Operations Overview / Morocco

Morocco

Appraisal: A low cost gas development opportunity with significant upside
High Impact Exploration: Chasing a new petroleum system demonstrated by the Rabat Deep 1 well

Morocco

Low Risk Gas Appraisal

Lixus

Overview

The Lixus licence covers an area of approximately 2,390km2 , 30km north of Chariot’s existing Moroccan acreage, with water depths ranging from the coastline to 850m. The area has been subject to earlier exploration with legacy 3D seismic data covering approximately 1,425km2 and 4 exploration wells, including the Anchois gas discovery.

  • Anchois -1 gas discovery – 307 Bcf 2C, with deeper 116 Bcf 2U Prospective Resources
  • Material low risk exploration satellites with significant tie-back potential
  • Additional on-block, exploration prospective resource prospect inventory of >1 Tcf running room
  • World-class commercial contract terms with high gas prices in a developing market with growing energy demand offers a potentially high-value project
  • 3D Seismic reprocessing and evaluation to access the additional exploration potential of Lixus underway
  • Evaluation of the gas market, testing of development concepts and outreach for strategic partnerships and alliances to progress towards a development of the Anchois discovery ongoing
  • Future development is anticipated to deliver strong returns and significant cash flow

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The excellent quality reservoirs in the Anchois discovery offers the potential for high rate wells and the consequent possibility of a low-cost development. In combination with excellent commercial contract terms in a country with high gas prices in a developing market and growing energy demand, the Anchois discovery offers the potential for a material, high-value project.

Prospectivity

Contract Area

Licence
Interest

Ongoing commitments

Seismic Database

Priority Prospects

Approximate licence area (km2)

Lixus Chariot 75% (operator)

ONHYM 25% (carried interest)

2D & 3D reprocessing and interpretation 950km 2D 1425km2 3D 2C Resource of 307 Bcf in Gas Sand A and Gas Sand B

2U Prospective Resource of 116 Bcf in Gas Sand C (Anchois Deep), untested in the well

2,390

Strong Moroccan Gas Fundamentals

  • Bulk of power generation from imported coal, fuel oil and gas
  • Moroccan energy demand expected to double between 2015 and 2030
  • Current gas prices averaging 9.0 – 10.5 $/mscf

High Impact Exploration Assets

Mohammedia & Kenitra

Overview

The northern margin of Morocco is thought to be analogous to the conjugate Nova Scotia Basins where significant discoveries have been made in equivalent play systems to those that are present within Chariot’s licences, and currently being explored by third parties in the region.

  • Two licences positioned near to legacy light oil production and oil and gas condensate fields
  • Fast follower with a zero cost option chasing new petroleum system demonstrated in the Rabat Deep 1 well
  • Drill ready, transformational priority prospects MOH-B 637mmbbls and KEN-A 445mmbbls gross mean prospective resource
  • No remaining work programme commitments, partnering process underway

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Oil slicks, seeps and seismic direct hydrocarbon indicators (DHIs) within Chariot’s licences support the presence of a hydrocarbon system. The Company has identified potential within the proven Jurassic carbonate and Mio-Pliocene turbidite plays, as well as that of the yet to be proven Jurassic clastics.

Prospectivity

Chariot holds a diverse and comprehensive database comprising:

– 10,000km of 2D legacy seismic data
– 2,250 km and 2,700 km2 of proprietary 2D and 3D seismic data respectively
– A 4,000 km2 Multi-Beam Bathymetry Survey (MBES),
– 100 Seabed Geochemical Cores and data from the most recent well, Rabat Deep 1, that Chariot participated in during Q1 2018 with ENI and Woodside.

 

  • Geochemistry indicates the potential for a re-discovered petroleum system with hydrocarbon migration from a Cretaceous or younger source rock
  • Upper Jurassic reservoir quality sandstones and effective seal encountered in Rabat Deep 1 which supports the key play elements of the prospects in Mohammedia & Kenitra
  • MOH-B 637mmbbls is an attribute supported, 3-way dip and fault closed prospect in 400m WD targeting Upper Jurassic deltaic clastics and described by the 3D seismic programme acquired in 2017
  • KEN-A 445mmbbls is an attribute supported, Upper Jurassic clastic prospect in 750m WD defined by the 3D seismic programme acquired in 2017

Contract Area

Licence

Interest

Ongoing commitments

Seismic Database

Priority Prospects

Approximate licence area (km2)

Mohammedia & Kenitra Chariot 75% (operator)

‍ONHYM 25% (carried interest)

None: Drill Ready Mohammedia:
2245km 2D; 693km2 3D Kenitra:
710km2 3D
MOH-B: 637mmbbls
KEN-A: 445mmbbls
Mohammedia:
4,654
Kenitra:
1,400