Chariot Oil & Gas Ld Mohammedia update (3352B)
June 16 2016 - 2:00AM
UK Regulatory
TIDMCHAR
RNS Number : 3352B
Chariot Oil & Gas Ld
16 June 2016
16 June 2016
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Award of Mohammedia Offshore Exploration Permits I - III,
Morocco
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas exploration company, is pleased to announce
that its wholly owned subsidiary, Chariot Oil & Gas Investments
(Morocco) Limited, has been awarded a 75% interest and operatorship
of the Mohammedia Offshore Exploration Permits I - III
("Mohammedia"), Morocco in partnership with the Office National des
Hydrocarbures et des Mines ("ONHYM") which holds a 25% carried
interest. The Mohammedia permits sit in the nearshore and cover an
area of approximately 4,600km(2) with water depths less than 500m.
They are adjacent to the Company's Rabat Deep Offshore Exploration
Permits on which Chariot recently announced success in
partnering.
The Mohammedia area contains a number of proven and potential
play systems. Chariot had acquired approximately 375km(2) of 3D
seismic data in 2014 in the precursor Mohammedia Reconnaissance
licence from which the Company identified prospects in the
Eo-Oligocene (EOP-1 & 2), Lower Cretaceous
(LKP-1a,1b,2a,&2b) and the Jurassic (JP-2) with gross mean
prospective resources for individual prospects ranging from
50mmbbls to 289mmbbls as audited by Netherland Sewell and
Associates Inc.. The Jurassic carbonate shelf-edge system that
makes up the JP-1 prospect in the neighbouring Rabat Deep licence
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 250km(2) 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
2000km of 2D seismic over the rest of the licence to identify the
nature and extent of the play systems in this underexplored region.
Both of these 2D and 3D seismic programmes are likely to be
acquired in 2017.
Larry Bottomley, CEO commented:
"Chariot is pleased to be able to convert the Mohammedia
Reconnaissance licence into exploration permits as a result of the
technical de-risking gained from our 2014 3D seismic campaign in
Morocco.
"The Company intends to mature the prospectivity in the
Mohammedia permits through the acquisition of additional seismic
programmes. We also have the potential to realise additional
de-risking of the petroleum system from the drilling of the JP-1
prospect in the neighbouring Rabat Deep permits. Chariot has
previously announced partnering on Rabat Deep in which the Company
will retain 10% equity for a carry in JP-1 to a cap in excess of
expected well cost which we anticipate to occur in 2017.
"We would like to thank the Ministry for their cooperation in
securing this licence and we look forward to continuing to work
with our partner ONHYM on progressing exploration over this
area."
For further information please
contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
finnCap (Nominated Adviser
and Joint Broker)
Matt Goode, Christopher Raggett +44 (0)20 7220 0500
Peel Hunt (Joint Broker)
Richard Crichton, Ross Allister +44 (0)20 7418 8900
EMC(2) Advisory (Media Contact)
Natalia Erikssen +44 (0)78 0944 0929
NOTES TO EDITORS
About Chariot
Chariot Oil & Gas Limited is an independent oil and gas
exploration group. It holds licences covering four blocks in
Namibia, two blocks in Morocco and four licences in the
Barreirinhas Basin offshore Brazil. All of these blocks are
currently in the exploration phase.
The ordinary shares of Chariot Oil & Gas Limited are
admitted to trading on the AIM Market of the London Stock Exchange
under the symbol 'CHAR'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCMMGMVGKZGVZZ
(END) Dow Jones Newswires
June 16, 2016 02:00 ET (06:00 GMT)