Chariot Limited said it is moving on to the next stage of drilling onshore in Morocco after the first well found uneconomic levels of gas.
Duncan Wallace, Chariot’s technical director, said: "Whilst the results of the Gaufrette well did not deliver a material gas accumulation, the presence of strong gas shows and excellent reservoir development is encouraging for future exploration in this area.
“We are looking forward to now drilling the Dartois well targeting a different reservoir system and trapping style to the Gaufrette prospect, with success potentially unlocking combined Best Estimate recoverable prospective resources of 20 Bcf on trend."
Gaufrette was the first of a two-well drilling campaign in the Loukos onshore licence where Chariot (75%) is the operator and ONHYM owns 25%.
Preliminary interpretation confirmed thick intervals of good quality reservoir exceeding pre-drill expectations, with multiple gas shows of various intensity, however these reservoirs are largely interpreted to be water-bearing and therefore are sub-economic, said the statement.
The well will now be plugged and abandoned and the rig will then move to drill the OBA-1 well at the Dartois prospect in the coming days, Chariot added.