Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors it has made a successful gas discovery at its OBA-1 well, onshore Morocco.
The well, part of a two-well drilling campaign in the Loukos Onshore licence, was drilled to a depth of 901 meters, reaching its target reservoirs on time and within budget.
Preliminary analysis of the well data including wireline logs, cuttings, and gas data, indicates potential gas pays within a 70-meter gross interval, the company said.
No water-bearing reservoirs were identified, it added.
Chariot said it will conduct further analysis and flow testing to determine the well's productivity and resource potential.
"We are very pleased to report the successful drilling of the OBA-1 well at the Dartois prospect which now concludes Chariot's first onshore drilling campaign in Morocco and brings with it positive results for the potential of the Dartois area,” technical director Duncan Wallace said in a statement.
The OBA-1 well will be suspended to allow for future rigless flow testing operations and potential use as a producer well.