Chariot Ltd (AIM:CHAR, OTC:OIGLF) has announced a material increase in its gas resources offshore Morocco, validating its decision to fast-track its field development plans for the Anchois gas project.
Oil & Gas consultant Netherland Sewell & Associates has reviewed the project and upgraded the resource estimates for the Anchois field along with other areas of the Lixus offshore licence and the adjacent Rissana acreage.
Anchois sees an 81% rise in high confidence 1C contingent resources to 365bn cubic feet from 201bn and a 76% rise in 2C contingent resources to 637bn cubic feet, whilst prospective resources covering three undrilled targets at Anchois have been estimated at some 754bn cubic feet.
The field’s estimated total remaining recoverable resource now stands at 1.4 trillion cubic feet (Tcf).
Duncan Wallace, Chariot technical director, told investors that the company is fully focused on bringing Anchois into production as quickly as possible.
“We are committed to realising the value of this gas field as well as continuing to prove up the significant scope of our wider resource base from the Moroccan portfolio."
Wallace added: “This independent assessment report confirms that following the drilling of Anchois-2, we have a growing resource base from which we can fast track our gas development towards material cashflows and provide gas to meet Morocco's growing energy demand.
“These resource upgrades across our Moroccan portfolio are a significant step forward.
“As well as confirming the increased scale of our discovery at Anchois, this independent assessment has also corroborated the multi Tcf opportunity that sits within the basin in our Moroccan licences and served to de-risk a number of high potential future targets in Lixus.”
The untested exploration potential across the other Lixus areas was estimated at around 4.6 Tcf, whilst Rissana was deemed to host more than 7 Tcf of prospective resources in untested targets.