TIDMCHAR
RNS Number : 8860X
Chariot Limited
10 January 2022
10 January 2022
Chariot Limited
("Chariot", the "Company" or the "Group")
Significant Gas Discovery at Anchois-2 Well
Successful appraisal and exploration drilling in Moroccan
offshore gas project
Chariot (AIM: CHAR), the Africa focused transitional energy
company, is pleased to announce the result of the Anchois-2
appraisal and exploration well on the Anchois gas project within
the Lixus licence ("Lixus"), offshore Morocco. Chariot has a 75%
interest and operatorship of Lixus in partnership with the Office
National des Hydrocarbures et des Mines ("ONHYM") which holds a 25%
interest.
-- Anchois-2 well has been safely and efficiently drilled to a
total measured depth of 2,512m by the Stena Don drilling rig in
381m of water.
-- Comprehensive evaluation of the well has been undertaken
through wireline logging, including petrophysical evaluation,
subsurface formation testing including reservoir pressures and gas
sampling, sidewall cores and well bore seismic profiles.
-- Preliminary interpretation of the data confirms the presence
of significant gas accumulations in the appraisal and exploration
objectives of the Anchois-2 well with a calculated net gas pay
totalling more than 100m, compared to 55m in the original Anchois-1
discovery well.
Appraisal Target
Gas Sand B has a calculated total net gas pay of more than 50m
in two stacked reservoirs of similar thickness. The upper reservoir
is a continuation of a reservoir drilled in the original discovery
well, Anchois-1, with the lower reservoir being newly
identified.
Exploration Targets
Gas Sands C, M & O were successfully encountered with
multiple gas-bearing intervals across a gross interval of 250m
measured distance with no water-bearing reservoirs identified,
materially exceeding pre-drill expectations.
-- Previously discovered Gas Sand A was not targeted in the
Anchois-2 well, due to the intention of evaluating it in the
subsequent Anchois-1 re-entry operations, however, the Anchois-2
well encountered gas bearing sands at this level providing
important additional subsurface data.
-- High quality reservoirs were encountered in all gas sands.
-- Further analysis will be undertaken to fully understand the positive implications on:
o Gas resources within the expanded Anchois field and the scale
of the potential gas development.
o De-risking of numerous additional material exploration
prospects within the Lixus licence area with similar seismic
attributes to the Anchois discovery now considered to be low
risk.
-- The well will now be suspended for potential future re-entry
and completion as a production well in the development of the
field.
-- The Stena Don rig will then move to the Anchois-1 gas
discovery well to perform re-entry operations with the objectives
of assessing the integrity of the previously drilled well, and if
successful, providing a future potential production well for the
development of the field.
Adonis Pouroulis, Acting CEO of Chariot, commented:
"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. 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.
This is a tremendous outcome and I would like to thank ONHYM,
our partners on the licence, and everyone involved for their
invaluable support, which enabled the well to be drilled safely,
successfully and on time during a time of significant operational
and logistical challenges posed by the current pandemic.
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.
We look forward to providing a further market update once the
appraisal campaign has completed."
Qualified Person Review
This release has been reviewed by Duncan Wallace, Technical
Director of Chariot, who is a petroleum geologist with over 20
years' experience in petroleum exploration, MSc in Petroleum
Geology from Imperial College, a Fellow of the Geological Society
and a member of the Petroleum Exploration Society of Great Britain.
Mr Wallace has consented to the inclusion of the technical
information in this release in the form and context in which it
appears.
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014, as retained in the UK
pursuant to S3 of the European Union (Withdrawal) Act 2018.
For further information please contact:
Chariot Limited
Adonis Pouroulis, Acting CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Joint Broker)
Christopher Raggett, Simon Hicks, Edward
Whiley +44 (0)20 7220 0500
Peel Hunt (Joint Broker)
Richard Crichton, David McKeown +44 (0)20 7418 8900
Celicourt Communications (Financial PR)
Mark Antelme, Jimmy Lea +44 (0)20 8434 2754
NOTES FOR EDITORS:
About Chariot
Chariot is an African focused transitional energy group with two
business streams, Transitional Gas and Power.
Chariot Transitional Gas is a high value, low risk gas
development project with strong ESG credentials in a fast-growing
emerging economy with a clear route to early monetisation, delivery
of free cashflow and material exploration upside. Chariot
Transitional Power, looking to transform the energy market for
mining operations in Africa, providing a giant largely untapped
market with cleaner, sustainable, and more reliable power.
Additionally in September 2021, Chariot announced its partnership
with the Government of Mauritania for the potential development of
a large-scale green hydrogen project.
The ordinary shares of Chariot Limited are admitted to trading
on the AIM under the symbol 'CHAR'.
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