Chariot Ltd (AIM:CHAR, OTC:OIGLF) has begun drilling operations at the Anchois gas project, offshore Morocco.
The drillship has arrived at the site, and drilling of the Anchois-3 well has commenced.
The well, Anchois-3, is designed with multiple objectives.
It will see a vertical pilot well drilled, evaluating the Footwall prospect, estimated to have 170 billion cubic feet (Bcf) of gas.
With a side-track from the pilot, Chariot plans to further appraise the main Anchois resource, currently estimated at 637 Bcf of contingent resources. Also the Anchois North Flank prospect, estimated at 213 bcf, will also be targeted.
Flow testing will be conducted to evaluate the productivity of the well.
It is intended that the well can be used as a future production site.
Well operations are expected to take approximately two months to complete.
"We are very pleased to commence this highly anticipated well at the Anchois gas field,” chief executive Adonis Pouroulis said in a statement.
“We see significant upside potential and value from the prospective resources in the pilot hole and main hole targets which could increase the resource base to over 1Tcf and we look forward, on success, to moving towards a Final Investment Decision as quickly as possible.”
Hosted in the Lixus Offshore license, Anchois is 30% owned by Chariot.