Exploration Detail - Morocco

Chariot’s blocks of interest, Mohammedia and Kenitra, are located offshore northern Morocco, part of the Central Atlantic passive margin.

  • The Atlantic passive margin geology is superimposed upon pre-existing Palaeozoic basins which are prolific hydrocarbon producers to the east in Algeria and which are proven effective in parts of Morocco
  • Offshore Morocco is underexplored in terms of drilling with only 42 wells having been drilled since 1968, 29 of which were drilled prior to 2003. These were primarily aimed at testing Jurassic carbonate objectives on the shelf
  • Results of pre-2003 drilling included the discovery of the Cap Juby field and oil and gas shows were encountered in several other wells. Analysis of the success and failures of these wells has indicated that there remains several viable petroleum systems with good hydrocarbon potential in the sedimentary basins
  • Post 2003 discoveries include that of a significant gas discovery by Repsol, in the Anchois-1 well, in close proximity to Chariot’s acreage
  • While the Rabat Deep 1 well was unsuccessful, geochemical analysis of hydrocarbons extracted from sidewall cores indicates the potential for hydrocarbon migration from a Cretaceous or younger source rock, which would represent a new petroleum system for offshore Morocco.
  • Regional source rocks are recognised in the Jurassic and Cretaceous as well as in the Palaeozoic and hydrocarbon discoveries in Morocco and have been tied geochemically to all of these source rock levels
  • Chariot’s acreage offers the potential for prospectivity in several of the proven plays in Morocco, including large Jurassic carbonate features that may be reefal, Jurassic sandstone plays and Tertiary shallow gas targets

In Mohammedia, priority target MOH-B is located in water depths of approximately 400m adjacent to modelled mature source kitchens. This prospect, with a Gross Mean Prospective resource of 637mmbbls*, is targeting Upper Jurassic sandstones that were encountered in the Rabat Deep 1 well with excellent reservoir properties. The well also encountered an effective seal which significantly de-risks the clastic prospects and leads identified in the Mohammedia and Kenitra licences.

Chariot has interpreted both 2D and 3D seismic data acquired during 2017 over Mohammedia and Kenitra to investigate the extent of the prospectivity in this new play identified from the Rabat Deep 1 well – Upper Jurassic clastic prospects charged from the world-class Cretaceous source rocks of Cenomanian-Turonian age matured by burial below the Alpine fold-belt. The Company has identified an inventory of prospects in this play, which are supported by seismic anomalies calibrated to the Rabat Deep 1 well which are consistent with the presence of hydrocarbons.

Chariot is targeting the drilling of the Mohammedia licence prospect MOH-B, which has a gross mean prospective resource of 637 mmbbls* in 2 targets as part of a larger portfolio in the Mohammedia and Kenitra licences totalling 2.4 billion barrels* of gross mean prospective resources. A partnering process has been initiated and drilling preparations have begun.

As a fast follower, Chariot has accumulated important information from wells drilled over the last 18 months in Morocco, which has served to prove that the Jurassic in the offshore can have excellent reservoirs and has confirmed the presence of a light oil charge. However, drilling targeting the Cretaceous in a deep water depositional environment has yet to demonstrate reservoir which is illustrative of the benefit of the fast-follower strategy and Chariot will wait for further evidence to support the oil generation of this play prior to investing in it.

* Netherland Sewell and Associates Inc. (’’NSAI’’) estimate of Gross Mean Prospective Resources

 

Forward Plan:

  • Drill (subject to acquiring partners and funding)

Remaining Commitments:

  • No remaining commitments

 

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