Proactive Investors - Run By Investors For Investors

Chariot Oil & Gas: Rabat Deep exploration well kicks off

It kicks off a potentially high impact exploration programme offshore Morocco

Chariot Oil & Gas Limited (LON:CHAR) told investors that the Rabat Deep exploration well is now underway.

The company owns a 10% stake in the exploration project, offshore Morocco, where the Saipem 12000 drillship is now drilling.

READ: Chariot Oil & Gas raises US$15mln to advance Namibia drill programme

Operations are due to take around 50 days. It is targeting the JP-1 exploration prospect which is described as a large, four-way dip closed structure spanning 200 square kilometres areal extent. The target is estimated at 768mln barrels (gross mean prospective resource).

Chariot, as a result of its farm-out deal with ENI, has a ‘capped carry’ on the costs of the exploration well.

ENI is the project operator, holding 40% of the project, alongside Woodside Energy and state-owned ONHYM which each own 25%.

View full CHAR profile View Profile

Chariot Oil and Gas Timeline

Related Articles

oil and gas operations
February 12 2018
Starting in March, the company is planning a three-well workover programme which will be followed by four new exploration wells.
Oil rig drilling
October 19 2017
In a trading update in May, the AIM-listed firm said discussions over contracts are taking longer than expected to conclude, although it still anticipated orders under negotiation will come through in its financial year ending in June 2018
Greka drill unit
August 16 2017
The AIM-quoted China-focussed well driller has been boosted by new deals with PetroChina.

No investment advice

The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is suitable or advisable for any specific person. You further understand that none of the information providers or their affiliates will advise you personally concerning the nature, potential, advisability, value or suitability of any particular security, portfolio of securities, transaction, investment strategy, or other matter.

You understand that the Site may contain opinions from time to time with regard to securities mentioned in other products, including company related products, and that those opinions may be different from those obtained by using another product related to the Company. You understand and agree that contributors may write about securities in which they or their firms have a position, and that they may trade such securities for their own account. In cases where the position is held at the time of publication and such position is known to the Company, appropriate disclosure is made. However, you understand and agree that at the time of any transaction that you make, one or more contributors may have a position in the securities written about. You understand that price and other data is supplied by sources believed to be reliable, that the calculations herein are made using such data, and that neither such data nor such calculations are guaranteed by these sources, the Company, the information providers or any other person or entity, and may not be complete or accurate.

From time to time, reference may be made in our marketing materials to prior articles and opinions we have published. These references may be selective, may reference only a portion of an article or recommendation, and are likely not to be current. As markets change continuously, previously published information and data may not be current and should not be relied upon.

© Proactive Investors 2018

Proactive Investor UK Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use