Chariot extends offshore Morocco exploratory acreage

Morocco’s government has awarded Chariot Oil & Gas (AIM: CHAR) a 75% operated interest in the offshore Mohammedia reconnaissance license.

Offshore staff

LONDONMorocco’s government has awarded Chariot Oil & Gas (AIM: CHAR) a 75% operated interest in the offshore Mohammedia reconnaissance license.

The Office National des Hydrocarbures et des Mines (ONHYM) holds the remaining 25% (carried) interest.

The near-shore license is adjacent to Chariot’sLoukos and Rabat Deep licenses and covers around 4,600 sq km (1,776 sq mi), in water depths of less than 500 m (1,640 ft).

Last November, following reprocessing and interpretation of legacy 2D data on the Loukos license, Chariot identified what it claims could be a significant Mio-Pliocene lead, which extends into Mohammedia.

Additionally, it sees potential for an extension of the Jurassic shelf edge play from the Rabat Deep area into Mohammedia, which it will investigate through seismic data acquisition.

Chariot has contractedDolphin Geophysical to acquire around 1,700 sq km (656 sq mi) of 3D seismic across all three of its Moroccan license areas using the Sanco Swift vessel, with operations due to start early next month.

The goal is to mature drillable prospects in the Mio-Pliocene and Jurassic plays.

03/18/2014

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