Business
Morocco Update
Morocco Update.
About this update from Chariot Limited
[{"type":"text","content":"\n \nRNS Number : 0144X Chariot Oil & Gas Ld 16 February 2017 \n\n \n16 February 2017\n \nChariot Oil & Gas Limited\n(\"Chariot\", the \"Company\" or the \"Group\")\nAward of Kenitra Offshore Exploration Permit and Commencement of Seismic Programme, Offshore Morocco\n \nChariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, is pleased to announce that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Limited, has been awarded a 75% interest and operatorship of the Kenitra Offshore Exploration Permit (\"Kenitra\"), Morocco in partnership with the Office National des Hydrocarbures et des Mines (\"ONHYM\") which holds a 25% carried interest.\nPortfolio management: new exploration permit\nKenitra, with an area of approximately 1,400km2 and in water depths ranging from 200m to 1,500m, was formerly part of the Rabat Deep Offshore Exploration Permits I-VI (\"Rabat Deep\"), in which the Company now has a 10% interest and a capped carry on the RD-1 well which is anticipated to be drilled in early 2018. This acreage was recently relinquished, as required under the Moroccan Hydrocarbon Code, on the entry into the current licence period of Rabat Deep. Kenitra is also adjacent to the Company's 75% interest in the Mohammedia Offshore Exploration Permits I-III (\"Mohammedia\").\nDe-risking: seismic programme\nThrough 3D seismic data acquired in 2014 on Mohammedia, Chariot identified the LKP group of prospects in the shallow-water clastics in the Lower Cretaceous play which have gross mean prospective resources ranging from 182mmbbls to 350mmbbls in four prospects as described in the most recent audit by Netherland Sewell and Associates Inc. \nSeparately, Chariot has also identified the deep-water turbidite equivalent of these shallow-water clastics in a new large lead, Kenitra-A, which is partially covered by 3D seismic data and has a gross mean prospective resource of 464mmbbls as estimated by the Company. These prospects and leads all have Class III AVO seismic attributes that are supportive of the presence of hydrocarbons and the RD-1 well has the potential to further de-risk these targets. \nIn order to fully describe the Kenitra-A lead and to define prospectivity throughout this play, Chariot is pleased to announce that, in conjunct...