Chariot Ltd (AIM:CHAR, OTC:OIGLF) confirmed a 'significant' gas discovery at the Anchois-2 well offshore Morocco which materially exceeded expectations.
Anchois-2 well was drilled to a total depth of 2,512 metres and encountered significant gas accumulations with the appraisal target, Sand B, marking some 50 metres of net pay across two stacked reservoirs – the uppermost was the reservoir seen in the original discovery well.
Also, the well saw exploration success with three targets – Sands C, M and O – representing 250 metres of gross pay, exceeding expectations. All reservoirs were described as high quality.
"I am delighted to announce that Chariot, as well as conducting a successful appraisal well operation, has made a significant gas discovery at the Anchois-2 well which materially exceeds our expectations,” said Adonis Pouroulis, acting chief executive.
“We continue to conduct further analysis on the data collected from the well, but as it stands, we believe the result is transformational for the company.”
Pouroulis added: “With the recently announced key terms of gas offtake with a prominent international energy group, interest from two highly regarded institutional lenders to provide debt finance, an ongoing collaboration with a leading constructor of offshore gas projects and now this successful gas well result, the Anchois project is getting closer to helping provide a clean transitional fuel to support Morocco's industrial and economic growth.”
The Anchois-2 well will now be suspended for potential completion as a production well in the development of the field, subsequently, the Stena Don rig will move to the Anchois-1 gas discovery well which will be re-entered to assess the integrity of the previously drilled well. It potentially allows it to be included in the development of the field.