LONDON – Chariot Oil & Gas Investments (Morocco) Ltd. has agreed with Maghreb Petroleum Exploration S.A. to take 75% ownership and become operator of the Loukos and Casablanca/Safi blocks offshore Morocco.
Upon approval, Chariot (AIM:CHAR) will hold 75% of the equity with Office National des Hydrocarbures et des Mines holding the remainder.
Loukos license is 1,925 sq. km (743 sq. mi) in size and extends from the coast to some 50 km (31 mi) offshore with water depths between 5 m and 110 m 16 ft. and 361 ft.). The Casablanca/Safi license is 3,500 sq. km (1,351 sq. mi) in size and is similarly situated to Loukos in terms of its extent offshore with water depths between 5 m and 165 m (541 ft.).
Following approval, Chariot will be required to reprocess 835 km (519 mi) of 2D seismic data within the Loukos license and 1,200 km (746 mi) of 2D seismic data within the Casablanca/Safi license, within six months. Once complete, Chariot will have the option to move into further exploration involving the acquisition of 3D seismic data and subsequent exploration drilling.