Chariot Oil & Gas wins offshore exploration permits in Morocco

Offshore DAS 70 pixabayThe Mohammedia Permits cover an area of around 4,600 sq km. (Image Source: DAS_70/Pixabay)Chariot Oil & Gas has been awarded a 75 per cent interest and operatorship of Mohammedia offshore exploration Permits I-III in Morocco

The licences have been awarded by the Office National des Hydrocarbures et des Mines, which will hold a 25 per cent carried interest in the licences. The Mohammedia Permits cover an area of approximately 4,600 sq km with water depths of less than 500 metres. They are adjacent to its existing Rabat deep offshore exploration permits.

The Mohammedia area contains a number of proven and potential play systems. Chariot Oil & gas had acquired approximately 375 sq km of 3D seismic data in 2014 in the precursor Mohammedia Reconnaissance Licence from which the company identified prospects in the Eo-Oligocene (EOP-1 & 2), Lower Cretaceous (LKP-1a,1b,2a,&2b) and the Jurassic (JP-2) with gross mean prospective resources for individual prospects ranging from 50mn barrels to 289mn barrels

Chariot Oil & Gas CEO Larry Bottomley said, “Chariot Oil & Gas is pleased to be able to convert the Mohammedia Reconnaissance licence into exploration permits as a result of the technical de-risking gained from our 2014 3D seismic campaign in Morocco.”

He added that the company intends to mature the prospectivity in the Mohammedia permits by acquiring additional seismic programmes.

“We also have the potential to realise additional de-risking of the petroleum system from the drilling of the JP-1 prospect in the neighbouring Rabat Deep permits. Chariot Oil & Gas previously announced partnering on Rabat Deep in which the company will retain 10 per cent equity for a carry in JP-1 to a cap in excess of expected well cost, which we anticipate to occur in 2017,” he added.

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