Woodside Morocco Stake

Woodside on 4 July finalized, subject to Moroccan government approval, an agreement to take 25% of the Rabat Deep Offshore permit from UK minnow Chariot. Woodside has the option to take a further 25% and operatorship in return for paying for an exploration well planned for next year.

A 3D seismic program –also covering Chariot’s neighboring Loukos and Mohammedia permits – is underway through which Chariot hopes to “determine a potential drilling location on the [block’s] giant carbonate prospect.” Chariot for now retails 50% and Moroccan state firm ONHYM 25%. Water depths on the 10,800km² permit are 150-3600m. Woodside has nearby “complementary” acreage off Spain’s Canary Islands. (CONTINUED - 136 WORDS)