Chariot Ltd. (OIGLF)

[douginil]

Chariot

Sept 7, 2021

[[ Thanks to Malcy's blog ]]

Chariot has announced that it has signed a contract with Stena Drilling, one of the world’s foremost independent drilling contractors, to use its Stena Don drilling rig for the planned Anchois gas appraisal well within the Lixus licence, offshore Morocco. Drilling operations anticipated to commence in December 2021 and are expected to take up to approximately 40 days.

Stena Don is a semi-submersible rig, suitable for drilling, completion, and workover operations. Planned appraisal drilling objectives are to unlock the development of the discovered sands by confirming the gas resource volumes, reservoir quality and well productivity.

It will also provide a future production well for the development of the field and potentially deepen the well into additional low-risk prospective sands with the aim of establishing a larger resource base for longer term growth.

Adonis Pouroulis, Acting CEO of Chariot, commented:

“The signing of this contract is an important moment in our planned drilling campaign for the Lixus Licence, offshore Morocco. We anticipate drilling commencing in December, with the well expected to take up to 40 days to drill. As a team, we have been keenly focused on delivering the drilling campaign that we recently raised money for, and we are pleased that this contract award brings us a step closer to achieving this. We look forward to keeping our stakeholders appraised we get closer to the spud date.”

This is an important step for Chariot as they fix a time for drilling the Anchois appraisal well on the Lixus licence. There is so much promise in the area offshore Morocco that the market will correctly treat this as a proxy for the company’s value going forward through this part of the field as well as adjacent sands.

In the meantime the recent flurry of announcements has shown that the ‘new’ management at the company has been very busy. I am meeting with the team later this week for an update and regard the company very highly indeed to make substantial progress in Morocco and importantly across the continent in its new chosen ventures.

Read at:
https://www.malcysblog.com/2021/09/oil-price-chariot-cairn-empyrean-and-finally/