Under terms of the agreement reached, 75pc interest and operatorship of the Rissana licence will be awarded to a wholly owned subsidiary of Chariot Oil & Gas Limited in partnership with the Office National des Hydrocarbures et des Mines (“ONHYM”) which will hold a 25pc interest.
Rissana (approximate area 8,476 km2) will completely surround the offshore boundaries of Chariot’s existing Lixus Offshore License (approximate area 2,390 km2), which contains the Anchois Gas Discovery, as well as covering the most prospective northern areas of the previously held Mohammedia Offshore License and Kenitra Offshore License.
Chariot is an independent oil and gas exploration group. It holds licenses covering four fields in Namibia, two blocks in Morocco and four licenses in the Barreirin gas Basin offshore Brazil. All of these blocks are currently in the exploration phase.