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Friday, June 17, 2016
Chariot Oil & Gas was awarded a 75% stake in the Mohammedia Offshore Exploration Permits I-III by Morocco’s state-run oil and gas firm ONHYM. The acreage covered under the permits was formerly the Mohammedia Reconnaissance License.
The Mohammedia permits sit in the nearshore and cover an area of approximately 4,600 sq km with water depths less than 500 meters. They are adjacent to the company’s Rabat Deep Offshore Exploration Permits on which Chariot recently announced success in partnering.
While a reconnaissance license, Chariot acquired around 375 sq km in 2014, from which a number of prospects were identified in the Eo-Oligocene (EOP-1 & 2), Lower Cretaceous (LKP-1a,1b,2a,&2b), and the Jurassic (JP-2). The prospects have gross mean prospective resources for ranging from 50 million barrels to 289 million barrels as audited by Netherland Sewell and Associates Inc.
The Jurassic carbonate shelf-edge system that makes up the JP-1 prospect in the neighboring Rabat Deep license has been interpreted to lie along the western margin of the Mohammedia permits. This carbonate shelf-edge appears to act as a structural control on the overlying Early Cretaceous shelf margin with the LKP prospects resulting from the deposition of interpreted shallow-water deltaic clastics.
Both the Eo-Oligocene and Lower Cretaceous prospects have seismic attributes that could be indicative of hydrocarbons. Chariot has committed to the acquisition of 250 sq km of 3D seismic data which will be acquired where the LKP prospects extend outside the current 3D seismic data.
The bulk of the Mohammedia area currently has little seismic coverage. The company has also committed to acquire a minimum of 2,000 km of 2D seismic over the rest of the license to identify the nature and extent of the play systems in this underexplored region. Both of these 2D and 3D seismic programs are likely to be acquired in 2017.
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