Chariot Ltd (AIM:CHAR, OTC:OIGLF) is upgrading its view of its discovery offshore Morocco with analysis of the Anchois-2 well pointing to a 50% rise in net pay to 150 metres (m), compared to 100m in the recent initial analysis and 55m in Anchois-1.
The company, in a statement, added that its analysis has confirmed excellent quality dry gas in all seven discovered gas reservoirs, without detrimental impurities – suggesting minimal gas processing will be required in the development.
Moreover, it said that highly consistent gas composition can potentially allow all gas from different reservoirs to be processed through a single gas processing facility, which similarly makes for a simple development.
"I am delighted to announce this very positive update on the analysis of the well data obtained from our successful gas drilling campaign on the Anchois project,” said acting chief executive Adonis Pouroulis.
“This increase combined with the confirmation of excellent quality dry gas consistently across all the discovered gas reservoirs is extremely encouraging, as it will help enable a simple and standard development.
“Our ambition is to bring the Anchois gas development online quickly, to fuel Morocco's economic growth, but also to deliver near-term cash flows to our shareholders.
“We will continue to work on an accelerated field development plan, for the benefit of all stakeholders."