Chariot Ltd. (OIGLF)

[douginil]

Chariot Oil & Gas-This gets better and better…

[[ Thanks to Malcy's blog ]]

Sept 7, 20

Chariot Oil & Gas-This gets better and better…

An excellent day for Chariot who have announced a significant resource upgrade on Anchois, Morocco following reprocessing of 3D seismic data across the Lixus licence. This has resulted in ‘significant improvements in both image quality and depth control and has had a positive impact on the understanding of the distribution and extent of the Anchois gas sands’.

Netherland Sewell has updated its independent assessment of a 50km² area covering the Anchois gas discovery on the Lixus licence, which has led to a significant resource upgrade for the proposed Anchois Gas Field Development. This amounts to an upgrade of audited total remaining recoverable resource to in excess of 1 Tcf for Anchois, representing a 148% increase (comprising 361 Bcf 2C contingent resources and 690 2U prospective resources).

In addition, this creates the ability for the low-risk prospective targets (C, M and O sands) to be drilled at low cost as part of any appraisal or development drilling activity on the Anchois Discovery (A and B sands); the development of which brings the potential for material free cash flow, another significant plus for the project.

It also goes without saying that the Chariot team are continuing to ‘identify, evaluate and quantify additional material gas prospects in the Lixus licence based on the reprocessed data’ which look very promising.

Adonis Pouroulis, Acting CEO, commented:

“The recent work on the Lixus Licence confirms the materiality of the Anchois Gas Field Development project.

We continue to hold the view that this asset has the capacity to be a value accretive and long-term project of national significance to Morocco. The Anchois development has the potential to supply material gas volumes into existing markets in the near-term, and the exploration prospectivity of the Lixus licence is of a scale sufficient to provide the Moroccan power sector with a clean, reliable, low cost and sustainable supply of gas for decades to come. We continue to make progress in unlocking the Anchois development and generating near term cash flows and we look forward to keeping our shareholders updated on developments on Lixus and, as previously announced, the other opportunities being reviewed over the coming months.”

Lixus, particularly Anchois, is continuing to move forward with pace and impactful upgrades, I am looking forward to seeing this development being brought forward to the next stage as it will add significant value to Chariot. It is worth noting that the more that the company add to resource numbers the more likely they are to find a big fish to partner with in the Anchois development…


Read at:
https://www.malcysblog.com/2020/09/oil-price-chariot-jadestone-i3-pantheon-deltic-and-finally/