Chariot Oil & Gas has negotiated the terms of the “Rissana Offshore” license in Morocco, with the Office National des Hydrocarbures et des Mines (‘ONHYM’).

The award of the license is to be in 2021 and it is subject to the Moroccan regulatory procedures and approvals. The negotiated terms will see the Africa-focused transition energy company hold 75% interest and operatorship of the Rissana license through its wholly-owned subsidiary, while the National Oil Company is to hold the remaining 25%.

Rissana approximately covers an area of 8,476km2. It surrounds the offshore boundaries of Chariot’s existing Lixus Offshore Licence, approximately 2,390km2, which contains the Anchois Gas Discovery, as well as covering the most prospective northern areas of the previously held Mohammedia Offshore Licence and Kenitra Offshore Licence.

The Mohammedia and Kenitra licences have been relinquished by Chariot and ONHYM to allow incorporation of prospective areas already covered by 3D seismic data into the Rissana licence.

The Acting Chief Executive Officer of the Company, Adonis Pouroulis said, “Whilst 2020 has been a challenging year for many, we believe that Chariot is exiting the year in a very strong position. 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. 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.”