imawn (Province of Taroudant), they delineated three blocks with resources estimated at 655 000 t at 2.02 g/t Au (1 322 Kg Gold metal).

. Tichla-Awserd (precious and base metals) - ONHYM-METALEX (Canada): As part of ONHYM-METALEX agreement (Canada) on mineral exploration in the Tichla region and following the results of the magnetometric and spectroradiomic airborne geophysical survey conducted as part of the project, ONHYM assured the monitoring and the realization of a part of field work. After three years of . Tizegouine Moumjjoud (Au) – AGM validity of the agreement (30.5.2014), the meetings (Morocco): MANAGEM judged the results of the of the Executive Committee held on 04.16.2014 work on these deposits inconclusive and decided and 11.10.2014 has allowed the reduction of the to withdraw from the contract of Tizegouine, perimeter of the work area and selected the areas Moumjjoud and from South Akka agreement. that will be the subject of further work over the These agreements are terminated. additional 18 months under the agreement. . Jebilet (Polymetallic) – ONHYM-CMG . Tichka Est (Au) – PHAM Mining (Morocco): Surveys conducted in 2013 at Roc (Canada) : The research work on the Tichka Est Blanc helped to define an overall potential of project (Au) in the El Haouz province started with 212 000 t to 297 g/t Ag. a compilation of existing data, followed by field At Jbel Haimeur, the implementation of drill holes reconnaissance with the realization of geological and the preparation of access roads was realized. cross sections and sampling. The partner, following A complementary program of drill holes in Roc the interpretation of all the data, concluded that Blanc is planned and reverse circulation drill the district has a potential for disseminated gold holes are programmed at Jbel Haimeur (total: deposits in sedimentary context. 1 500 m).

. Tafrent (Au) – ARCHEAN GROUP (India): . Tekna (polymetallic) – ONHYM-CMG The feasibility study on the Tafrent gold deposit (Morocco): The work done in this project can be (Ouarzazate Province), in partnership with Archean summarized as follows: Goup (India), continues. This company has > Geophysical survey (gravity, InfiniTEM®, reassessed the 6,1 Mt resources at an average susceptibility measurement) on the aeromagnetic grade of 1.18 g/t Au at a cut-off grade of 0.8 g/t. anomaly of Moulay Lamine; Mineralogical tests were performed on Tafrent gold > Realization of the drill holes MASC2 (816.5m) ore and recovery of gold by cyanidation was 91.4%. on the Moulay Lamine anomaly which Discharges obtained have grades of 0.12 g/t Au. intersected weak fissure mineralization in the form of breccia with quartz, calcite (1.5m @ . Anti-Atlas (Au) – NEWMONT (USA): 1.78% Zn, 0.26% Pb) and massive to sub- DAs part of the ONHYM-NEWMONT agreement, massive stratiform Pb, Zn mineralization geochemistry campaign by the BLEG method (0.65m @ 3.60% Zn, 0.63% Pb) within a (Bulk Leach Extractable Gold) completed in redressed series (65 °); December 2012 helped to highlight several > Ground magnetic survey on Imarine, Assoufid, anomalies, including Kerdous and Sirwa inliers, Tamesloht, Moussiha and Rheya aeromagnetic north of Akka inlier, the western high Atlas and anomalies (503.5 linear Km). the Saghro. The BLEG anomalies control was conducted on high and medium selected grades . Naour (Cu) – CMT (Morocco): of Au, Cu, Au and Ag-Cu. Compilation work and data synthesis, detailed The results of this partnership have helped to geological surveys and drilling implantations were enrich and diversify the portfolio of ONHYM‘s performed in 2012 by CMT. Implanted drill holes projects throughout the Anti-Atlas chain. However, could not be realized because of problems with they do not have the critical targeted size. the landowners.

34 ONHYM • Annual Report 2014 . Jbel Khetem (Pb-Ag) – CMT (Morocco): . Zrahina (F-Pb-Ba) – GARROT CHAILLAC According to the assessment made by CMT on (France): Works carried out on the Zrahina the Jbel Khetem Pb-Ag deposit, the mineralization deposit under the memorandum of understanding has a discontinuous distribution in the vein and in with Garrot-Chaillac that expired are as follows: its lateral extension, with relatively low grades of > The collection of a hundred tons of fresh ore lead. However, recognition could be pushed onto from the pit III; some delimited panels in order to confirm their > Conducting processing tests by flotation in economic interest. The deposit has advantages for pilot plant to confirm the ability to produce CMT because of its proximity to the mining center acid (97% CaF2) with acceptable metallurgical of Tighza and could provide an extra ore to the yields and clarify the relevant technological current operating mine. parameters for an optimized design flow sheet of the processing. . Ighrem Domain (Cu) – MANAGEM (Morocco): Following the conclusive results of . Clay prospects – MASCIR (Morocco): the work realized in 2013, Managem decided As part of the agreement between ONHYM and to exercise the purchase option for the block MASCIR (Moroccan Foundation for Advanced 1 and a feasibility study on this block has Science, Innovation and Research), work has been initiated. been carried out for the characterization of clays of a number of prospects for their use as filler . South Bani (Fe) – TAMARA MINING for plastics industry. The preliminary results of (Malaysia): Work carried out under this these studies allowed to select Jbel Kharrou clays agreement are as follows: (Rehamna) that will be developed under a specific > Geological mapping; agreement. The project is in the testing phase at > Structural and paleogeographic study; the industrial scale. > Ground geophysics by magnetometry, electromagnetics and electrical drillings; > Trenches; > Core drilling totaling 1 100 m; > Resources evaluation.

. Aït Ammar (Fe) – CMMF (Morocco): Work on the Aït Ammar iron ore under the farm- out of the concession 8 between ONHYM and CMMF led to the installation of a pilot plant to conduct processing tests whose results allowed to design a flow sheet meeting the terms of the feasibility study. All parameters of this study are favorable for the reopening of the Ait Ammar mine.

ONHYM • Annual Report 2014 35 Location map of mining projects 2014

Tangier

Tetouan 34 Nador 33

Larache 35 R I F Oujda Taza

Rabat 17 Meknes Fez S

Casablanca 27 LA 4 Quaternary AT El Jadida 31 36 Mesozoic and Cenozoic Khénifra MOYEN 32 Midelt Bouarfa 26 Paleozoic Safi 3 S LA Errachidia Figuig Proterozoic 24 HAUT AT Marrakech Essaouira 25 Erfoud 14 28 200 Km 11 Ouarzazate 16 18 29 12 21 Zagora Agadir 9 5 19 13 S Sidi Ifni LA

ANTI AT ANTIC OCEAN NB : L Assa • The projects of general research, Geothermal and AT Tan Tan 6 20 integrated project in the eastern concern many regions Tarfaya Zag and are not plotted in the map. 30 • The Project n°13 in partnershipwithNewmontconcerns Laâyoune the whole Anti-Atlas.

Smara

Boujdour Boukraa Base Metals

ONHYM Projects 15 Aghracha (TR, U) 16 Mfis (Cu, Co, Ni) 17 Tiddas (Polymétallique) 18 Iraouene-Mouzeref (Cu) 22 Dakhla 19 Anti Atlas Occidental (Cu) 20 Hassi Bou Almâamra (Fe) 23 15 1 21 Anti Atlas Uranium (U) Aousserd 2 7 22 Zone sud Uranium (U) 8 23 Imlily (U) 10 Projects in partnership 24 Jebilet (Polym) (ONHYM-CMG) Lagwira 25 Tekna Est (Polym) (ONHYM-CMG) 26 Naour (Cu) (ONHYM-CMT) Precious Metals 27 Jbel Khitem (Cu) (ONHYM-CMT) 28 Boumadine (Polym) (ONHYM-Maya Gold& ONHYM Projects Silver) 01 Lahjeyra (Nb,TR, Fe) 29 Ighrem (Cu) (ONHYM-Managem) 02 Laknouk (Au, Ag) 30 Sud Bani (Fe) (ONHYM-TAMARA Mining) 03 Jbel Lahouanit (Au, Cu) 31 Aït Ammar (Fe) (ONHYM-CMMF) 04 Takenzart (Au) 05 Kerdous hyperspectrale (Au) 06 Bas Drâa hyperspectrale (Au) Rocks & Industrial Minerals 07 Lafhouda-Drag (Nb, Ta, U, Fe, TR) 08 Twihinate-Lamlaga (Nb, Ta, U, Fe, TR) ONHYM Projects 32 Rehamna (Silice) Projects in partnership 33 Ras Tarf (Diatomite) 09 Had Imawn (Au) (ONHYM-Managem) 34 Khemis (Magnésite) 10 Tichla Awserd (Au, Cu) (ONHYM-Metalex) 11 Tichka Est (Au) (ONHYM-PHAM) Projects in partnership 12 Tafrent (Au) (ONHYM-ARCHEAN GROUP) 35 Bassins tertiaires (Bentonite) (ONHYM-TOLSA) 13 Anti Atlas (Au) (ONHYM-NEWMONT) 36 Zrahina (F, Ba, Pb) (ONHYM-Groupe Garrot- 14 Zgounder (Au) (ONHYM-Maya Gold&Silver) Chaillac)

36 ONHYM • Annual Report 2014 Mining laboratories Certification The renewal audit of the certification of the mining laboratories according to the standard ISO-9001 Version 2008 was carried out by auditors from “Moody Certification Maroc” cabinet. The auditors concluded that the quality management system set up is appropriately implemented. Laboratory certification is renewed for a period of three years.

Mineralogy At the end of December 2014, 151 thin sections, 7 polished blades and 39 polished sections were made and 28 alluvial and artificial concentrates were prepared, for a total of 225 samples. The petrographic and mineralogical studies concerned 62 samples and are divided into 34 petrographic studies and 28 mineralogical studies of alluvial and artificial concentrates. These studies were performed on samples from ONHYM projects.

Mineral processing The number of samples prepared for chemical analysis during the year 2014 totaled 13 864 distributed as follows:

Worksite Number of samples 2013 Number of samples 2014 ONHYM 11 091 12 626 Subsidiaries and third parties 1 326 1 238 Total 12 417 13 864

Mineral Chemistry The total number of determinations made during the year 2014 totaled 132 346, corresponding to 12 689 analyzed samples.

Worksite Number of samples 2014 Number of determinations 2014 ONHYM 12 109 129 962 Subsidiaries and third parties 580 2 384 Total 12 689 132 346

ONHYM • Annual Report 2014 37 MINING PARTNERSHIP 8 & COOPERATION Strengthening cooperation with African countries

The mining partnership and cooperation activity was marked by the signature of: > 3 MOU; > 5 amendments; > 1 assignment; > 1 Cooperation framework agreement. Agreements signed with African countries

. SOGUIPAMI (Guinea Conakry): Signature on 03/03/2014, of the Memorandum of Agreement with the Guinean Mining Estate Company «SOGUIPAMI» (Guinea Conakry) on scientific and technical cooperation.

. SEM (Gabon): Signature on 03/07/2014, of the Memorandum of Agreement with «Société Equatoriale des Mines» «SEM» (Gabon) on scientific and technical cooperation.

. Ministry of Mines of the Republic of Mali: Signature on 08/05/2014, of the Memorandum of Agreement with the Ministry of Mines of the Republic of Mali on behalf of the National Directorate of Geology and Mines (Direction Nationale de la Géologie et des Mines) «DNGM» and of the Authority for the Promotion of Oil Research (Autorité pour la promotion de la Recherche Pétrolière) «AUREP» on scientific and technical cooperation.

. DNGM (Mali): Signature on 05/08/2014, of the Amendment to the Memorandum of Agreement with the Ministry of Mines of the Republic of Mali on behalf of the National Directorate of Geology and Mines «DNGM» on 2014-2015 action program.

. SEM (Gabon): Signature on 09/07/2014, of the Amendment to the Memorandum of Agreement with the SEM on 2014-2015 action program.

. OMRG (Mauritania): Signature on 07/09/2014, of the Amendment N°2 to the Memorandum of Agreement with OMRG on 2014 action program.

. SOGUIPAMI (Guinea Conakry): Signature on 09/25/2014, of the Amendment to the Memorandum of Agreement with SOGUIPAMI on 2014-2015 action program.

Other agreements

. SANC: Signature on 03/04/2014, of the Amendment to Bouissafene Assignment contract with the Company «SANC Mining Maroc» «SANC» on the postponement of SANC commitments under that contract of assignment, due to the difficulties that prevented the start of the projected work on time.

. ZMSM/Zgounder: Signature on 05/13/2014, of the Act of Transfer of the licenses covering the Zgounder silver deposit to the company Zgounder Millenium Silver Mining «ZMSM», a subsidiary of MAYA and ONHYM.

38 ONHYM • Annual Report 2014 9 MINING DRILLING

Overall, 65 drill holes were completed totaling 3 583.40 m, 58% in the Southern Provinces by two drilling teams of 15 workers each.

Worksite Region Number of drillings Total coring (ml) ONHYM’s work: Aghracha Awsred 23 647.30 Lahjeyra Awsred 5 946.80 Imlily Awsred 26 497.40 Iraouene Mouzaref Zagora 1 265.40 Mfis Merzouga 3 401.50 Ras tarf Al Hoceima 5 242.20 Anti Atlas Occidental Taroudant 2 582.80 Total mining drilling 65 3 583.40

ONHYM • Annual Report 2014 39 10 INFORMATION SYSTEM

The integrated management system (ERP) celebrated its second birthday of effective exploitation. Efforts continued to ensure to the users the necessary assistance for optimal exploitation and to establish reporting and advanced decision process.

Communication and promotion efforts of documentaries and information products were made with the aim of improving accessibility to information. The infrastructure and security improvement action plan has continued through the following actions: > Implementation of the new Data Center; > Acquisition and installation of a new security solution for network and computer stations; > Awareness campaign for users on threats and risks associated with information technology; > Infrastructure upgrading (backup, replication, messaging...).

Project Management Office (PMO)

As part of the continuous improvement of ONHYM‘s project management processes, the following actions have been realized: > Simplification of project management documents. > Organization of a seminar on project management for the benefit of ONHYM project managers in order to improve the level of use of the project planning tools and techniques > Organization of planning workshops and loading data on the ONHYM project management system.

...ensure to the users the necessary assistance for optimal exploitation and to establish reporting and advanced decision process.

40 ONHYM • Annual Report 2014 11 HUMAN RESOURCES Human capital highlighted

On the 31st of December 2014, the workforce is 618 officers including 174 engineers and managers, 280 supervisors, 6 employees and 158 workers.

The staff ratio improved by four points to 28%, following the massive retirements and voluntary departures. However to improve this rate, it is essential to have a sustained pace of recruitment as of the integrated approach spring leveraging the results of the GPEC and their translation into action of human capital management, aligned with the new strategic directions.

Concerning the recorded departures for this year, there are 97 of which: 50 retired and 43 voluntary departures. 26 staff members have been recruited in 2014.

1%

26%

1% : Employees 26% : Workers 28% : Engineers & Executives 45% : Supervisory agents

45% 28%

Workforce by category

1800

1600 1571 1538 1499 1477 1434 1400 1359 1200 947 942 955 1000 899 827 781 800 689 618 600 400 200 0 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014

Workforce evolution: 2001-2014

ONHYM • Annual Report 2014 41 Training

Number of Number of Areas of training MDT actions participations Forums, workshops, seminars, promotion action 26 62 259 Exploration, production, processing and technical topics 33 158 615 Data-processing, office automation and IS 16 94 318 Management, personal development and HR 27 128 386 Quality, security and environment 14 97 176 Management techniques and other topics 31 237 611 Long term training (Morocco and abroad) 6 7 581 English courses 2 61 244 Total 155 844 3 190

In the aim to accompany the Office to develop its human resources strategy skills, an agreement was signed between ONHYM and UIR for a 18 months period.

Social activities

> Exceptional salary advances for personal convenience: 2 066 332 Dhs for 96 employees; > Holiday camps for children: 122 children in Ben Smim and 10 in Tangier; > Pilgrimage: 9 employees were supported by the Office to accomplish the pilgrimage in the Holy Places of Islam; > Medical assistance: 9 200 cases were granted for hospitalization, laboratory tests, X-rays; > Transmission of 27 787 disease cases to the insurance company; > Group Care: 3 500; Medical visits: 408; Systematic visits to sites: 120; Systematic ophthalmologic visits: 66 agents; > Flu Vaccination: 180 beneficiaries; > Lung Screening RABAT: 463 beneficiaries.

Cultural activities

The ONHYM socio cultural center has been created over 30 years ago. Its activity continued with the supervision of more than 150 staff’s children. A variety of courses in many disciplines (languages, theater, music, chess, Arabic poetry, cooking, styling, …) are provided to them by qualified and experienced teachers. Crafts activities and workshops are also realized.

Excursions are organized in Rabat and in other cities of the Kingdom to visit art galleries, historic sites and museums exhibitions. Moreover, during religious and national holidays, eminent professors and personalities animate conferences each year, contributing to the training of staff’s children and their personal development.

42 ONHYM • Annual Report 2014 Petroleum agreements and reconnaissance contracts 20°0'0"W 15°0'0"W 10°0'0"W 5°0'0"W

SPAIN

M editerra nean Sea 1000

#T a nger

1 1 1 XIV

9 35°0'0"N I 187 18 143 133 #Oujda II 132 145 144 35 III 134 137 1 38 135 181 182 138 19 XV 180 0 100 59 139 Fes 141 140 36 # Rabat XIII 3 # 174 1 1 3 142

165 2 #Casablanca 186 B e a n 166 109 167

150 148 146 152 c C1 169 170 171 172 168 151 153 149 147 M adeira Isl ands VII 154 1 1 2 #Figuig 156

155 157 C2 #Er-rachidia

c O 120 121 102 Marrakech 5 # 163 106 7 i 123 103 PETROLEUM AGREEMENTS 122 6 1 1 4 104 107 56 IX 124 N° EXPLORATION ZO NES COMPAN YAREA Km² 125 Ouarzazate 105 57 # 1 LOUKOS OFFSHORE I ONHYM-CHAR IOT 1 155,60 108 128 58 158 127 5 SIDI MOKHTAR NORD ONHYM-MPE-LONGREACH 1 072,30 Agadir 129 # 6 161 X SIDI MOKHTAR SUD ONHYM-MPE-LONGREACH 1 198,90 68 67 159 7 SIDI MOKHTAR OUEST ONHYM-MPE-LONGREACH 429,50 130 30°0'0"N 69 18 162 LALLA MIMOUNA NORD 1 371,20 82 ONHYM-CIRCLE OIL 86 19 LALLA MIMOUNA SUD 840,10 70 160 83 20-34 CAP BOUJDOUR OFFSHORE I- XV OHNYM-KOSMOS-CAPRICORN 22 265,00 l a n t 87 84 35 RHARB CENTRE 1 358,70 88 85 ONHYM-GULFSANDS 1 1 7 36 t RHARB SUD 1 357,50 89 1 1 5 90 38 SEBOUONHYM -CIRCLE OIL 134,70 164 91 56-58 HAHA 1-3 ONHYM-PEL4 919,00 92 1 1 8 59 FES ONHYM-GULFSANDS-CAI THNESS 1 598,85 93 A 94 60-66 TA RFA Y A ONSHORE 1-7 ONHYM-SAN LEON-LONGREACH 7 730,20 1 1 9 95

96 ONHYM-KOSMOS-PATH FINDER-BP-SK C anary Islands 60 67-70 FOUM AS SAKA OFFSHORE I-IV 4 853,00 61 INNOVAT ION 97 ALGERIA 2000 62 71-81 ZAG 1-11 ONHYM-SAN LEON-LONGREACH 14 625,30 98 63 73 82-85 SIDI MOUSSA OFFSHORE 1-4 ONHYM-GENEL-SERICA-SAN LEON-LONGREACH 5 018,00 72 74 75 76 77 78 79 80 81 64 99 Lâayoune 86-88 ONHYM-CAPRICORN-SERICA-SAN LEON- # FOUM DRA A OFFSHORE 1-3 3 349,80 65 100 LONGREACH 176 66 89-96 TA RFA Y A OFFSHORE I- VIII ONHYM-DVM-GALP 11 281,90 177 178 101 71 97-101 BOUJDOUR OFFSHORE SHAL LOW I- V ONHYM-TE REDO - GELENCORE 7 244,40 179 102-108 ESSAOUIRA OFFSHORE I- VI I ONHYM - KOSMOS - BP 11 730,80 21 20 117-119 JUBY MARITI ME I-III ONHYM-CAPRICORN-GENEL4 481,30 22 120-125 MAZAGAN OFFSHORE I- VI ONHYM-PXP - PVD 8 717,40 23 24 127-130 R TA RHAZ OUTE OFFSHORE 1-4 ONHYM-KOSMOS-BP 7 753,30 26

25 O PEN ACREAGES 137-142 RABAT DEEP OFFSHORE I- VI ONHYM-CHAR IOT 10 781,80 28 N° NAME AREA Km² 27 188 143-145 173 29 2CASABLA NCA OFFSHORE 3 000,00 GHARB OFFSHORE SUD I-III ONHYM-REPSOL 4 417,70 XI

146-151 9LIXUS OFFSHORE 2 760,70 25°0'0"N CAP WALIDIA DEEP OFFSHORE 1-6 11 765,50 31 30 152-157 CAP CANTIN DEEP OFFSHORE I- VI ONHYM - CHEVRON 11 860,90 Y 111 GHARB OFFSHORE NORD9 596,80 33 32 158-160 CAP RHIR DEEP OFFSHORE I-III 5 591,20 112 TADLA I 18 845,00 34 161-162 MIR LEFT OFFSHORE I-II ONHYM - GENEL 3 265,70 113 HAUTS PLATEAUX 23 356,50 TANIA 115 ASSA 54 808,10 165-172 TE NDRA R A LAKBIR I- VIII ONHYM-OGIF 14 548,50 132 - 135 TAOUNATE 7 600,20 176-179 FOUM OGNIT ONHYM-NEWAGE-GLENCORE7 997,90 Dakhla XII 163 HAOUZ 9 474,40 180 MOULA Y BOUCHTA OUEST ONHYM-GULFSANDS 1 495,70 # 164 IFNI SHALLO W6 454,70 181 MOULA Y BOUCHTA EST ONHYM-GULFSANDS 1 356,00 AURI 173 BOUJ DOUR DEEP OFFSHORE 18 364,70 M 186 UL TRA DEEP RABAT OFFSHORE V8 593,55 188 BOUJ DOUR ONSHORE OUEST 14 861,30 RECONNAISSANCE CONTRACTS 126 B EL JADIDA OFFSHORE 6 349,40 N° RECONNAISSANCE ZO NES COMPAN YAREA Km² C1-C2 SAFI OFFSHORE NORD ET SUD9 729,40 3 MOHAMADIA OFFSHO RE ONHYM-CHARIOT4 654,86 R BOUJ DOUR OFFSHORE I 13 292,00 109 MERIDJA ONHYM-OGIF8 873,30 Y BOUJ DOUR OFFSHORE II 19 673,20

126 AN ZARANE OFFSHORE ONHYM-TOTAL 100 926,70 0 I - III OUEZZA NE I-III4 643,75

00 174 BO UFAK RANE ONHYM-PETRA 10 917,90 3 VI I DOUKKALA ABD4 673,35 182 RABAT ULTRA DEEP OFFSHORE ONHYM-WOODSIDE EN ERGY 36 736,90 IX OUARZAZA TE 4 145,80 187 HASSI BERK AN E ONHYM-MAXIM PETRO LE 5 116,00 X SOUS S6 345,10 XI BOUJ DOUR ONSHORE EAST 19 754,20 XII DAKHLA LAGWIRA 37 919,80 #Lagouira BLOCS UNDER NEGOTIATION XIII MAAMORA EST755,00 N° NAME AREA K m ² XIV ASILAH 2 200,10 114 BOUD ENIB 33 938,80 XV GUERCIF7 314,30 31 - 12 - 2014 20°0'0"W 15°0'0"W 10°0'0"W 5°0'0"W

SPAIN

M editerra nean Sea 1000

#T a nger

1 1 1 XIV

9 35°0'0"N I 187 18 143 133 #Oujda II 132 145 144 35 III 134 137 1 38 135 181 182 138 19 XV 180 0 100 59 139 Fes 141 140 36 # Rabat XIII 3 # 174 1 1 3 142

165 2 #Casablanca 186 B e a n 166 109 167

150 148 146 152 c C1 169 170 171 172 168 151 153 149 147 M adeira Isl ands VII 154 1 1 2 #Figuig 156

155 157 C2 #Er-rachidia c O 120 121 102 Marrakech 5 # 163 106 7 i 123 103 PETROLEUM AGREEMENTS 122 6 1 1 4 104 107 56 IX 124 N° EXPLORATION ZO NES COMPAN YAREA Km² 125 Ouarzazate 105 57 # 1 LOUKOS OFFSHORE I ONHYM-CHAR IOT 1 155,60 108 128 58 158 127 5 SIDI MOKHTAR NORD ONHYM-MPE-LONGREACH 1 072,30 Agadir 129 # 6 161 X SIDI MOKHTAR SUD ONHYM-MPE-LONGREACH 1 198,90 68 67 159 7 SIDI MOKHTAR OUEST ONHYM-MPE-LONGREACH 429,50 130 30°0'0"N 69 18 162 LALLA MIMOUNA NORD 1 371,20 82 ONHYM-CIRCLE OIL 86 19 LALLA MIMOUNA SUD 840,10 70 160 83 20-34 CAP BOUJDOUR OFFSHORE I- XV OHNYM-KOSMOS-CAPRICORN 22 265,00 l a n t 87 84 35 RHARB CENTRE 1 358,70 88 85 ONHYM-GULFSANDS 1 1 7 36 t RHARB SUD 1 357,50 89 1 1 5 90 38 SEBOUONHYM -CIRCLE OIL 134,70 164 91 56-58 HAHA 1-3 ONHYM-PEL4 919,00 92 1 1 8 59 FES ONHYM-GULFSANDS-CAI THNESS 1 598,85 93 A 94 60-66 TA RFA Y A ONSHORE 1-7 ONHYM-SAN LEON-LONGREACH 7 730,20 1 1 9 95

96 ONHYM-KOSMOS-PATH FINDER-BP-SK C anary Islands 60 67-70 FOUM AS SAKA OFFSHORE I-IV 4 853,00 61 INNOVAT ION 97 ALGERIA 2000 62 71-81 ZAG 1-11 ONHYM-SAN LEON-LONGREACH 14 625,30 98 63 73 82-85 SIDI MOUSSA OFFSHORE 1-4 ONHYM-GENEL-SERICA-SAN LEON-LONGREACH 5 018,00 72 74 75 76 77 78 79 80 81 64 99 Lâayoune 86-88 ONHYM-CAPRICORN-SERICA-SAN LEON- # FOUM DRA A OFFSHORE 1-3 3 349,80 65 100 LONGREACH 176 66 89-96 TA RFA Y A OFFSHORE I- VIII ONHYM-DVM-GALP 11 281,90 177 178 101 71 97-101 BOUJDOUR OFFSHORE SHAL LOW I- V ONHYM-TE REDO - GELENCORE 7 244,40 179 102-108 ESSAOUIRA OFFSHORE I- VI I ONHYM - KOSMOS - BP 11 730,80 21 20 117-119 JUBY MARITI ME I-III ONHYM-CAPRICORN-GENEL4 481,30 22 120-125 MAZAGAN OFFSHORE I- VI ONHYM-PXP - PVD 8 717,40 23 24 127-130 R TA RHAZ OUTE OFFSHORE 1-4 ONHYM-KOSMOS-BP 7 753,30 26

25 O PEN ACREAGES 137-142 RABAT DEEP OFFSHORE I- VI ONHYM-CHAR IOT 10 781,80 28 N° NAME AREA Km² 27 188 143-145 173 29 2CASABLA NCA OFFSHORE 3 000,00 GHARB OFFSHORE SUD I-III ONHYM-REPSOL 4 417,70 XI

146-151 9LIXUS OFFSHORE 2 760,70 25°0'0"N CAP WALIDIA DEEP OFFSHORE 1-6 11 765,50 31 30 152-157 CAP CANTIN DEEP OFFSHORE I- VI ONHYM - CHEVRON 11 860,90 Y 111 GHARB OFFSHORE NORD9 596,80 33 32 158-160 CAP RHIR DEEP OFFSHORE I-III 5 591,20 112 TADLA I 18 845,00 34 161-162 MIR LEFT OFFSHORE I-II ONHYM - GENEL 3 265,70 113 HAUTS PLATEAUX 23 356,50 TANIA 115 ASSA 54 808,10 165-172 TE NDRA R A LAKBIR I- VIII ONHYM-OGIF 14 548,50 132 - 135 TAOUNATE 7 600,20 176-179 FOUM OGNIT ONHYM-NEWAGE-GLENCORE7 997,90 Dakhla XII 163 HAOUZ 9 474,40 180 MOULA Y BOUCHTA OUEST ONHYM-GULFSANDS 1 495,70 # 164 IFNI SHALLO W6 454,70 181 MOULA Y BOUCHTA EST ONHYM-GULFSANDS 1 356,00 AURI 173 BOUJ DOUR DEEP OFFSHORE 18 364,70 M 186 UL TRA DEEP RABAT OFFSHORE V8 593,55 188 BOUJ DOUR ONSHORE OUEST 14 861,30 RECONNAISSANCE CONTRACTS 126 B EL JADIDA OFFSHORE 6 349,40 N° RECONNAISSANCE ZO NES COMPAN YAREA Km² C1-C2 SAFI OFFSHORE NORD ET SUD9 729,40 3 MOHAMADIA OFFSHO RE ONHYM-CHARIOT4 654,86 R BOUJ DOUR OFFSHORE I 13 292,00 109 MERIDJA ONHYM-OGIF8 873,30 Y BOUJ DOUR OFFSHORE II 19 673,20

126 AN ZARANE OFFSHORE ONHYM-TOTAL 100 926,70 0 I - III OUEZZA NE I-III4 643,75

00 174 BO UFAK RANE ONHYM-PETRA 10 917,90 3 VI I DOUKKALA ABD4 673,35 182 RABAT ULTRA DEEP OFFSHORE ONHYM-WOODSIDE EN ERGY 36 736,90 IX OUARZAZA TE 4 145,80 187 HASSI BERK AN E ONHYM-MAXIM PETRO LE 5 116,00 X SOUS S6 345,10 XI BOUJ DOUR ONSHORE EAST 19 754,20 XII DAKHLA LAGWIRA 37 919,80 #Lagouira BLOCS UNDER NEGOTIATION XIII MAAMORA EST755,00 N° NAME AREA K m ² XIV ASILAH 2 200,10 114 BOUD ENIB 33 938,80 XV GUERCIF7 314,30 31 - 12 - 2014 ANNUAL REPORT 2014

5, Avenue Moulay Hassan B.P. 99, 10 000 Rabat - Morocco Tel. : +212 (0) 5 37 23 98 98 Fax : +212 (0) 5 37 70 94 11 [email protected] www.onhym.com