Chariot awarded new Moroccan license, announces 3D seismic contract


Chariot awarded new Moroccan license, announces 3D seismic contract

LONDON -- Chariot Oil & Gas Limited has announce that its wholly-owned subsidiary, Chariot Oil & Gas Investments (Morocco) Limited, has been awarded a 75% interest and operatorship of the Mohammedia Reconnaissance License offshore Morocco in partnership with the Office National des Hydrocarbures et des Mines (ONHYM) which holds a 25% carried interest.

This license area is adjacent to Chariot's Loukos and Rabat Deep licenses and sits in the near shore. It covers an area of approximately 4,600 sq km with water depths less than 500 m. The award remains subject to final approval from the relevant authorities.

Following the reprocessing and interpretation of extensive legacy 2D data on the Loukos license, Chariot identified a significant Mio-Pliocene lead. This lead extends into Mohammedia and as a result the company decided to relinquish those parts of the Loukos license that it believed did not encompass this prospectivity and to request the award of the Mohammedia Reconnaissance License.

In addition to the extension of the Mio-Pliocene lead from Loukos, Chariot has also identified a possible extension of the Jurassic shelf edge play from the Rabat Deep area into Mohammedia, which will be investigated further through seismic data acquisition. This will ensure that Chariot and ONHYM are able to capture all of the potential identified within this region and maximize the company's information and understanding of its Moroccan portfolio.

The company has contracted Dolphin Geophysical AS to carry out a single 3D seismic program of approximately 1,700 sq km across all three of its Moroccan license areas using the Sanco Swift vessel,  due to commence early April 2014. Instead of shooting two separate campaigns across the regions of interest, the survey will comprise approximatley1,075 sq km in Rabat Deep, 250 sq km in Loukos Offshore and 375 sq km in Mohammedia Reconnaissance. The objective of the combined survey is to mature drillable prospects in the Mio-Pliocene and Jurassic plays.

In carrying out this 3D acquisition, Chariot will have completed all of its commitments in each of its Moroccan licenses during their current periods of exploration, including that of the Mohammedia Reconnaissance License. This means that, once the 3D program is complete, the company will be able to enter into a full exploration permit with ONHYM for the Mohammedia area.

Following governmental approval of the Mohammedia Reconnaissance License award and the company's application to enter into the First Renewal Phase in Loukos, Chariot will hold approximately 1,155 sq km in the Loukos license, with its total offshore Morocco acreage standing at just over 16,500 sq km.

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