LONDON (Alliance News) – Chariot Oil & Gas Ltd Tuesday said it has been awarded a 75% interest and operatorship of the Mohammedia Reconnaissance Licence offshore Morocco in partnership with the Office National des Hydrocarbures et des Mines which holds a 25% carried interest.
It was awarded the interest and operatorship through its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd.
This licence area is adjacent to the company’s Loukos and Rabat Deep licences and sits in the near shore.
The award remains subject to final approval from the relevant authorities.
The company has contracted Dolphin Geophysical AS to carry out a single 3D seismic programme of approximately 1,700 km2 across all three of its Moroccan licence areas using the Sanco Swift vessel, due to commence early April 2014.
“Our 3D seismic campaign will provide valuable information for further developing the potential in our Moroccan acreage, which, in the long term, will allow us to mature targets for drilling with a partner,” Larry Bottomley, Chief Executive, said in a statement.
The objective of the combined survey is to mature drillable prospects in the Mio-Pliocene and Jurassic plays.
In carrying out this 3D seismic acquisition Chariot said it will have completed all of its commitments in each of its Moroccan licences during their current periods of exploration, including that of the Mohammedia Reconnaissance Licence.
“This means that, once the 3D programme is complete, the company will be able to enter into a full exploration permit with ONHYM for the Mohammedia area,” Chariot said in a statement.
Chariot shares were Tuesday quoted at 23.25 pence, up 2.2%.
By Samuel Agini; samagini@alliancenews.com; @samuelagini
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