Chariot [from marcy's blog]
12/15/21
Chariot has announced that the Stena Don drilling rig has now arrived on location in the Lixus licence, offshore Morocco, to carry out drilling operations on the Anchois gas development project. Chariot has a 75% interest and operatorship of Lixus in partnership with the Office National des Hydrocarbures et des Mines which holds a 25% interest.
Operations to drill the Anchois-2 gas appraisal & exploration well and re-enter the previously drilled Anchois-1 gas discovery well are expected to take up to approximately 40 days.
Anchois-2 gas appraisal & exploration well drilling objectives:
o Unlock the development of the discovered sands by confirming the gas resource volumes, reservoir quality and well productivity.
o Provide a future production well for the development of the field.
o Deepen the appraisal well into additional low-risk exploration targets with the aim of establishing a larger resource base for longer term growth.
Whereas Anchois-1 gas discovery well re-entry objectives:
o Assess the integrity of the previously drilled well.
o Evaluate the productivity and gas characteristics of the discovered A Gas Sand.
o Provide a second future production well for the development of the field.
Adonis Pouroulis, Acting CEO of Chariot, commented:
“I am pleased to announce that the Stena Don has now arrived on site, with operations to commence immediately, for a potentially transformational drilling programme for Chariot. Our recently completed oversubscribed fundraise allows us to drill both the Anchois-2 gas appraisal well and re-enter the Anchois-1 gas discovery well and we anticipate updating the market separately after the completion of each operation. On behalf of the Chariot team, I would like to thank the Ministry of Energy Transition and Sustainable Development in Morocco, ONHYM and all our wider stakeholders for their continued support and we look forward to keeping everyone updated on this exciting drilling campaign.”
These are exciting times for Chariot who have high reward projects in different stages right across the portfolio. In Morocco and in remarkably swift time, the work is now starting at Anchois which has the scope to transform the company in its own right, let alone the rest of the energy offering.
Accordingly Chariot has the ability to return significant amounts to shareholders and I still expect a multiple of the current share price as it is now fully funded to take it to the next level. On the funding I note that CEO Adonis Pouroulis now holds some 11.54% of the company, considerable skin in the game and showing confidence others might bear in mind…
futr
My opinions are my own and and DD I post should be confirmed as unbiased
