Chariot Oil and Gas acquires offshore Morocco projects
Chariot Oil & Gas has become the latest Oil and Gas company to invest in Morocco. it has increased its West African exploration portfolio with the acquisition of stakes in two offshore licences in Morocco.
Source : https://www.marocafrik.com/english/Chariot-Oil-and...
Chariot is acquiring a 75% interest in the Loukos and Casablanca/Safi licences, which are both partnerships with the Moroccan authorities which own the other 25%.
"In line with our strategy, Chariot has continued to seek out underexplored highly prospective opportunities with the intention of maturing them into drillable oil prospects,” said chief executive Paul Welch.
“The Loukos and Casablanca areas have been of interest to Chariot for some time and we are pleased to have these additional assets, which we consider to hold significant potential, as part of our broader West African portfolio.“We look forward to evaluating and developing this valuable acreage alongside our new partner."
Loukos spans 1,925 square kilometres, extending from the coast to around 50km offshore in water depths ranging from 5 and 110 metres. The larger Casablanca licence spans 3,500 sq km, and it is in a similar setting to Loukos.
Under its work commitments Chariot must re-process 835km if 2D seismic at Loukos and 1,200 km for Casablanca within a six month period.
It will then have the option to move forward into the next phase of exploration which would involve 3D seismic and subsequently exploration drilling.
Chariot joins Cairn Energy and Genel Energy who recently invested in oil and gas exploration in Morocco.
Morocco has the most attractive investment incentives fro oil and gasexploration in the world including an initial 10-year tax exemption and oil and gas royalty rates that do not exceed 10% or 5%, respectively. in response some 30 foreign firms, including the US-based Anadarko Petroleum and Spain-based Repsol, began conducting surveys in on- and offshore blocks earlier this year, according to Oxford Business Group.
"In line with our strategy, Chariot has continued to seek out underexplored highly prospective opportunities with the intention of maturing them into drillable oil prospects,” said chief executive Paul Welch.
“The Loukos and Casablanca areas have been of interest to Chariot for some time and we are pleased to have these additional assets, which we consider to hold significant potential, as part of our broader West African portfolio.“We look forward to evaluating and developing this valuable acreage alongside our new partner."
Loukos spans 1,925 square kilometres, extending from the coast to around 50km offshore in water depths ranging from 5 and 110 metres. The larger Casablanca licence spans 3,500 sq km, and it is in a similar setting to Loukos.
Under its work commitments Chariot must re-process 835km if 2D seismic at Loukos and 1,200 km for Casablanca within a six month period.
It will then have the option to move forward into the next phase of exploration which would involve 3D seismic and subsequently exploration drilling.
Chariot joins Cairn Energy and Genel Energy who recently invested in oil and gas exploration in Morocco.
Morocco has the most attractive investment incentives fro oil and gasexploration in the world including an initial 10-year tax exemption and oil and gas royalty rates that do not exceed 10% or 5%, respectively. in response some 30 foreign firms, including the US-based Anadarko Petroleum and Spain-based Repsol, began conducting surveys in on- and offshore blocks earlier this year, according to Oxford Business Group.
Source : https://www.marocafrik.com/english/Chariot-Oil-and...