Africa focused energy company Chariot Oil & Gas announced that it has negotiated the key terms of a new licence, Rissana offshore in Morocco, Africa.

Subject to the normal Moroccan regulatory procedures and approvals, the formal award of the licence is expected to occur next year.

Chariot’s wholly owned subsidiary will be awarded a 75% stake and operatorship of the Rissana licence  and the remaining 25% interest will be owned by Office National des Hydrocarbures et des Mines (ONHYM).

Rissana offshore surrounds Lixus offshore licence’s boundaries

Covering an area of 8,476km2, Rissana offshore will completely surround the offshore boundaries of Chariot’s existing Lixus offshore licence that covers approximate an area of 2,390km2.

The Lixus licence includes the Anchois gas discovery, the most prospective northern areas of the previously held Mohammedia Offshore Licence and Kenitra Offshore Licence.

Additionally, both the Mohammedia and Kenitra licences have been relinquished by Chariot and ONHYM to allow incorporation of prospective areas which are already covered by 3D seismic data into the Rissana licence.

Chariot Oil & Gas acting CEO Adonis Pouroulis said: “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.

“I would like to personally thank ONHYM for their significant support over the year and we look forward to a highly active 2021 that will see us drive the Anchois development towards near term cashflows.

“We also anticipate completing Chariot’s full transformation to an energy transition group with the introduction of exciting new ventures in the New Year, which we look forward to updating our investors on in due course.”

The company said that the minimum initial licence commitment will be a 2D seismic survey over a portion of the acreage to evaluate the extension and potential of the gas plays across Rissana.