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Rabat – Africa-focused energy group Chariot announced a deal signed February 28 with Morocco’s National Hydrocabones and Mining Office (ONHYM) to acquire a new offshore exploration and drilling license near Larache’s Rissana, a town located in northern Morocco.
Dubbed the Rissana License, it grants Chariot 75% of interest in the drilling operations and 25% goes to Morocco’s ONHYM, according to an official press release.
Covering 8,489 square kilometers, the new Rissana license extends to grounds surrounding Chariot’s existing offshore Lexus license, indicates the statement.
The company intends exploration operations in the area under the Rissana License to identify and quantify potential gas resources in the area.
“We are pleased to formally award Chariot the Rissana license, offshore Morocco,” ONHYM Director-General Amina Benkhadra, commented on the backdrop of granting the new license.
“ONHYM and Chariot recently conducted a highly successful drilling campaign in Morocco and we hope that we will be able to have similar success on Rissana,” explained Benkhadra.
Chariot acting CEO Adonis Pouroulis said that the energy company aims to build on the recent success of the drilling operation in the Anchois wells and to continue exploring the “highly prospective grounds.”
“In parallel with the development plans on the Anchois gas field, we aim to maximize value from the exploration upsides in what we believe is a low risk and high-value opportunity,” Pouroulis explained.
The British energy company announced in January the completion of drilling operations in the Anchois-1 well under the Lexus license, stating that the second well under the license (Anchois-2) is in the development phase and should be operational by 2024.
Chariot’s drilling operations in Larache exceeded initial expectations, driving a 48% rise in the company’s share values in the same month.
Read Also: Gas Discovery In Morocco Drive Chariot Ltd. Shares Up
