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Wednesday, August 2, 2023
Chariot Limited has signed a Petroleum Agreement for a new exploration license, Loukos Onshore, located onshore Morocco. The company will hold a 75% interest in, and operatorship of, the Loukos license in partnership with the Office National des Hydrocarbures et des Mines (ONHYM) which will hold a 25% interest.
Loukos covers an approximate area of 1,371 sq km and is adjacent to Chariot’s Lixus and Rissana offshore licenses, with the former containing the significant Anchois gas discovery and development project (Anchois).
A detailed evaluation has already commenced, based on existing modern 3D seismic data of 150 sq km and on-block wells, identifying 1) overlooked, shallow, conventional gas play, which has already produced gas in other areas onshore Morocco, and which is geologically similar to Chariot’s offshore projects including the adjacent Anchois gas discovery, and 2) multiple low risk gas prospects, supported by characteristic seismic attributes, with gas and reservoir proven by previously drilled wells which targeted deeper different prospects.
It is the intention to drill priority targets identified, with drill rigs available in country. The company says Loukos has the potential to deliver early gas sales due to the proximity to a significant and undersupplied industrial gas market, with further potential development synergies through the location of the planned Anchois processing facility and pipelines being situated on-block.
The minimal license commitments comprise re-processing of existing 2D and 3D seismic data and desktop studies, which will help to fully evaluate the potential of the Loukos license, including other plays and areas outside of that covered by existing 3D seismic data.
Mrs Amina Benkhadra, General Director Office National des Hydrocarbures et des Mines, commented: “We are pleased to have signed this Petroleum Agreement with Chariot. They have a substantial understanding and knowledge of this basin from their extensive exploration in the area and we look forward to their ongoing work and progress with a view to accelerating the supply of gas to the Moroccan markets.”
Duncan Wallace, Chariot Technical Director, commented: “This onshore license is a natural fit with our existing acreage in Morocco. Loukos has significant read through from the prospectivity we see offshore, with a common geological setting extending from our Lixus license and the onshore operating environment offering a significantly lower cost development and an attractively priced domestic industrial market ready to serve.
“The Company has already high-graded a range of targets on the 3D seismic data set, and further to our recent fundraise we plan to drill near-term to look to accelerate the supply of gas directly to domestic industries through various routes, including leveraging our new partnership with Vivo Energy. In securing the Loukos license, we have continued to build on our unique position within a basin-scale opportunity and we are committed to developing this asset as quickly as possible.”
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