Chariot Ltd (AIM:CHAR, OTC:OIGLF)'s Pierre Raillard described as a "major milestone" the approval for its Environmental Impact Assessment (EIA) from the Moroccan Ministry of Energy Transition and Sustainable Development for the Anchois offshore gas development project.
The country director said it was the "culmination of extensive time and teamwork that has gone into this critical process".
"This is a key building block for sanctioning the project's development, alongside other activities such as our partnering process which is close to conclusion," he added.
The 12-month EIA process included onshore and offshore environmental surveys, stakeholder engagement programmes, and a public enquiry across four local provinces.
The approval clears a crucial regulatory hurdle and sets the stage for construction and production, covering future wells and offshore infrastructure.
"On behalf of Chariot, I would like to thank the National Environmental Committee and the Ministry for their endorsement and support," said Raillard.
"I would also like to thank the Chariot team, our partner ONHYM and our consultants who collaborated so closely across all workstreams. We are fully committed to ensuring that Anchois is developed in line with best practice as set out in the report."
Anchoise is host to a 2C or contingent resource of 637 billion cubic feet of gas (BCF). The area has extensive data coverage with legacy 3D seismic covering approximately 1,425km² and five exploration wells, including the Anchois-1 and Anchois-2 discovery holes.