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Chariot awarded licence off Morocco

Apr 03, 2019
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Chariot Oil & Gas has been awarded a 75 per cent interest and operatorship of the Lixus offshore licence in Morocco in partnership with the Office National des Hydrocarbures et des Mines (ONHYM).

Lixus licence covers an area of approximately 2,390km2 , 30km north of Chariot’s existing Moroccan acreage, with water depths ranging from the coastline to 850 meters.  The area has been subject to earlier exploration with legacy 3D seismic data covering approximately 1,425km2 and 4 exploration wells, including the Anchois gas discovery.

The Company has identified five satellite prospects to Anchois that have tie-back potential, three of which have been audited by NSAI, and Chariot estimate that Anchois and the satellites holding remaining recoverable resources in excess of 900 Bcf.

The initial licence commitment includes a technical programme of 3D seismic reprocessing and evaluation to access the additional exploration potential of Lixus. Chariot will also further evaluate the gas market, test development concepts through a feasibility study and seek strategic partnerships and alliances to progress towards a development of the Anchois discovery.

Larry Bottomley, CEO commented: "The award of the Lixus licence provides Chariot with a discovered resource base offering a low-cost development opportunity and significant upside. The commercial attractiveness of the Lixus licence is further enhanced by its position offshore Morocco, a fast growing energy market with high gas prices and a need for increased supply. In addition to the development opportunity, the licence offers very low risk exploration tieback potential in the same play; and higher risk, transformational lead potential in the sub-nappe."

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