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(Sharecast News) - Africa-focussed energy company Chariot Oil & Gas has negotiated the key terms of a new licence in Morocco, it announced on Monday, the 'Rissana Offshore' licence.
The AIM-traded firm said the formal award was expected in 2021, and would be subject to the usual Moroccan regulatory procedures and approvals.
It said a 75% interest and operatorship of the Rissana licence would be awarded to a wholly-owned subsidiary of Chariot, in partnership with the Office National des Hydrocarbures et des Mines (ONHYM), which would hold a 25% interest.
Rissana, with an area of 8,476 square kilometres, would "completely surround" the offshore boundaries of Chariot's existing Lixus Offshore licence, which contains the Anchois Gas Discovery, as well as covering the most prospective northern areas of the previously-held Mohammedia Offshore and Kenitra Offshore licences.
The Mohammedia and Kenitra licences had been relinquished by Chariot and ONHYM, to allow the incorporation of prospective areas already covered by 3D seismic data into the Rissana licence.
Chariot said the licence would provide material potential running room in various plays, including the Mio-Pliocene gas play surrounding the Lixus licence, and on-trend with the Anchois Gas Discovery.
The initial minimum licence commitment would be the acquisition of a 2D seismic survey over a portion of the acreage, which the board said would help to evaluate the extension and potential of these gas plays across Rissana.
"Whilst 2020 has been a challenging year for many, we believe that Chariot is exiting the year in a very strong position," said acting chief executive officer Adonis Pouroulis.
"With the anticipated formal award of the Rissana licence expected in 2021, we have shown Chariot's strong commitment to both the Anchois gas project as well as to Morocco."
At 1445 GMT, shares in Chariot Oil & Gas were down 3% at 8.4p.
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