Chariot finds new gas prospects in Morocco

May 09, 2019
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Chariot Oil & Gas said a new third-party evaluation of prospects close to its Moroccan Anchois-1 gas discovery in the Lixus Offshore Licence, presents commercially attractive development opportunity.

Netherland Sewell & Associates was commissioned to conduct an independent Competent Persons Report, which showed the upgraded audited total remaining recoverable resources to be in excess of 1 Tcf for Anchois and its satellite prospects (comprising 2C contingent resources and 2U prospective resources).

Anchois North was confirmed as the low risk priority satellite prospect with 308 Bcf of 2U prospective resources with a probability of geological success of 43 per cent, the company said.

"This independent third party evaluation confirms that the Anchois discovery and its nearby satellite prospects presents Chariot with an exciting and commercially attractive development opportunity,” said Larry Bottomley, CEO of Chariot. “The combination of a de-risked resource base in a fast-growing energy market, with high gas prices and a need for increased supply is highly attractive to a wide range of strategic partners throughout the energy value chain.

“We anticipate a period of sustained news flow on this exciting project going forward, which should further unlock the value of the Lixus licence, with the results of the feasibility and gas market studies expected to be announced in due course.”


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