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Sunday, February 19, 2017
Chariot Oil & Gas’ wholly-owned subsidiary, Chariot Oil & Gas Investments (Morocco), was awarded a 75% stake and operatorship of the Kenitra Offshore Exploration Permit off the coast of Morocco. ONHYM, Morocco’s state-run firm, will hold the remaining 25% on a carried basis.
The Kenitra was formerly part of the Rabat Deep Offshore Exploration Permits I-VI, in which Chariot now holds a 10% interest and a capped carry on the RD-1 well. The well is expected to spud in early-2018.
This acreage was recently relinquished, as required under the Moroccan Hydrocarbon Code, on the entry into the current license period of Rabat Deep. Kenitra is also adjacent to the company’s 75% interest in theMohammedia Offshore Exploration Permits I-III. Chariot has identified the LKP group of prospects in the shallow-water clastics in the Lower Cretaceous play through seismic. They have a gross mean prospective resources ranging from 182 million barrels to 350million barrels 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 464million barrels 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 derisk the Kenitra-A lead and to define prospectivity throughout this play, Chariot announced 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 license phase on both licenses.
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