Morocco – Sound Energy

A fantastic 2016 for Sound Energy as the graph below shows. Zippo action with no doubt some keen accumulation by the silent savvy during this phase.  whilst the bulletin boards had their usual toll of de-ramping  ‘I told  you so’s ;-).  He who laughs last and all that .. and then kaboom! Congratulations to all the shareholders who held on for the Tendrara 7 success. No doubt there is more oil exploration success to come in Morocco.


 

At the point of drilling you could have got them for around 30p, and if you had been accumulating you could have got them for 12-16p. A  nice multi bagger for sure.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

And courtesy of guerrilla investing

 

 

Morocco – Pura Vida

MAZAGAN PERMIT, OFFSHORE MOROCCO (PURA VIDA 23%, SUBSIDIARY OF FREEPORT-MCMORAN OIL & GAS LLC OPERATOR)
On 12 September 2016, the Company announced that it had entered into a conditional settlement with a subsidiary of Freeport-McMoRan Oil & Gas, PXP Morocco B.V. (PXP) in relation to the second well obligation under the farmin agreement with PXP. The agreement is conditional upon PXP and PVD reaching a further agreement (and obtaining any required approvals thereto) with the Office National des Hydrocarbures et des Mines (ONHYM), the regulator acting on behalf of the Government of the Kingdom of Morocco, in relation to the second well commitment under the Petroleum Agreement between ONHYM, PXP and PVD.
Under the terms of the settlement, PXP paid to the Company an unconditional and non-refundable deposit of US$ 1.5 million (A$2 million).
 The joint venture is in discussions with the regulator to finalise the matter and satisfy the conditionality for the completion of the PXP settlement.  The current exploration phase of the Mazagan permit is scheduled to expire mid-December 2016, accordingly the Company is seeking to resolve the matter as soon as possible.  Concluding the PXP settlement will deliver an important value outcome for Pura Vida.

Morocco – Sound Energy

Sound Energy, the European and African focused upstream gas company is pleased to provide the following update in relation to TE-7, the Company’s second well at the Tendrara licence area, onshore Eastern Morocco.

 As announced by the Company on 7 October 2016, the Company’s second Tendrara well (TE-7) was drilled to a total measured depth of 3,459 metres corresponding to a vertical depth of 2,611 metres.  The well has a total contact length through the TAGI reservoir of some 837 metres, including a 700 metres sub-horizontal section.

 The Company has now completed TE-7  and performed an initial, unstimulated, open hole well test of the first 28% of the gross reservoir interval. After 24 hours of continuous flow with a 32/64 choke, a rate of 8.8 MMscf/d was achieved with strong pressure build up post test. The rate is significantly better than the Company’s estimates

The Company will now complete the planned mechanical stimulation and well test of the entire sub-horizontal section.  The post stimulation flow rate results are expected mid November 2016.  Thereafter the Company will initiate the planned Extended Well Test to confirm production sustainability and to aid comprehensive field development planning.

 This announcement is inside information for the purposes of Article 7 of Regulation 596/2014″

 

Morocco – Mohammedia

Chariot has just got a exploration permit for Mohameddia in Morocco. See here

 

Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company, is pleased to announce that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Limited, has been awarded a 75% interest and operatorship of the Mohammedia Offshore Exploration Permits I – III (“Mohammedia”), Morocco in partnership with the Office National des Hydrocarbures et des Mines (“ONHYM”) which holds a 25% carried interest. The Mohammedia permits sit in the nearshore and cover an area of approximately 4,600km2 with water depths less than 500m. They are adjacent to the Company’s Rabat Deep Offshore Exploration Permits on which Chariot recently announced success in partnering

Morocco – Offshore – Mubadala to evaluate Morocco’s hydrocarbon potential

Mubadala Petroleum has signed an agreement with Morocco’s Office National des Hydrocarbures et des Mines (ONHYM) to carry out an evaluation of the hydrocarbon potential of a large area offshore Morocco’s Mediterranean coast.

The signing ceremony

Morocco – Farm-out – Rabat Deep – JP1

Excellent News: A free carry on a drill, cash-back etc

Note: The farm out still leaves Chariot with another Moroccan license to farm out in which it holds 75% – Mohammedia  – which could become very valuable if Rabat strikes.

Eni were the guys who recently discovered a ‘supergiant’ gas field – 20tcf off the coast of Egypt. Chariot is in good company with both ENI and Woodside as partners – both have the technical expertise to validate Chariots belief that Rabat is an elephant!

It was not so long ago that Woodside announced that sea bed coring was complete on the Moroccan Rabat acreage – an important piece of information – and an unusual step – in a good way.

Chariot Oil & Gas Limited

(“Chariot”, the “Company” or the “Group”)

Farm Out Agreement with Eni in Rabat Deep Offshore, Morocco

 

·      Eni to acquire 40% equity interest in, and operatorship of, the Rabat Deep Offshore exploration permits I-VI;

·      Eni to carry Chariot in a deepwater well on the JP-1 prospect, to an agreed cap;

·      Eni to carry Chariot for other geological and administrative costs relating to work commitments in the next licence period;

·      Eni to pay a contribution towards Chariot’s investment to date;

·      Funds to be used for continued development of Chariot’s portfolio; and

·      Completion is subject to receipt of Moroccan authorities and partner approvals.

 

Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas exploration company is pleased to announce that its wholly owned subsidiary, Chariot Oil & Gas Investments (Morocco) Ltd., has signed a farm-out agreement with a wholly owned subsidiary of Eni, which will acquire operatorship and a 40% equity interest in return for a capped carry on drilling the JP-1 prospect. Eni will also carry Chariot for other geological and administrative costs relating to work commitments in the next licence period of Rabat Deep and will pay a contribution which will equate to Chariot’s investment to date and be used for the continued development of Chariot’s portfolio. This agreement demonstrates Chariot’s ability to deliver on its strategy; seeking third party investment in order to de-risk and progress its assets towards drilling in order to provide the opportunity for transformational growth.  

 Following completion of this agreement the licence ownership will be as follows: Eni (Operator, 40% equity interest), Woodside (25% equity interest), Chariot (10% equity interest) and Office National des Hydrocarbures et des Mines (“ONHYM”) (25% carried interest).

 The Rabat Deep Offshore licence area is located approximately 30km offshore in water depths ranging from 150m to 3,500m. The JP-1 prospect has been described following detailed processing and interpretation of 3D seismic data as a large, four-way dip closed structure of approximately 200 square km areal extent, with Jurassic carbonate primary reservoir objectives. Based on this data, Netherland Sewell and Associates Inc. conducted an independent Competent Person’s Report and has estimated a gross mean prospective resource of 768mmbbls for JP-1. The prospect sits adjacent to a source kitchen modelled to be oil generating and third party drilling offshore Morocco has confirmed that the Jurassic can have excellent reservoirs and the presence of a light oil charge, hence the focus on this play within Chariot’s acreage.

 Retaining a 10% equity interest in the drilling of this well has the potential to create transformational value in the success case due to the large scale of prospective resources, excellent contract commercial terms and robust economics even in the current lower oil price environment. Additional prospects and leads have been identified within the Jurassic fairway and any success in JP-1 would also materially de-risk these other targets and offer significant follow-on exploration potential in both Rabat Deep and the neighbouring Mohammedia permit (Chariot, Operator with 75% equity interest).

 The completion of this farm-out agreement remains subject to both the approval of the Moroccan authorities and various conditions precedent, a number of which are outside of Chariot’s control.

 

Larry Bottomley, CEO commented:

 

“We are very pleased to have signed this farm-out agreement with Eni as the future operator of our Rabat Deep acreage. We look forward to working with them and our other partners, Woodside and ONHYM, to progress to drilling the JP-1 prospect which, subject to the relevant approvals, well planning and securing a drill rig, we anticipate to occur in 2017. The response we had to the partnering initiative and subsequently securing this deal endorses our technical view of the asset and is another milestone in delivering on our strategy. Eni is a world-class explorer and an experienced operator focused on projects with the potential for material production.

 

“Despite the challenges posed by current market sentiment, Chariot’s high quality assets continue to attract industry investment. We are excited that we now have an opportunity to see one of our priority targets through to drilling at near zero cost to the Company, with the agreed cap above recent drilling cost estimates provided by an independent party.”

 

Morocco – Circle Oil Gas Discovery

As announced here – http://www.oilvoice.com/n/Circle-Oil-announces-results-of-Ksiri-WestA-exploration-well-Morocco/ac17a94b6c60.aspx

This follows on from another recent Morocco onshore gas discovery – here – http://www.helioschariot.com/2015/09/30/morocco-onshore-success/

 

Morocco – onshore success

San Leon success :

http://www.sanleonenergy.com/investors/regulatory-news-service-(rns)/2015/september/30/morocco-well-results-and-forward-plan.aspx