Morocco: Chariot Oil & Gas announces significant resource upgrade on Anchois, Morocco
AIM-listed Chariot Oil & Gas, the Atlantic margins focused energy company, has announced that it has completed the reprocessing of 3D seismic data across the Lixus Offshore Licence, Morocco, resulting in significant improvements in both image quality and in depth control. This has had a positive impact on the understanding of the distribution and extent of the Anchois gas sands.
Following the reprocessing of the data, Netherland Sewell & Associates Inc. (‘NSAI’) has performed an updated Independent Assessment on a c.50km2 area, covering the Anchois gas discovery on the Lixuslicence, which has led to a significant resource upgrade for the proposed Anchois Gas Field Development.
- 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)
- 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
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