Chariot reviews offshore Morocco operations after Woodside declines Rabat Deep operatorship

Offshore staff

LONDON – In a review of its offshore Morocco operations, Chariot Oil and Gas Ltd. (LON:CHAR) said that Woodside has elected not to take operatorship and fund the drilling of an exploration well in the Rabat Deep permit. As a result, Chariot will remain operator with a 50% equity interest, with Woodside retaining a 25% equity interest and ONHYM a 25% carried interest. Chariot will continue to seek another partner to participate in Rabat Deep drilling.

Chariot also said the interpretation of prestack time migrated 3D data has generated several material prospects within the Loukos and Mohammedia licenses, including the JP-2 prospect in the Jurassic play. Recent work has also identified further oil-prone prospectivity within the Neogene.

In line with Chariot’s focus on risk management, partners will be sought for these licenses to either participate in the drilling of the prospects already located, or to further the 3D seismic campaign across the permits.

04/22/2015

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