Home Economy Chariot Oil Acquires the Kenitra Offshore License

Chariot Oil Acquires the Kenitra Offshore License

Chariot Oil Acquires the Kenitra Offshore License
Chariot Oil Acquires the Kenitra Offshore License

Rabat – Chariot Oil & Gas Limited (CO & G), the Atlantic margins focused oil and gas exploration company, announced in a February 16th statement that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Limited, has been awarded a 75% interest and operatorship of the Kenitra Offshore Exploration Permit in partnership with the National Board of Hydrocarbons and Mines (ONHYM) which holds a 25% carried interest.

The London-based petroleum company operating in Brazil, Namibia and Morocco has reached an agreement with ONHYM for exploration of the Kenitra Offshore license. The British company now holds an exploration license on an offshore area of 1,400 Km² off Kenitra, as well as the status of operator.

Kenitra is the third CO & G’s license in Morocco where the company already owns 10% on the Rabat Deep exploration license, where drilling of a well is planned for 2018, and 75% on the “Mohammedia” license. According to seismic surveys carried out by CO & G, the capacity of the offshore site of Kenitra is estimated at about 464 million barrels.

In a communique published by the company, Larry Bottomley, CEO of CO & G said that “In line with our strategy we continue to manage our portfolio proactively. This award allows us to capture the extension of the Lower Cretaceous play which spreads from Mohammedia into the Kenitra acreage. With our focus on de-risking our assets, Chariot will develop the drilling inventory on these permits through seismic acquisition which capitalises on the current excellent seismic contract rates.”

The CO & G CEO concluded by thanking the Moroccan Ministry for their support in awarding the British company this licence,  “and we look forward to continuing our successful partnership with ONHYM and progressing exploration over this area.”

CO & G is not the only British oil company to acquires assets in Morocco, Gulfsands Petroleum has recently obtained an agreement with the ONHYM for the extension of its license agreement on Moulay Bouchta (Fez) from 2 to 3 years.

Gulfsands disclosed that exploration of the permit will last tlil June 19, 2017 with a revised work program. The latter includes the acquisition of 200 km of 2D seismic data, reprocessing of selected 2D seismic data, and a field study to identify possibilities for reactivating dormant fields.

The cost of these transactions was revised downward from $ 3.5 million to $ 2.5 million, and the license’s estimations amounted to 149 million barrels of gross resources.

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