Chariot seeks exploration extension for blocks offshore Morocco

Morocco’s Office National des Hydrocarbures et des Mines and Chariot Oil & Gas Investments (Morocco) (AIM:CHAR) have agreed on a six-month extension for Phase 1 exploration of the offshore Loukos, Casablanca, and Safi licenses.

Offshore staff

LONDON – Morocco’s Office National des Hydrocarbures et des Mines and Chariot Oil & Gas Investments (Morocco) (AIM:CHAR) have agreed on a six-month extension for Phase 1 exploration of the offshore Loukos, Casablanca, and Safi licenses.

The Ministry of Mines and Energy and the Ministry of Finance also must approve the move.

Chariot is reprocessing and interpreting 11,000 km (6,835 mi) of 2D seismic data across all of its acreage offshore Morocco, and wants “time to gain the best possible description” of the license prior to Phase 2.

The Loukos, Casablanca, and Safi licences weretransferred to Chariot last year with six months remaining in the initial phase.

6/11/2013

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