Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors it still sees “material value” offshore Morocco.
It has now taken back control of its offshore licences in Morocco, where former partner Energean has completed its exit.
Just over a year ago, Energean completed its farm-in to the project (at the time paying $10 million of upfront cash, and agreeing to fund well drilling) and following an inconclusive well result, retreated from the venture.
The Anchois-3 well, paid for by Energean, was completed in September 2024, and whilst results did not deliver upside to the planned Anchois field development, it did confirm good quality gas reservoirs.
Chariot’s stake in the offshore now stands at 75%, for both the Lixus and Rissana, with state-owned ONHYM retaining a 25% carried interest in each.
The London-listed firm now plans to reassess the Anchois project development plan and evaluate wider licence potential.
“The Anchois gas discovery still offers the potential for a rescaled development,” chief executive Adonis Pouroulis said in a statement.
“Gas market fundamentals in Morocco are robust with strong gas demand and excellent fiscal terms, and we will look to work with all stakeholders … to advance these important domestic projects."
He added: “Our next steps are to scope this based on the core resources found in the three wells underpinned by our previous work on engineering design, environmental and regulatory approvals, project financing and gas sales.”