The Rabat Deep, located 50km offshore in water depths ranging from 150m to 3,500m, covers an area of 10,782km².
With the new acquisition, the company now has a total of 16,207km² acreage in offshore Morocco.
3D seismic survey has not been acquired in the block and only one well has been drilled in the area, however an extensive mobile salt basin has been identifed identified in the block.
The salt basin lies adjacent to a carbonate platform with large potential reef geometries at the platform edge and plays have been identified both in this carbonate platform as well as in Cretaceous sandstones overlying the salt.
Under the contract, which consists of an initial three year period, Chariot will reprocess existing 2D seismic data sets and it will carry out an additional 1,000km 2D seismic survey.
If the results of of the initial work program are positive, the company will move forward into subsequent phases of the agreement which includes the acquisition of 3D seismic data and undertaking of exploration drilling activities.
Chariot CEO Paul Welch said that Morocco is a very desirable location for oil and gas exploration and the company is very pleased to have acquired this additional acreage.
"We now have a significant holding in this highly prospective province and we look forward to developing its potential," Welch added.
The deal is subject to official approval and the company will be partnered with the Office National des Hydrocarbures et des Mines (ONHYM), the national oil company of Morocco, which will hold a 25% carried interest in the project.
