Chariot Oil & Gas subsidiary gains 75% interest in Moroccan offshore licence


Chariot Oil & Gas Investments has been awarded 75% interest and operatorship of the Kenitra Offshore Exploration Permit (Kenitra), Morocco.

The company will partner with the Office National des Hydrocarbures et des Mines (ONHYM) that holds 25% in the project.

CEO Larry Bottomley said: “In line with our strategy we continue to manage our portfolio proactively. This award allows us to capture the extension of the lower Cretaceous play, which spreads from Mohammedia into the Kenitra acreage.

“With our focus on de-risking our assets, Chariot will develop the drilling inventory on these permits through seismic acquisition, which capitalises on the current excellent seismic contract rates.

“The RD-1 well scheduled to be drilled in early 2018 on Rabat Deep has the potential to further derisk the hydrocarbon charge system in the Cretaceous play in Kenitra and Mohammedia which has prospectivity in excess of a billion barrels in which the company holds 75% equity.”

Kenitra location includes an area of nearly 1,400km² at a water depth ranging from 200m to 1,500m.

"Chariot will develop the drilling inventory on these permits through seismic acquisition, which capitalises on the current excellent seismic contract rates."

It is also situated adjacent to the Chariot’s 75% interest in the Mohammedia Offshore Exploration Permits I-III.

Kenitra was formerly a part of the Rabat Deep Offshore Exploration Permits I-VI.

Chariot procured 2014 3D seismic data on Mohammedia, which was used to identify the LKP group of prospects in the shallow-water clastics in the Lower Cretaceous play with gross mean prospective resources of around 182 million to 350 million barrels in four prospects.

Furthermore, the company has also identified deepwater turbidite equivalent of these shallow-water clastics in a new large lead, Kenitra-A, partially covered by 3D seismic data.

Chariot has commenced a seismic acquisition campaign covering both Mohammedia and Kenitra, in collaboration with ONHYM.

The campaign will be helpful in analysing the Kenitra-A lead and define prospectivity throughout this play.

This Polarcus-conducted acquisition will enable Chariot to develop a portfolio of drillable prospects and identify additional material prospectivity.