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Rabat - Chariot Oil & Gas has announced on Tuesday the refusal of its existing partner Woodside to fund the drilling of the Rabat Deep Project.
The oil and gas exploration company said it is seeking a new drilling partner for the Rabat Deep permit after Australian company Woodside has decided not to exercise its option to take operatorship and fund well costs for a further 25% equity stake in the permit.
Woodside will remain a partner on the license with a 25% working interest, while Chariot retains operatorship and a 50% in the project alongside ONHYM with the remaining 25%.
Chariot is seeking an additional partner to participate in the drilling on the Rabat Deep project. The company focuses on the JP-1 prospect which contains 618 million barrels as estimated by Netherland Sewell and Associates on the 2D seismic data.
The company said that the drilling of JP-1 prospect is anticipated to take place in late 2016/2017 on the condition of securing a partner.
'It is disappointing that Woodside has not exercised its option, but we remain optimistic regarding the potential of the Rabat Deep permits and particularly that offered by the JP-1 prospect," said Larry Bottomley, Chariot's chief executive.
"These are challenging times for oil and gas companies and investment decisions are being affected as a result. […] We look forward to continuing to work with Woodside and ONHYM on the development of the Rabat Deep permits," he added.
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