Morocco: Chariot Oil & Gas announces first semester of intense activity on assets

(Ecofin Agency) – Chariot Oil & Gas Ltd, a UK oil and gas company, hopes to finalize in the first half of 2015 the interpretation of its 3D seismic data to undergoe an independent audit of the potential of Loukos and Mohammedia licenses without delay.
In an official update on February 12, Chariot revealed these activities, which are part of a program that would include the audit of Rabat Deep licenses covering 10’782 km2 in which the Australian giant Woodside acquired a 25% interest.
The oil and gas exploration company, listed in London, plans to spend $ 2 million on its activities and the acquisition and processing of 3D data in Morocco in 2015.
Chariot Oil & Gas Ltd plans to invest approximately $ 26.1 million in the development of its overall portfolio during the year, including $ 5.8 million in the 2D seismic survey in Namibia and $ 2 million in Mauritania.
Increasingly, Morocco has been attracting foreign investment by way of exploration and drilling of its offshore resources. Circle Oil, another UK oil and gas company has been operating on Moroccan territory for the past year and has already uncovered fossil fuels in 3 of the six wells it operates. Circle Oil had also been active in Tunisia, in a joint project with Saudi company PetroSaudi International.

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