Chariot Oil & Gas Limited (LON:CHAR) has unveiled a new independent report that somewhat quickly underlines the significant opportunity presented by its recently acquired Anchois project, offshore Morocco.
A competent persons report, penned by consultant Netherland Sewell & Associates, delivers an upgrade to the Anchois gas resources up to around one trillion cubic feet.
The upgrade comes as satellite prospects such as ‘Anchois North’ are pulled into the estimates of the main project. Anchois North was seen by Netherland Sewell to be a ‘low risk’ prospect with 308bn cubic feet of gas resources, and, a 43% chance of geological success.
Victoria Oil & Gas PLC (LON:VOG)
VOG highlighted a 127% rise in output for the first quarter of 2019, thanks to the restart of supply into a gas-fired power plant.
Following the resumption of supply to Cameroon state utility ENEO, VOG’s Gaz du Cameroun (DGC) business produced at an average rate of 10.1mln cubic feet of gas per day over the three months ended 31 March.
ENEO consumed more than 5.5mln cubic feet per day consistently during the quarter, following the 22 December restart. Gross sales amounted to 903.2mln cubic feet for the period.
Outside of the ENEO supply agreement, the company noted that two other customer gas sales deals were signed.
Sound Energy PLC (LON:SOU)
The Morocco focused firm told investors that the initial phase of TE-10 well testing is now largely complete. The initial phase, comprising unstimulated tests over a 153 metre zone, successfully flowed hydrocarbon gas to surface from within the well’s primary zone.
Next steps will see the well’s most prospective zones undergo mechanical stimulation, before being tested to determine their commercial merits.
Sound noted previous commentary that indicates a rate of 1.5mln to 2mln cubic feet of gas per day would be likely to be commercial, via a tie-back development connecting to the TE-5 Horst discovery.
Separately, Sound said that it has now been given environmental approval – with the award of an Environmental Impact assessment – for future drilling activity across a large 9,400 square kilometre area.
Tower Resources PLC (LON:TRP)
The explorer has chosen to put back the start date of the planned NJOM3 well, at the Thali block in Cameroon.
The company, in a statement, told investors that following receipt of additional data – relating to the two previously drilled wells - it has decided to carry out additional pre-drill preparation work. It is now anticipated that the contracted Topaz Driller will be mobilised in July, rather than late May as previously anticipated.
Mosman Oil And Gas Ltd (LON:MSMN)
Its shares rose in Wednesday’s deals after announcing a farm-out deal for the Champion project, in east Texas, with ASX-listed Xstate Resources Limited (ASX:XST).
It sees Mosman sell a portion of its 60% stake in Champion in return for project funding commitments.
Xstate will acquire a 25% interest in Champion by first paying US$50,000 and covering 33% of the costs of a new well and the installation of production facilities (its disproportionate outlay will be capped, once gross well costs exceed US$600,000, after which it will pay its 25% share).
Additionally, a 25% interest in a second lease area can be acquired by Xstate if it pays 33% of well drilling costs in that area (with the cap threshold of US$450,000 gross).