The company’s wholly-owned subsidiary Chariot Oil & Gas Investments won the Mohammedia Reconaissance licence in partnership with state-owned Office National des Hydrocarbures et des Mines (ONHYM).
The licence is near Chariot’s existing Loukos and Rabat Deep licences and covers an area of 4600 square kilometres.
Chariot has identified a significant Mio-Pliocene lead in the Loukos licence which extends into Mohammedia following the reprocessing of 2D seismic.
The company dropped the parts of the Loukos licence which were not prospective and instead took a stake in the Mohammedia.
Chariot has awarded a contract to Dolphin Geophysical to carry out a 3D seismic programme across three of its licences using the Sanco Swift vessel. It is set to start in early April.
Carrying out the seismic will satisfy all of the commitments across the company’s Moroccan licences for their exploration periods.
Once it is complete, Chariot will be able to enter a full exploration permit with ONHYM for the Mohammedia area.
The award is still subject to final approval.