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Monday, November 18, 2013
Chariot Oil & Gas Ltd. has completed the reprocessing of 11,000 km of legacy 2D seismic data across all of its acreage offshore Morocco. The total amount of this work and the portion of it attributable to the Loukos, Casablanca/Safi and Rabat Deep licenses, exceed the initial commitment for each license during their current exploration phase.
The company said that the interpretation of the data has allowed for the optimization of its understanding of the acreage and a significant Mio-Pliocene lead has been identified in the Loukos block that will require 3D seismic data to develop it to drillable status. As a result, Chariot, through its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco), in conjunction with its partner ONHYM, has submitted an election to the Moroccan Ministry of Mines and Energy to enter into the First Extension Period in this license.
The next exploration period carries a 250 sq km of 3D seismic commitment through mid-January 2016 and Chariot expects to conduct this seismic acquisition program in 2014. The approval of this entry into the next period remains subject to the final approval of the Moroccan Ministry of Mines and Energy.
As previously reported Chariot’s Rabat Deep license has three years remaining in its initial exploration phase. In this region the company has described a material Jurassic carbonate prospect from the reprocessed 2D seismic data, which will need at least 500 sq km of 3D seismic to develop into a drillable target. There is also a Cretaceous turbidite play identified in this license area. Traps in this new play are complex and will require additional evaluation to determine the forward work program. The aim will be to acquire the Loukos and Rabat 3D seismic surveys in the same seismic campaign to optimize costs.
The company also reported that it would relinquish its Casablanca/Safi license to the government. Chariot said that while material potential has been described in the license within the Palaeozoic, it is Chariot’s view that the associated risk remains too high to justify the additional investment.
Larry Bottomley, CEO commented: “We are very encouraged by the potential identified in the Loukos block where we have described a material lead within a proven play system. This, as well as the Jurassic Carbonate prospect and the Cretaceous turbidite play identified in Rabat Deep, means that Chariot remains exposed to three petroleum systems offshore Morocco, two of which are proven, with the third currently being tested by third party drilling activities. In line with the strategy we set out this year, we are determined to apply strict capital discipline and focus our efforts on those assets that have the potential for delivering informational value. With this in mind, we chose to relinquish the Casablanca/Safi license as we decided that the balance between risk and potential was not in the best interest of our shareholders. We would like to thank ONHYM and the Ministry for their continued support and look forward to progressing our assets in Morocco.”
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