Project Profile
Location: 50km offshore Morocco, Atlantic side – South Eastern
Area: 1,925km2 (Loukos) and 3,500km2 (Casablanca/Safi)
Water Depth: 5m - 110m (Loukos) and 5m - 165m (Casablanca/Safi)
The Loukos licence is 1,925km2 in size and extends from the coast to some 50km offshore with water depths between 5m and 110m. The Casablanca/Safi licence is 3,500km2 in size and is similarly situated to Loukos in terms of its extent offshore with water depths between 5m and 165m. Following approval, Chariot will be required to reprocess 835km of 2D seismic data within the Loukos licence and 1,200km of 2D seismic data within the Casablanca/Safi licence, a total of 2,035km within a six month exploration period. Once complete, Chariot will have the option to move forward into further exploration phases which would involve the acquisition of 3D seismic data and the subsequent undertaking of exploration drilling activities.
Chariot Oil & Gas Limited, through its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd., has entered into an agreement with Maghreb Petroleum Exploration S.A. (MPE) whereby MPE will transfer its 75% ownership and operational interests in two of its offshore licences, Loukos and Casablanca/Safi, to Chariot. In exchange, Chariot will take on the work commitments and obligations of the initial exploration phase for each licence. This transfer remains subject to the approval of the Moroccan authorities before it becomes effective. On approval, Chariot will hold a 75% equity interest in the Loukos and Casablanca/Safi exploration permits with the Office National des Hydrocarbures et des Mines (ONHYM) holding the other 25%.
Operators:
Chariot Oil & Gas Limited: Operator with 75% interest
Office National des Hydrocarbures et des Mines (ONHYM): 25% interest