Press

Chariot Oil & Gas - Morocco update

Posted by OilVoice Press - OilVoice

16-Feb-2017


Award of Kenitra Offshore Exploration Permit and Commencement of Seismic Programme, Offshore Morocco 

Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, is pleased to announce 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 ("Kenitra"), Morocco in partnership with the Office National des Hydrocarbures et des Mines ("ONHYM") which holds a 25% carried interest.

Portfolio management: new exploration permit

Kenitra, with an area of approximately 1,400km2 and in water depths ranging from 200m to 1,500m, was formerly part of the Rabat Deep Offshore Exploration Permits I-VI ("Rabat Deep"), in which the Company now has a 10% interest and a capped carry on the RD-1 well which is anticipated to be drilled in early 2018. This acreage was recently relinquished, as required under the Moroccan Hydrocarbon Code, on the entry into the current licence period of Rabat Deep. Kenitra is also adjacent to the Company's 75% interest in the Mohammedia Offshore Exploration Permits I-III ("Mohammedia").

De-risking: seismic programme

Through 3D seismic data acquired in 2014 on Mohammedia, Chariot identified the LKP group of prospects in the shallow-water clastics in the Lower Cretaceous play which have gross mean prospective resources ranging from 182mmbbls to 350mmbbls in four prospects as described in the most recent audit by Netherland Sewell and Associates Inc.  

Separately, Chariot has also identified the deep-water turbidite equivalent of these shallow-water clastics in a new large lead, Kenitra-A, which is partially covered by 3D seismic data and has a gross mean prospective resource of 464mmbbls as estimated by the Company. These prospects and leads all have Class III AVO seismic attributes that are supportive of the presence of hydrocarbons and the RD-1 well has the potential to further de-risk these targets.

In order to fully describe the Kenitra-A lead and to define prospectivity throughout this play, Chariot is pleased to announce that, in conjunction with its partner, ONHYM, it has commenced its seismic acquisition campaign covering both Mohammedia and Kenitra. This acquisition, conducted by Polarcus, will enable the Company to develop the portfolio of drillable prospects and potentially identify additional material prospectivity. This seismic campaign will fulfil the work commitment for the current licence phase on both licences.

Larry Bottomley, CEO commented:

"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 RD-1 well scheduled to be drilled in early 2018 on Rabat Deep has the potential to further de-risk the hydrocarbon charge system in the Cretaceous play in Kenitra and Mohammedia which has prospectivity in excess of a billion barrels in which the Company holds 75% equity.

"We would like to thank the Ministry for their support in awarding this licence and we look forward to continuing our successful partnership with ONHYM and progressing exploration over this area."

MoroccoChariot Oil & Gas

More items from oilvoice


China Becomes World’s Second Largest LNG Importer, Behind Japan

Source: GIIGNL LNG reports (2010-16), Global Trade Tracker export-import trade statistics (2017), and IHS Markit China surpassed South Korea to become the world's second-largest importer of liquefied natural gas (LNG) in 2017, according to data from IHS Markit and official Chinese government s ...

OilVoice Press - OilVoice


Posted 1 day agoOpinion > EIAEnergy Information Administration EIAChina +5

Investment of $97bn on Top Ten Offshore Oil Projects to Add Over 1.6 Million Barrels Per Day by 2025, Says GlobalData

Over $151.5bn in capital expenditure will be spent over the lifetime of the top ten offshore oil projects to produce 14.3 billion barrels of crude, according to GlobalData , a leading data and analytics company. These ten projects, selected from 236 upcoming offshore projects globally, will contr ...

OilVoice Press - OilVoice


Posted 1 day agoPress > GlobalDataOffshoreOil +2

Norway Leading the Oilfield Service Comeback

In 2015 and 2016 we saw record low levels of offshore volumes sanctioned, which effectively is hurting oilfield service companies' backlog. With the cost cuts E&P players made during the downturn, coupled with the recent increase in oil prices, we now see a lot of offshore projects on a global lev ...

OilVoice Press - OilVoice


Posted 2 days agoOpinion > NorwayRystad EnergyOffshore +3

S&P Global Platts Deploys Blockchain for Collation of Fujairah Oil Inventory Data

S&P Global Platts, the leading independent provider of information and benchmark prices for the commodities and energy markets, has announced that it is deploying a proprietary, secure Blockchain network to allow market participants to submit weekly inventory oil storage data to Fujairah Oil Indust ...

OilVoice Press - OilVoice


Posted 2 days agoOpinion > S&P Global PlattsBlockchainFujairah +2

Westwood Highlights Exploration Hits & Misses of 2017

  A new report from Westwood Global Energy Group shows better oil and gas exploration performance in 2017 than 2016 with discovered volumes, success rates and finding costs all improving. High impact oil & gas exploration remains challenged, however, with activity levels ...

OilVoice Press - OilVoice


Posted 2 days agoPress > westwood global energy groupexplorationMexico +1
All posts from oilvoice