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It is a “very disappointing” result for the AIM-quoted explorer which had a 10% stake in the ENI operated exploration well.
Chariot’s share of Rabat Deep’s well costs are covered by partners.
Chariot Oil & Gas Limited (LON:CHAR) has told investors that the Rabat Deep exploration well, offshore Morocco, has failed to find a hydrocarbon accumulation.
The well was drilled safely to a depth of 3,180 metres, it said, and whilst it didn’t encounter oil or gas it did penetrate a thick top seal and tight, fractured carbonates in the primary Jurassic target.
The company said further analysis will now be needed to understand the implications of the well results on the prospectivity of the surrounding area.
READ: Chariot raises US$15mln to advance Namibia drill programme
Chariot has a 10% interest in Rabat Deep and its share of the well costs were paid by its partners, due to prior farm-out deals.
“Whilst the results of the Rabat Deep 1 well are very disappointing, the fact that we encountered tight carbonates in the Jurassic target with a thick top seal will be invaluable in calibrating the existing data sets and determining the implications for the prospectivity in the Rabat Deep Permits,” said Larry Bottomley, Chariot chief executive.
“Rock properties from the top seal and some thin sands encountered in the overburden will allow an improved description of the Cretaceous siliciclastic play that Chariot is targeting in the neighbouring Mohammedia and Kenitra permits where we operate with 75% equity.”
He added: “We will continue to evaluate the well data and the implications of these results on the surrounding area, before discussing next steps with our partners Eni, Woodside and ONHYM.”
Looking forward, the Chariot boss highlighted that the company remains fully-funded for exploration drilling at Prospect S in Namibia in the second half of this year, targeting a possible 469mln barrels of prospective resources.
