Business
Material Increase in Gas Resource Offshore Morocco
Material Increase in Gas Resource Offshore Morocco.
About this update from Chariot Limited
[{"type":"text","content":"\n \n \n \n \n \n \n \n \n \n 20 July 2022\n \n \n Chariot Limited\n \n \n (\"Chariot\" or the \"Company\")\n \n \n \n \n \n \n Material Increase in Gas Resources Offshore Morocco\n \n \n \n \n Increase to 1.4 Tcf in total remaining recoverable resources (2C plus 2U) at the Anchois Project\n \n \n \n \n Range of targets de-risked in a basin-scale exploration portfolio with multi TCF potential\n \n \n \n \n \n \n Chariot Limited (AIM: CHAR), the African focused transitional energy company, is\n pleased to announce the results of Independent Assessments on its gas resources offshore Morocco, incorporating the results of the recent successfully drilled Anchois-2 appraisal and exploration well. The Independent Assessments have been made by Netherland Sewell & Associates Inc. ('NSAI') on the Anchois Gas Field and further selected exploration prospects in the Lixus Offshore licence ('Lixus') and the adjacent Rissana Offshore licence ('Rissana') with material resource upgrades reported across the portfolio.\n \n \n \n \n \n These resource upgrades underpin:\n \n \n ·\n the Company's decision to fast-track its field development plans;\n \n \n ·\n the associated exploration programmes to deliver further growth from the portfolio; and\n \n \n ·\n Chariot's focus on developing a significant energy resource, prioritising the growing demand within Morocco's domestic market, and potentially supplying surplus gas to Europe.\n \n \n \n \n \n \n Anchois Gas Field:\n \n \n \n •\n \n 82% increase in 1C contingent resources from 201 Bcf to 365 Bcf\n \n \n \n •\n \n 76% increase in 2C contingent resources from 361 Bcf to 637 Bcf\n \n \n \n • \n \n 49% increase in 2U prospective resources to 754 Bcf in three undrilled targets with an improvement in the probability of geological success, now ranging from 49 to 61 %\n \n \n \n •\n \n Total remaining recoverable resource at Anchois (2C plus 2U) now stands at 1.4 Tcf\n \n \n \n \n Additional Lixus Prospects:\n \n \n \n •\n \n Updated assessments on two key undrilled prospects (Maquereau, and Anchois West) with improvements in both prospective resource potential and probability of geological success and the newly identified Anguille prospect, which are all part of the same tertiary gas play as the Anchois gas field\n \n \n \n •\n \n Combined, 2U prospect...