Offshore Asset Gets Significant Resource Upgrade

Offshore Asset Gets Significant Resource Upgrade
Chariot Oil & Gas Limited (AIM: CHAR) has announced a 'significant' resource upgrade for the Anchois asset in the Lixus license offshore Morocco.

Chariot Oil & Gas Limited (AIM: CHAR) has announced a “significant” resource upgrade for the Anchois asset in the Lixus license offshore Morocco.

Following the reprocessing of 3D seismic data across the license, Netherland Sewell & Associates Inc. performed an updated independent assessment on a 20 square mile area covering the Anchois gas discovery. This led to an upgrade of the audited total remaining recoverable resource for Anchois to in excess of one trillion cubic feet, which represented a 148 percent increase, Chariot outlined.

According to the company, Chariot’s technical team is continuing to identify, evaluate and quantify additional material gas prospects in the Lixus license based on the reprocessed data.

“The recent work on the Lixus license confirms the materiality of the Anchois gas field development project,” Adonis Pouroulis, Chariot’s acting chief executive officer, said in a company statement.

“We continue to hold the view that this asset has the capacity to be a value accretive and long-term project of national significance to Morocco. The Anchois development has the potential to supply material gas volumes into existing markets in the near-term, and the exploration prospectivity of the Lixus license is of a scale sufficient to provide the Moroccan power sector with a clean, reliable, low cost and sustainable supply of gas for decades to come,” he added.

“We continue to make progress in unlocking the Anchois development and generating near term cash flows and we look forward to keeping our shareholders updated on developments on Lixus and, as previously announced, the other opportunities being reviewed over the coming months,” Pouroulis went on to say.

Through its wholly owned subsidiary, Chariot Oil & Gas Holdings (Morocco) Limited, the business has a 75 percent interest in, and operatorship of, Lixus, in partnership with the Office National des Hydrocarbures et des Mines, which holds a 25 percent stake.

Chariot, which is based in Guernsey, has operations in Morocco, Namibia and Brazil. The business describes Morocco as an emerging hydrocarbon province and has highlighted several areas of interest in the country, its website shows.

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