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Chariot Oil & Gas Investments (Morocco) Ltd. has entered an agreement with Maghreb Petroleum Exploration (MPE) in which MPE will transfer its 75% ownership and operational interests in two of its offshore licenses, Loukos and Casablanca/Safi, to Chariot, a news release said.
In exchange, Chariot will take on the work commitments and obligations of the initial exploration phase for each license. This transfer remains subject to the approval of the Moroccan authorities before it becomes effective. If approved, 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%.
The Loukos license is 1,925 sq km (743 sq miles) and extends from the coast to some 50 km (31 miles) offshore with water depths between 5 m (16 ft) and 110 m (361 ft), according to the release. The Casablanca/Safi licence is 3,500 sq km (1,351 sq miles) and is similarly situated to Loukos in terms of its extent offshore with water depths between 5 m (16 ft) and 165 m (541 ft).
Following approval, Chariot will be required to reprocess 835 km (518 miles) of 2D seismic data within the Loukos license and 1,200 km (746 miles) of 2D seismic data within the Casablanca/Safi license, a total of 2,035 km (1,265 miles) within a six-month exploration period, according to the release. Once complete, Chariot will have the option to move forward into further exploration phases that would involve the acquisition of 3D seismic data and the subsequent undertaking of exploration drilling activities.