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Chariot Oil & Gas expands Morocco portfolio


Published Oct 12, 2012
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Chariot Oil & Gas Limited

Chariot Oil & Gas Limited says that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd., has entered into an agreement with Maghreb Petroleum Exploration S.A. (MPE) whereby MPE will transfer its 75% ownership and operational interests in two of its offshore licences, Loukos and Casablanca/Safi, to Chariot.

In exchange, Chariot will take on the work commitments and obligations of the initial exploration phase for each licence. This transfer remains subject to the approval of the Moroccan authorities before it becomes effective.

On approval, Chariot will hold a 75% equity interest in the Loukos and Casablanca/Safi exploration permits with the Office National des Hydrocarbures et des Mines (ONHYM) holding the other 25%.

Tags: Chariot Oil & Gas Limited




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