Business
Award of Lixus Offshore Licence, Morocco
Award of Lixus Offshore Licence, Morocco.
About this update from Chariot Limited
[{"type":"text","content":"\n \nRNS Number : 8992U Chariot Oil & Gas Ld 03 April 2019 \n\n \n3 April 2019\n \nChariot Oil & Gas Limited\n(\"Chariot\", the \"Company\" or the \"Group\")\nAward of Lixus Offshore Licence, Morocco\nRebalancing the Chariot portfolio for sustainable growth & value creation\n \nChariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas company, is pleased to announce that its wholly owned subsidiary, Chariot Oil & Gas Holdings (Morocco) Limited, has been awarded a 75% interest and operatorship of the Lixus Offshore Licence (\"Lixus\"), Morocco, in partnership with the Office National des Hydrocarbures et des Mines (\"ONHYM\") which holds a 25% carried interest. \n \nLixus Offshore Licence, 30km north of Chariot's existing Moroccan acreage, contains:\n \n· Anchois-1 well gas discovery - 307 Bcf of 2C contingent resources offering near-term development opportunity\n \n· Deeper potential not penetrated by the Anchois-1 well of 116 Bcf 2U prospective resource has also been identified\n \n· Material tie-back opportunities from low risk, exploration prospects offer an attractive upside of 527 Bcf of 2U prospective resources in satellite prospects adjacent to the Anchois discovery\n \n· Additional on-block exploration running room in licence\n \n· World-class commercial contract terms with high gas prices in a developing market with growing energy demand offers a potentially high-value project\n \n· Minimal initial licence commitment funded from current cash\n \n· Future development anticipated to deliver strong returns and significant cash flow\n \n \nLixus licence covers an area of approximately 2,390km2, 30km north of Chariot's existing Moroccan acreage, with water depths ranging from the coastline to 850m. The area has been subject to earlier exploration with legacy 3D seismic data covering approximately 1,425km2 and 4 exploration wells, including the Anchois gas discovery.\nThe Anchois-1 well was drilled in 2009 in 388m water depth some 40km from the coast and encountered an estimated net gas pay of 55m in two sands with average porosities ranging from 25% to 28%. A new independent audit of t...