Chariot Limited Secures New Gas Exploration License in Morocco’s Loukkos Region

A subsidiary of Chariot Limited, which will execute this permit, will hold a 75% stake, against 25% for the National Office of Hydrocarbons and Mines (ONHYM). Covering an area of approximately 1,371 km², the Loukkos permit is adjacent to the Lixus and Rissana offshore licenses obtained by Chariot for the discovery and development of the Anchois gas, reports Medias24.

The site has already been the subject of a preliminary assessment, based on existing 3D seismic data of 150 km², a Chariot Limited press release states, revealing the existence "of a conventional, shallow and neglected gas zone that has already produced gas in other onshore areas in Morocco, and which is geologically similar to Chariot’s offshore projects, including the adjacent Anchois gas discovery" and "multiple low-risk gas prospects supported by characteristic seismic attributes, with proven gas and reservoir from previously drilled wells targeting different deeper prospects."

Priority targets identified will be drilled with rigs available on site in Morocco, Chariot Limited added, announcing opportunities for synergies with the Anchois facilities (processing plant and pipeline) and early gas exploitation on the Loukkos permit due to strong demand from a nearby industrial gas market.

"This onshore license naturally fits into our existing footprint in Morocco [...], offering development at a significantly lower cost and an attractive domestic industrial gas market ready to serve. The company has already mapped a range of targets across the 3D seismic data, and following our recent fundraising, we plan to drill in the near term to seek to accelerate gas supply directly to national industries through various routes, including leveraging our new partnership with Vivo Energy," said Duncan Wallace, Technical Director of Chariot Limited.