UK-based Chariot Oil & Gas has signed an offshore oil exploration contract with Morocco for a 75 per cent interest and operatorship in the Rabat Deep offshore licence
The Rabat Deep licence area is located 50km offshore in water depths ranging from 150 metres to 3,500 metres.
The agreement will cover an initial three-year period and includes six permits for exploration in the Rabat Deep Offshore area, which covers an area of 10,782 sq km.
Paul Welch, chief executive officer of Chariot, commented, “Morocco is a very desirable location for oil and gas exploration and we are very pleased to have acquired this additional acreage which is positioned to complement and balance our existing assets in this region. We now have a significant holding in this highly prospective province and we look forward to developing its potential.”
The value of the deal was not disclosed and it still remains subject to approval from the authorities.
During the three-year period, Chariot will reprocess existing 2D seismic datasets and then carry out a 1,000km 2D seismic survey. Once the results of the initial work programme have been received, Chariot may decide to move forward into subsequent phases of the deal, which would involve the acquisition of 3D seismic data and, following this, undertaking of exploration drilling activities.
Chariot will be partnered with the state oil company Office National des Hydrocarbures et des Mines (ONHYM), which will participate with a 25 per cent interest.
