Chariot Ltd (AIM:CHAR, OTC:OIGLF) said it completed drilling operations at the Anchois field offshore Morocco after making a significant new discovery – with over 100 metres of net pay suspended in the Anchois-2 well for future production.
The company also coupled the rig to the Anchois-1 well – drilled originally in 2009 – to confirm its viability as a future producer, a statement said.
Extensive data has been captured through the programme and twelve gas samples taken for further analysis in the lab.
“Our ambition is to bring the Anchois gas development online as quickly as possible, to fuel Morocco's economic growth, but also to deliver near-term cash flows to the company,” said chief executive Adonis Pouroulis.
“We will now look to conduct further analysis on our findings, to optimise our development plan for the field, with both wells earmarked to become potential production wells, as part of an accelerated field development plan for the benefit of all stakeholders.
"We are very excited about these positive results and the commercial potential of the expanded Anchois field along with the material upsides in the wider Lixus licence area and we will look to update the market in more detail on the findings of our further analysis in due course."
On January 10, Chariot confirmed a 'significant' gas discovery at the Anchois-2 well offshore Morocco which materially exceeded expectations.
Broker Finncap said it already doubled its risked-NAV following the success of Anchois-2 “but believe there is more to come from both further de-risking and resource upgrades as well data is analysed and the project matures.
“This drilling result is a key step to unlocking Chariot’s Moroccan gas ambitions, setting it firmly on a path to becoming a strategically important transitional gas producer."
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