Morocco - Operations

  • Three licences positioned near to legacy light oil production and oil and gas condensate fields
  • Rabat Deep 10%; Woodside 25%; Eni 40% (Op.)
  • Mohammedia 75% (Op.); ONHYM 25%
  • Kenitra 75% (Op.); ONHYM 25%
  • Fast follower with a zero cost option chasing proven plays
  • 1,700km2 3D seismic and coring programme acquired, processed and interpreted, no remaining commitments
  • Priority prospect JP-1 prospective resources of 768mmbbls* – to be drilled Q1 2018

Chariot’s offshore Moroccan licences are located near to historic onshore oil production, current onshore gas production and oil and gas condensate discoveries in both the offshore and onshore. Oil slicks, seeps and seismic direct hydrocarbon indicators (DHIs) within Chariot’s licences support the presence of a hydrocarbon system. Within its licences, the Company has identified potential within the proven Jurassic and Mio-Pliocene plays, as well as that of the yet to be proven Cretaceous. The northern margin of Morocco is thought to be analogous to the conjugate Nova Scotia Basins where significant discoveries have been made in the same play systems that are present within Chariot’s licences, and currently being explored by third parties in the region. Chariot is partnered in Rabat Deep with Woodside and, following the completion of the farm-out agreement, Eni.

Commercially, Morocco has some of the most competitive fiscal terms in the world that are supported by a robust regulatory framework and highly regarded state oil company, ONHYM, a partner in the licences (25% carried interest during the Exploration Phase). Since Chariot’s entry into the region, a number of industry players have also acquired acreage offshore and there has been significant third party activity.

*NSAI estimate of Gross Mean Prospective Resources

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