Chariot Oil & Gas Investments (Morocco), a wholly-owned subsidiary of Chariot Oil & Gas, has secured a 75% interest and operatorship of the Mohammedia Reconnaissance licence offshore Morocco.

The company secured the interest in partnership with the Office National des Hydrocarbures et des Mines (ONHYM), which holds a 25% carried interest.

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According to Chariot Oil & Gas, the licence area, covering approximately 4,600km² with water depths less than 500m, is located adjacent to its Loukos and Rabat Deep licences.

In order to conduct a single 3D seismic programme of approximately 1,700km² across all three of its Moroccan licence areas using the Sanco Swift vessel, Chariot Oil & Gas has contracted Dolphin Geophysical.

"The company’s total offshore Morocco acreage will stand at more than 16,500km²."

The programme is scheduled to commence early April 2014 and the survey will consist of ~1,075km² in Rabat Deep, ~250km² in Loukos Offshore and ~375km² in Mohammedia Reconnaissance.

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The combined survey’s objective is to mature drillable prospects in the Mio-Pliocene and Jurassic plays.

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Upon completion of the 3D programme, the company will be able to enter into a full exploration permit with ONHYM for the offshore area.

Chariot said it will hold ~1,155km² in the Loukos licence, following governmental approval of the Mohammedia Reconnaissance Licence award and its application to enter into the first renewal phase in Loukos.

The company’s total offshore Morocco acreage will stand at more than 16,500km².

Chariot Oil & Gas CEO Larry Bottomley said: "Our 3D seismic campaign will provide valuable information for further developing the potential in our Moroccan acreage, which in the long term will allow us to mature targets for drilling with a partner."