Chariot Oil Company Enhances its Offshore Exploration in Morocco

Chariot Oil & Gas Limited, an independent Africa focused oil and gas exploration company, has reinforced its petroleum partnership with Morocco through its recent acquisition two more blocks off the coast of the North African Kingdom.
Under the exploration deal sealed with Morocco’s national oil company (Office National des Hydrocarbures et des Mines), Chariot gets 75% ownership and operational interests in the Loukos and Casablanca/Safi blocks, leaving 25 pc equity interest to the Moroccan state-owned oil company.
The agreement, which consists of an initial three year period, requires from Chariot to reprocess existing 2D seismic datasets and then carry out a 1,000km 2D seismic survey within a six month exploration period. Once completed, the oil company will have the option to move forward into subsequent phases which would involve the acquisition of 3D seismic data and subsequent undertaking of exploration drilling activities.
According to CEO of Chariot Paul Welch, the two additional acquired blocks in Morocco “hold significant potential”.
In addition to Morocco, the Chariot Oil & Gas group is currently conducting offshore exploration operations in Namibia and Mauritania.