Chariot Oil & Gas Ld Morocco Update (0144X)
16 February 2017 - 6:00PM
UK Regulatory
TIDMCHAR
RNS Number : 0144X
Chariot Oil & Gas Ld
16 February 2017
16 February 2017
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Award of Kenitra Offshore Exploration Permit and Commencement of
Seismic Programme, Offshore Morocco
Chariot 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.
Portfolio management: new exploration permit
Kenitra, with an area of approximately 1,400km(2) 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").
De-risking: seismic programme
Through 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.
Separately, 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.
In order to fully describe the Kenitra-A lead and to define
prospectivity throughout this play, Chariot is pleased to announce
that, in conjunction with its partner, ONHYM, it has commenced its
seismic acquisition campaign covering both Mohammedia and Kenitra.
This acquisition, conducted by Polarcus, will enable the Company to
develop the portfolio of drillable prospects and potentially
identify additional material prospectivity. This seismic campaign
will fulfil the work commitment for the current licence phase on
both licences.
Larry Bottomley, CEO commented:
"In line with our strategy we continue to manage our portfolio
proactively. This award allows us to capture the extension of the
Lower Cretaceous play which spreads from Mohammedia into the
Kenitra acreage. With our focus on de-risking our assets, Chariot
will develop the drilling inventory on these permits through
seismic acquisition which capitalises on the current excellent
seismic contract rates.
The RD-1 well scheduled to be drilled in early 2018 on Rabat
Deep has the potential 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 in which the Company
holds 75% equity.
"We would like to thank the Ministry for their support in
awarding this licence and we look forward to continuing our
successful partnership with ONHYM and progressing exploration over
this area."
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Qualified Person Review
This release has been reviewed by Duncan Wallace, Exploration
Manager of Chariot, who is a petroleum geologist with over 15
years' experience in petroleum exploration, MSc in Petroleum
Geology from Imperial College and a member of the Petroleum
Exploration Society of Great Britain. Mr Wallace has consented to
the inclusion of the technical information in this release in the
form and context in which it appears.
For further information please
contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
finnCap (Nominated Adviser
and Joint Broker)
Matt Goode, Christopher Raggett +44 (0)20 7220 0500
Peel Hunt (Joint Broker)
Richard Crichton, Ross Allister +44 (0)20 7418 8900
EMC(2) Advisory (IR/PR contact)
Natalia Erikssen +44 (0)78 0944 0929
NOTES TO EDITORS
About Chariot
Chariot Oil & Gas Limited is an independent oil and gas
exploration group. It holds licences covering four blocks in
Namibia, three blocks in Morocco and four licences in the
Barreirinhas Basin offshore Brazil. All of these blocks are
currently in the exploration phase.
The ordinary shares of Chariot Oil & Gas Limited are
admitted to trading on the AIM Market of the London Stock Exchange
under the symbol 'CHAR'.
This information is provided by RNS
The company news service from the London Stock Exchange
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