Chariot Oil & Gas takes on Moroccan oil prospects

Chariot Oil and Gas, the Africa focused commodities explorer, said it had acquired two prospective blocks off the coast of Morocco.

Chariot Oil and Gas, the Africa focused commodities explorer, said it had acquired two prospective blocks off the coast of Morocco.

The company has struck a deal with Maghreb Petroleum Exploration whereby the latter will transfer its 75% ownership and operational interests in the Loukos and Casablanca/Safi blocks to Chariot.

In exchange, Chariot will take on the work commitments and obligations of the initial exploration phase for each licence.

The company said it intended to apply "modern exploration techniques to the results of previous exploration work".

Chief Executive Paul Welch said the Loukos and Casablanca areas had been of interest to Chariot for some time.

"We consider [them] to hold significant potential," he said.

Once the deal is approved by Moroccan authorities, Chariot will hold a 75% equity interest in the two exploration permits, with the Office National des Hydrocarbures et des Mines holding the other 25%.

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, 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.

Recommended

Share tips of the week - 12 August
Share tips

Share tips of the week - 12 August

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
12 Aug 2022
Britain’s ten most-hated shares – w/e 9 August
Stocks and shares

Britain’s ten most-hated shares – w/e 9 August

Rupert Hargreaves looks at Britain's ten most-hated shares, and what short-sellers are looking at now.
10 Aug 2022
Aviva: One for income investors to tuck away
Share tips

Aviva: One for income investors to tuck away

Insurance giant Aviva is one of the highest yielding stocks in the FTSE 100 – and it’s cheap, too, making it a tempting target for income investors. R…
10 Aug 2022
Director dealings w/e 5 August: what company insiders are buying and selling
Stocks and shares

Director dealings w/e 5 August: what company insiders are buying and selling

Directors’ share dealings can often give investors an insight into the sentiment of company insiders. Here are some of the biggest deals by company di…
9 Aug 2022

Most Popular