Chariot starts seismic campaign over new Moroccan permit

Oil and gas exploration company Chariot Oil & Gas has been awarded interest and operatorship of the Kenitra offshore exploration permit in Morocco and started a seismic campaign covering Mohammedia and Kenitra permits.  

Chariot said on Thursday that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Limited, holds the 75% operating interest in the permit in partnership with the Office National des Hydrocarbures et des Mines (ONHYM), which holds a 25% carried interest.

Kenitra, with an area of approximately 1,400 km2 and in water depths ranging from 200 m to 1,500 m, was formerly part of the Rabat Deep Offshore Exploration Permits I-VI, in which the company now has a 10% interest and a capped carry on the RD-1 well which is anticipated to be drilled in early 2018.

This acreage was recently relinquished, as required under the Moroccan Hydrocarbon Code, on the entry into the current license period of Rabat Deep. Kenitra is also adjacent to the company’s 75% interest in the Mohammedia Offshore Exploration Permits I-III.

Seismic program 

 

Through 3D seismic data acquired in 2014 on Mohammedia, Chariot identified the LKP group of prospects in the shallow-water clastics in the Lower Cretaceous play which have gross mean prospective resources ranging from 182 mmbbls to 350 mmbbls in four prospects as described in the most recent audit by Netherland Sewell and Associates Inc.

Separately, Chariot said it has also identified the deep-water turbidite equivalent of these shallow-water clastics in a new large lead, Kenitra-A, which is partially covered by 3D seismic data and has a gross mean prospective resource of 464mmbbls as estimated by the company. These prospects and leads all have Class III AVO seismic attributes that are supportive of the presence of hydrocarbons and the RD-1 well has the potential to further de-risk these targets.

In order to fully describe the Kenitra-A lead and to define prospectivity throughout this play, Chariot, in conjunction with its partner, ONHYM, has started its seismic acquisition campaign covering both Mohammedia and Kenitra. This acquisition, conducted by Polarcus, will enable the company to develop the portfolio of drillable prospects and potentially identify additional material prospectivity. In addition, this seismic campaign will fulfill the work commitment for the current license phase on both licenses, Chariot said.

Larry Bottomley, CEO commented: “This award allows us to capture the extension of the Lower Cretaceous play which spreads from Mohammedia into the Kenitra acreage. With our focus on de-risking our assets, Chariot will develop the drilling inventory on these permits through seismic acquisition which capitalizes on the current excellent seismic contract rates.

“The RD-1 well scheduled to be drilled in early 2018 on Rabat Deep has the potential to further de-risk the hydrocarbon charge system in the Cretaceous play in Kenitra and Mohammedia which has prospectivity in excess of a billion barrels in which the company holds 75% equity.”

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