Chariot Oil & Gas has announced its acquisition of equity interests in two exploration blocks offshore Morocco
As part of the agreement, Chariot will take responsibility for the initial exploration phase of each license.
The Moroccan Office National des Hydrocarbures et des Mines will hold the remaining 25 per cent of both licenses.
The Loukos block is approximately 1,900 sq km in size, with water depth ranging between five and 110 metres. Meanwhile, the Casablanca/Safi block is around 3,500 sq km, with both located some 50km offshore.
Following approval of the deal, Chariot will be required to reprocess 2D seismic data for both blocks within a six-month exploration period. Once complete, the company will have the option to move forward into further exploration phases.
"In line with our strategy, Chariot has continued to seek out under-explored highly prospective opportunities with the intention of maturing them into drillable oil prospects," said Chariot CEO Paul Welch.
"The Loukos and Casablanca areas have been of interest to Chariot for some time and we are pleased to have these additional assets, which we consider to hold significant potential, as part of our broader West African portfolio."
The move marks a shift in direction by the company, which recently suffered a disappointing result exploring in pre-salt layers offshore Namibia. In September 2012, the firm reported that no commercial hydrocarbons were found at its Kabeljou exploration well in the Orange Basin.
