Chariot Oil & Gas Ltd and the Office National des Hydrocarbures et des Mines (ONHYM) agreed to a six month extension for the first phase of exploration on the Loukos, Casablanca and Safi licences, off Morocco. The license will now extend until January 11 2014.
Chariot said before it can move on to the next phase it is currently reprocessing and interpreting 11,000km of 2D seismic data across all of its acreage off Morocco.
"Both the total amount of this work and the portion of it attributable to the Loukos, Casablanca and Safi licences exceeds the initial commitment within these licence areas during this phase," the company said.
Chariot acquired the the Loukos, Casablanca and Safi licences in October from Maghreb Petroleum Exploration S.A. with six months let in the initial phase. While still pending regulatory approval, Chariot and ONHYM said the extension will allow the companies to better understand the acreage and determine its next steps.
The Loukos, Casablanca and Safi licenses are located 50 km off Morocco at water depths between 5m-165m. The Loukos license covers 1,925sq km while the Casablanca/Safi licenses cover 3,500 sq km.
Chariot holds 75% interest in licenses. Its partner ONHYM holds the remaining 25%.