Chariot Ltd (AIM:CHAR, OTC:OIGLF) has kicked off drilling operations at the Loukos licence, onshore Morocco.
The Africa-focused small-cap transitional energy firm is drilling the RZK-1 well, targeting the Gaufrette prospect which has been estimated to host some 10 billion cubic feet of recoverable prospective resources.
Chariot also has the option to test a deeper target, and, it highlighted the potential to bring the exploration project’s combined recoverable resources to 26 Bcf.
"We are very pleased to commence this onshore campaign, kicking off the first of our exciting drilling operations for Chariot this year,” technical director Duncan Wallace said in a statement.
“We also continue to work up the prospectivity across this acreage as we see significant upside both in the vicinity of our high-graded well locations and beyond.
He added: “I would like to thank our operational team for their hard work and efforts in getting this drilling underway within ten months of licence award and ONHYM for their ongoing support and partnership.
“We look forward to providing an update on the results in due course."