Chariot Oil & Gas Limited (LON:CHAR) has landed new acreage offshore Morocco, in the vicinity of its Anchois gas project.
The company told investors it has successfully negotiated terms for the area referred to as Rissana Offshore, and the formal award of a licence is expected in 2021.
It will own a 75% interest and will be the operator of the project, alongside state-firm ONHYM (Office National des Hydrocarbures et des Mines) which will retain the other 25% of the project.
READ: Chariot boosted by finance options for Anchois
Rissana spans some 8,476 square kilometres and completely surrounds the offshore boundaries of Chariot's existing Lixus Offshore licence, which is host to Anchois. The new acreage contains the most prospective parts of the previously held Mohammedia and Kenitra licences.
“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,” said Adonis Pouroulis, acting chief executive of Chariot in a statement.
“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," he added.
The acreage comes with initial minimum work commitments including a 2D seismic survey.