Chariot provides update on Moroccan portfolio
Chariot Oil & Gas Ltd. has completed the reprocessing of 11,000 km (6,835 mi) of legacy 2D seismic data across all of its acreage offshore Morocco, including the Loukos, Casablanca/Safi, and Rabat Deep licenses.
LONDON –Chariot Oil & Gas Ltd. has completed the reprocessing of 11,000 km (6,835 mi) of legacy 2D seismic data across all of its acreage offshore Morocco, including the Loukos, Casablanca/Safi, and Rabat Deep licenses.
A significant Mio-Pliocene lead has been identified in the Loukos block that will require 3D seismic data to develop it to drillable status. As a result, Chariot, through its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd. (75%, and operator), in conjunction with its partner, the Office National des Hydrocarbures et des Mines (ONHYM) (25%), has submitted an election to the Moroccan Ministry of Mines and Energy to enter into the First Extension Period in this license.
This next exploration period carries a 250-sq-km (97-sq-mi) 3D seismic commitment through Jan. 12, 2016, and Chariot plans to conduct this seismic acquisition program in 2014. The approval of this entry into the next period remains subject to the final approval of the Moroccan Ministry of Mines and Energy.
The company's Rabat Deep license has three years remaining in its initial exploration phase. In this region, Chariot has described a material Jurassic carbonate prospect from the reprocessed 2D seismic data, which will need at least 500 sq km (193 sq mi) of 3D seismic to develop into a drillable target. There is also a Cretaceous turbidite play identified in this license area. Chariot says that the traps in this new play are complex and will require additional evaluation to determine the forward work program. The company plans to acquire the Loukos and Rabat 3D seismic surveys in the same seismic campaign to optimize costs.
While material potential has also been described in the Casablanca/Safi license within the Paleozoic, Chariot believes the associated risk remains too high to justify its additional investment, so the company does not plan to enter into the First Extension Period in this license and it will be relinquished and returned to the Moroccan government.