The Moroccan government has signed an agreement with Chariot Oil & Gas Investments (Morocco) to grant it a 75% interest and operatorship in offshore license called the Rabat Deep. The agreement increases the possession of the company’s offshore surface area to a total of 16,207km². The Rabat Deep covers an area of 10,782km² and it is situated 50km offshore in water depths ranging from 150m to 3,500m.
However, the company has to wait for the official approval of the agreement before being associated with the “Office National des Hydrocarbures et des Mines” (ONHYM) which will be owner of the 25% stakes remaining.
Beyond the increment of its offshore area, Chariot is delighted about the agreement because it considers the kingdom to a very attractive spot for the exploration of oil and gas. Its CEO, Paul Welch, said that the company now has “a significant holding in this highly prospective province and we look forward to developing its potential.”
The license, dubbed Rabat Deep, is located adjacent to the Company’s recently acquired Loukos and Casablanca/ Safi licenses, the company said in a release. The agreement is valid for a period of 3 years. Chariot will be re-evaluating the existing 2D seismic datasets and do a 2D seismic survey on 1,000km. It is after these results that it will decide whether to execute other stages of the agreement which will require the use of 3D seismic data before drilling activities could begin.
Only one well has been drilled in the area and an extensive mobile salt basin lying next to a carbonate platform with large potential reef geometries at the platform edge has been noticed.
Chariot Oil & Gas Investments (Morocco) is a wholly subsidiary of Chariot Oil & Gas