Chariot Upgrades its Moroccan Anchovy

Chariot Oil & Gas is sitting on more resources off Morocco than it has been able to claim so far, as geologists Netherland Sewell & Associates (NSA) have upgraded the satellite prospects adjacent to the Anchois-1 gas discovery.

Audited total remaining recoverable resource exceeds 1 trillion ft³ for Anchois and its satellite prospects, comprising 2C contingent resources and 2U prospective resources, Chariot said May 9.

It has confirmed Anchois North as the low-risk priority satellite prospect with 308bn ft³ of 2U prospective resources with a probability of geological success of 43%, and said that NSA would do another competent person's report on another five prospects in Lixus licence to be completed after the 3D seismic reprocessing project.

CEO Larry Bottomley said that the "independent third-party evaluation confirms that the Anchois discovery and its nearby satellite prospects present Chariot with an exciting and commercially attractive development opportunity. 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."

Chariot announced April 3 that it had secured the Lixus licence. Onshore, the exploration activity has also been encouraging, with Sound and SDX both finding commercial amounts of gas for a ready market.