Business
Signing of New Moroccan Onshore Licence
Signing of New Moroccan Onshore Licence.
About this update from Chariot Limited
[{"type":"text","content":"\n\n\n1 August 2023\n \nChariot Limited\n(\"Chariot\", the \"Company\")\n \nSigning of New Moroccan Onshore Licence\nSecuring geologically similar gas prospects to the adjacent Anchois gas discovery \n \nChariot Limited (AIM: CHAR), the Africa focused transitional energy company, is pleased to announce that it has signed a Petroleum Agreement for a new exploration licence, Loukos Onshore (\"Loukos\"), located onshore Morocco.\n \n· 75% interest in, and operatorship of the Loukos licence signed by a wholly owned subsidiary of Chariot Limited in partnership with the Office National des Hydrocarbures et des Mines (\"ONHYM\") which will hold a 25% interest.\n \n· Loukos covers an approximate area of 1,371 km2 and is adjacent to Chariot's Lixus and Rissana offshore licences, with the former containing the significant Anchois gas discovery and development project (\"Anchois\").\n \n· Detailed evaluation has already commenced, based on existing modern 3D seismic data of 150 km2 and on-block wells, identifying:\n \no overlooked, shallow, conventional gas play, which has already produced gas in other areas onshore Morocco, and which is geologically similar to Chariot's offshore projects including the adjacent Anchois gas discovery.\n \no multiple low risk gas prospects, supported by characteristic seismic attributes, with gas and reservoir proven by previously drilled wells which targeted deeper different prospects.\n \n· Intention to drill priority targets identified, with drill rigs available in country.\n \n· Loukos has the potential to deliver early gas sales due to the proximity to a significant and undersupplied industrial gas market, with further potential development synergies through the location of the planned Anchois processing facility and pipelines being situated on-block.\n \n· Minimal licence commitments comprise re-processing of existing 2D and 3D seismic data and desktop studies, which will help to fully evaluate the potential of the Loukos licence, including other plays and areas outside of that covered by existing 3D seismic data.\n \nMrs Amina Benkhadra, General Di...