Chariot Energy has secured an extra year to advance its exploration work on the Loukos and Rissana licenses, following approval from Morocco’s Ministry of Energy Transition. The extension comes with adjustments to exploration schedules and minimum work commitments for both projects.
Loukos, an onshore license spanning 1,370 square kilometers, began its initial exploration phase on September 2, 2023, with an original end date of March 2, 2025. That deadline has now been pushed to March 2, 2026. The ministry also signed off on the first amendment to Chariot’s agreement with the national oil and gas authority ONHYM, formalized in February 2025. The changes shorten both the first and second optional extension phases to six months each and redefine the scope of required exploration activities. Current studies estimate that Loukos holds 453 million cubic meters of identified reserves, with total potential reaching 2.83 billion cubic meters. Two wells were drilled in 2024, including OBA-1, which delivered promising results.
The offshore Rissana license, covering 8,488.6 square kilometers between Assilah and Kenitra, sits adjacent to the Lixus permit, which is already believed to contain nearly 18 billion cubic meters of gas. Several untapped targets remain under evaluation in this block. The ministry has approved a second amendment to the petroleum agreement signed with ONHYM in July 2024, extending the initial exploration period to November 18, 2025. This amendment also shortens the second optional extension phase and revises the minimum work program for the current stage of the project.
