Chariot Agreed License Extension for Offshore Morocco

Source: www.gulfoilandgas.com 6/11/2013, Location: Africa

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas exploration company, announces that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Limited, has agreed with the Office National des Hydrocarbures et des Mines (ONHYM) a six month extension for the first phase of exploration on its Loukos, Casablanca and Safi licences, offshore Morocco, which will be valid until 11 January, 2014. The award of this extension remains subject to the final approval of the Moroccan Ministry of Mines and Energy and the Ministry of Finance.

In order to ensure that the Company has time to gain the best possible description of its licences prior to moving into the next phase of exploration, Chariot is reprocessing and interpreting 11,000km of 2D seismic data across all of its acreage offshore Morocco. Both the total amount of this work and the portion of it attributable to the Loukos, Casablanca and Safi licences exceeds the initial commitment within these licence areas during this phase. Whilst the Company's Rabat Deep licence has an initial exploration period of three years, the Loukos, Casablanca and Safi licences were transferred to the Company, as detailed in October last year, with six months left in the initial phase. As a result, Chariot (75%) and its partner ONHYM (25%) will enter into the extension on these licences to allow adequate time to undertake this work and optimise the understanding of the acreage. Once complete, this will enable Chariot to determine the next steps on these licences.

Larry Bottomley, CEO commented:
"We would like to thank ONHYM and the Ministry for their continued support and look forward to progressing these assets."

For more information about related Opportunities and Key Players visit North Africa Projects


Brazil >>  8/3/2022 - Petrobras, following up on the release disclosed on 01/29/2021, informs that yesterday it has finalized the sale of all its stakes in the producing fi...
South Korea >>  8/3/2022 - The MunmuBaram project off the south-east coast of South Korea is one of the biggest planned floating wind farms in the world and is set to play a sig...

United Kingdom >>  8/3/2022 - Orcadian Energy (AIM:ORCA), the low-emissions North Sea oil and gas development company, is pleased to announce that, further to the announcement of 1...
United States >>  8/3/2022 - Enterprise Products Partners L.P. (EPD) announced three organic growth projects to expand its footprint in the Permian Basin to support ongoing produc...

Nigeria >>  8/1/2022 - Panoro Energy ASA is pleased to announce the declaration of its first dividend (the "Dividend") following recent completion of the transaction to dive...
Russia >>  8/1/2022 - Baker Hughes (BKR) has signed an agreement to sell its Oilfield Services business in Russia (“OFS Russia”) to its local management team. The agreement...

Related Categories: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 

Related Articles: Accounting, Statistics  Acquisitions and Divestitures  Asset Portfolio Management  Economics/Financial Analysis  General  Industrial Development  Insurance  Investment  Mergers and Acquisitions  Risk Management 


Gulf Oil and Gas
Copyright © 2021 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.