Chariot Oil & Gas Limited has been awarded by Moroccan authorities a 75 pc interest and operatorship of the Mohammedia Offshore Exploration Permits I – III, which span over 4,600 square kilometers. The company says the area contains a number of proven and potential play systems.
“Chariot is pleased to be able to convert the Mohammedia Reconnaissance license into exploration permits as a result of the technical de-risking gained from our 2014 3D seismic campaign in Morocco,” said lately the company’s CEO Larry Bottomley.
The area is adjacent to Chariot’s existing Rabat Deep Offshore exploration permits, where the company recently farmed out a 40 pc stake to Eni.
Rabat Deep’s JP-1 exploration target, which is the basis of the Eni farm-out, is interpreted to lie along the western margin of the Mohammedia permits, Chariot explained.
Past seismic work in the Mohammedia area has seen prospects identified in the range of 50mln to 289mln barrels of prospective oil resources.
“The company intends to mature the prospectivity in the Mohammedia permits through the acquisition of additional seismic programs,” Bottomley 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.
Morocco is one of the most fiscally favorable countries worldwide to explore, according to experts who cite the stable political and economic environment prevailing in Morocco, the only North African country which has not been affected by the Arab Spring.
Morocco is one of Africa’s largest energy consumers, with energy demand increasing by over 54 percent over the past 10 years, and second largest energy importer in Africa.