Chariot Oil & Gas, in partnership with the Office National des Hydrocarbures et des Mines (ONHYM), has been awarded a 75% stake of Morocco’s offshore license, Pipeline Oil and Gas Magazine reported.

The license will provide a technical program of 3D seismic reprocessing and evaluation to access the additional exploration potential of Lixus.

“The award of the Lixus license provides Chariot with a discovered resource base offering a low-cost development opportunity and significant upside. The commercial attractiveness of the Lixus license is further enhanced by its position offshore Morocco, a fast- growing energy market with high gas prices and a need for increased supply,” Larry Bottomley, Chariot CEO, said.

Chariot plans to assess the gas market and test the development concepts through a feasibility study and strategic partnerships.

The license covers an area of around 2,390 km2, 30 km north of Chariot’s existing Moroccan acreage, with water depths ranging from the coastline to 850 meters.