ProActive Investors UK
Chariot Oil and Gas
www.chariotoilandgas.com
by Jamie Ashcroft
Chariot says says the two exploration ventures are excellent additions to its West African portfolio.
Chariot Oil & Gas (LON:CHAR) has bolstered its exploration portfolio with the acquisition of stakes in two licences offshore Morocco.
It is acquiring a 75% interest in the Loukos and Casablanca/Safi licences, which are both partnerships with the Moroccan authorities which own the other 25%.
The company says the two exploration ventures are excellent additions to its West African portfolio.
“In line with our strategy, Chariot has continued to seek out underexplored highly prospective opportunities with the intention of maturing them into drillable oil prospects,” said chief executive Paul Welch.
“The Loukos and Casablanca areas have been of interest to Chariot for some time and we are pleased to have these additional assets, which we consider to hold significant potential, as part of our broader West African portfolio.
“We look forward to evaluating and developing this valuable acreage alongside our new partner.”
Loukos spans 1,925 square kilometres, extending from the coast to around 50km offshore in water depths ranging from 5 and 110 metres. The larger Casablanca licence spans 3,500 sq km, and it is in a similar setting to Loukos.
Under its work commitments Chariot must re-process 835km if 2D seismic at Loukos and 1,200 km for Casablanca within a six month period.
It will then have the option to move forward into the next phase of exploration which would involve 3D seismic and subsequently exploration drilling.
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