Chariot Gets New Morocco Block

London AIM-listed Chariot Oil & Gas said February 16 it has been awarded a 75% interest and operatorship of the Kenitra Offshore exploration permit, in partnership with state-owned upstream firm Office National des Hydrocarbures et des Mines (ONHYM) which holds a 25% carried interest.

The permit covers 1,400 km² in water depths ranging from 200 metres to 1,500 metres. It was formerly part of the Eni-operated Rabat Deep Offshore exploration permits I-VI ("Rabat Deep"), where Chariot farmed down its interest to Eni but retains 10% and where the RD-1-well is to be drilled in early 2018.

Kenitra is also adjacent to Chariot’s 75% interest in the Mohammedia Offshore permits I to III.

Blocks offshore northwest Africa have oil and gas potential, but Chariot said the main target of the RD-1 well is to “further de-risk the hydrocarbon charge system in the Cretaceous play in Kenitra and Mohammedia which has prospectivity in excess of a billion barrels” liquids (Chariot share: 75%).

UK-based Gulfsands Petroleum said February 15 it had been awarded an extension to its onshore Moulay Bouchta petroleum agreement, together with a revised work programme, initially of $2.5mn to June 19 2017 that includes acquisition of 200 km 2D seismic. The company on February 16 finalised a secured term facility of up to £4mn ($5mn), priced at 7%/yr, with its major shareholders: Waterford Finance & Investment, Blake Holdings, and ME Investments.

Mark Smedley