Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors it has now completed the Front-End Engineering and Design (FEED) on the key components of its flagship Anchois gas development project, offshore Morocco.
Engineering, Procurement and Construction (EPC) commercial proposals have now been requested, it added.
Chief executive Adonis Pouroulis described it as an important step in defining the initial development plan to enable the delivery of gas to Chariot’s anchor customers.
“We have made excellent progress across all aspects of our planned development for Anchois and detailed discussions on partnering, gas sales agreements and project finance continue concurrently as we move towards final investment decision,” Pouroulis said in a statement.
He added: “In conjunction with the field development plan and environmental and social impact assessment work completed to date, we have further cemented the viability and commercial potential of the development, founded upon its excellent reservoir and gas properties, favourable location with regards to existing infrastructure and the opportunity to leverage off existing, conventional technology.
“We remain fully focused on taking the Anchois project to first gas in a way that can continually grow the resource and project scale and help unlock the basin scale potential that we see across our licence area."
Chariot noted that it has been advancing other technical work streams for the project, including the environmental and social impact assessment (ESIA) and the field development plan (FDP).
Planning is meanwhile continuing for the drilling of development wells which are intended to unlock some 754bn cubic feet of gas resources for minimal cost - the additional potential targets are seen to have comparatively high "geological chance of success" estimated between 49% and 61%.