Chariot Oil & Gas announced that it received a 75% stake of the Kenitra offshore exploration permit which together with the neighboring offshore exploration in Mohammedia could contain more than 1 billion barrel.
The UK company said its subsidiary Chariot Oil & Gas Investment (Morocco) will carry out the exploration in partnership with Morocco’s Office National des Hydrocarbures et des Mines (ONHYM), which holds the remaining 25% stake.
The Kenitra acreage, which was recently relinquished, as part of the Rabat Deep license conditions, is also adjacent to Chariot’s 75% owned Mohammedia Offshore Exploration Permits I-III.
A new 3D seismic program specifically assessing the Kenitra and Mohammedia areas is now planned, and will satisfy the minimum work commitments for the respective permits, said the company in a statement.
“This award allows us to capture the extension of the Lower Cretaceous play which spreads from Mohammedia into the Kenitra acreage,” Chariot’s CEO Larry Bottomley was quoted as saying.
“With our focus on de-risking our assets, Chariot will develop the drilling inventory on these permits through seismic acquisition which capitalizes on the current excellent seismic contract rates,” he added.
Chariot Oil & Gas Limited is an independent oil and gas exploration group. It holds licenses covering four in Namibia, two blocks in Morocco and four licenses in the Barreirinhas Basin offshore Brazil. All of these blocks are currently in the exploration phase.