Chariot granted extension on Morocco licences

deepwater11 June 2013, News Wires – Chariot Oil & Gas has agreed on a six-month extension to a pair of licences off Morocco it bought close to the end of their first phase last October.

The London-listed Atlantic-margin focused explorer said that the pending extension would give it until January to decide on whether to enter the second phase at the Loukos and Casablanca/Safi licences.

Chariot Oil & Gas is reprocessing and interpreting 11,000 kilometres of 2D seismic data across its acreage offshore Morocco, including the licence pair.
The company acquired 75% operatorship stakes in the two licences from Maghreb Petroleum Exploration last October, with Morocco’s Office National des Hydrocarbures et des Mines holding onto the remaining 25%.

Both licences stretch from onshore out about 50 kilometres. The Loukos licence covers some 1925 square kilometres in water depths ranging from five metres to 110 metres.

The Casablanca/Safi licence is spread over 3500 square kilometres in water depths from five metres to 165 metres.

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