TIDMCHAR
RNS Number : 0362T
Chariot Limited
20 July 2022
20 July 2022
Chariot Limited
("Chariot" or the "Company")
Material Increase in Gas Resources Offshore Morocco
Increase to 1.4 Tcf in total remaining recoverable resources (2C
plus 2U) at the Anchois Project
Range of targets de-risked in a basin-scale exploration
portfolio with multi TCF potential
Chariot Limited (AIM: CHAR), the African focused transitional
energy company, is pleased to announce the results of Independent
Assessments on its gas resources offshore Morocco, incorporating
the results of the recent successfully drilled Anchois-2 appraisal
and exploration well. The Independent Assessments have been made by
Netherland Sewell & Associates Inc. ('NSAI') on the Anchois Gas
Field and further selected exploration prospects in the Lixus
Offshore licence ('Lixus') and the adjacent Rissana Offshore
licence ('Rissana') with material resource upgrades reported across
the portfolio.
These resource upgrades underpin:
-- the Company's decision to fast-track its field development plans;
-- the associated exploration programmes to deliver further growth from the portfolio; and
-- Chariot's focus on developing a significant energy resource,
prioritising the growing demand within Morocco's domestic market,
and potentially supplying surplus gas to Europe.
Anchois Gas Field:
-- 82% increase in 1C contingent resources from 201 Bcf to 365 Bcf
-- 76% increase in 2C contingent resources from 361 Bcf to 637 Bcf
-- 49% increase in 2U prospective resources to 754 Bcf in three
undrilled targets with an improvement in the probability of
geological success, now ranging from 49 to 61 %
-- Total remaining recoverable resource at Anchois (2C plus 2U) now stands at 1.4 Tcf
Additional Lixus Prospects:
-- Updated assessments on two key undrilled prospects
(Maquereau, and Anchois West) with improvements in both prospective
resource potential and probability of geological success and the
newly identified Anguille prospect, which are all part of the same
tertiary gas play as the Anchois gas field
-- Combined, 2U prospective resources of 838 Bcf with an
estimated probability of geological success ranging from 30-52%,
with closely related additional targets in the areas surrounding
the prospects
-- The total remaining recoverable resources (2C plus 2U,
comprising audited and internal Chariot estimates) in the entire
Lixus portfolio stands at approximately 4.6 Tcf
Rissana Offshore:
-- Early assessment of the areas covered by 3D seismic, provides
a total 2U prospective resource of over 7 Tcf, combining a
high-graded prospect 'Emissole' within the lower risk Anchois
tertiary gas play and multi Tcf prospects in a higher-risk Mesozoic
play, inherited from Chariot's legacy Mohammedia Offshore licence
area.
Duncan Wallace, Technical Director of Chariot Limited,
commented:
"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.
We remain fully focused on bringing Anchois into production as
quickly as possible and are working hard across all aspects of the
development plan required to reach FID. 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."
Investor Presentation at the Annual General Meeting
Management will provide a detailed overview of this resource
upgrade at the AGM, which will be held on 8 September 2022.
Further information:
Chariot, through its wholly owned subsidiary, Chariot Oil &
Gas Holdings (Morocco) Limited, 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.
The Lixus licence covers an area of approximately 1,794km(2) ,
with water depths ranging from the coastline to 850m. The area has
been subject to earlier exploration with legacy 3D seismic data
covering approximately 1,425km(2) on-block and four exploration
wells, including the Anchois-1 gas discovery which was drilled in
2009. In Q1 2022, Chariot announced that it had successfully
drilled an appraisal and exploration well, Anchois-2 which
encountered approximately 150m of net gas pay and confirmed
excellent quality gas.
To fast track the development of the Anchois gas field Chariot
recently awarded the Front-End Engineering and Design Contract to a
consortium of world leading developers of offshore gas projects
with Societe Generale appointed to lead the debt financing.
In Q1 2022 Chariot also announced the signing of the Rissana
Offshore Licence, which surrounds the Lixus acreage, capturing
further prospectivity around the significant Anchois gas discovery
and higher risk higher-reward Mesozoic prospects originally
identified on its legacy Mohammedia Offshore Licence Area.
Updated independent assessment for Lixus Offshore licence based on Anchois-2 drilling results
----------------------------------------------------------------------------------------------------------------------
Field / Prospect Contingent Gas Resources* (Bcf) Probability of Geological Success (Pg)
---------------------------------------
Prospective Gas Resources (Bcf)
---------------------------------------
1C* / 1U 2C* / 2U 3C* / 3U
---------- ---------------------------------------
Anchois Field
Anchois Field Contingent* 365 637 907 N/A
---------------------------------------
(201) (361) (550) N/A
--------------------------------------- ----------- ---------- ----------- ---------------------------------------
Anchois Field Prospective 377 754 1123 49-61%**
---------------------------------------
(384)(+) (690)(+) (1013)(+) (37-64%)**
--------------------------------------- ---------------------------------------
Anchois Field - Total Remaining
Recoverable Resource 742 1391 2030
---------------------------------------
(585) (1051) (1563)
--------------------------------------- ---------- ----------- ---------------------------------------
Other Lixus Prospects
----------------------------------------------------------------------------------------------------------------------
Anchois West 68 241 499 52%
---------------------------------------
(45) (89) (134) (35%)
--------------------------------------- ----------- ---------- ----------- ---------------------------------------
Maquereau (Central) 108 428 886 30%
---------------------------------------
(73) (267) (559) (25%)
--------------------------------------- ----------- ---------- ----------- ---------------------------------------
Anguille 71 169 290 34%
--------------------------------------- ----------- ---------- ----------- ---------------------------------------
Not previously evaluated
--------------------------------------- -----------------------------------------------------------------------------
Independent assessment for Rissana Offshore licence
----------------------------------------------------------------------------------------------------------------------
Prospect Prospective Gas resources (Bcf) Probability of Geological Success (Pg)
1U 2U 3U
Emissole 75 171 332 22%
Arnoux(++) 356 1023 1944 22%
Beluga/Beluga Deep(++) 996 2250 4370 20%
Cachalot/Cachalot North(++) 1084 2405 4377 18-20%**
Dauphin(++) 586 1463 2906 18%
----------- ---------- ----------- ---------------------------------------
Total Rissana Prospective 3097 7312 13929
----------- ---------- ----------- ---------------------------------------
( ) Previous independent assessment of resources and probability of geologic success
* Contingent Gas Resource estimates
** Geologic risk assessment values composed of multiple targets with differing risks
(+) Pre-Anchois-2 assessments of prospective resources also included the C sands and M sands
reservoirs in the Anchois Deep prospect which were successfully drilled in Anchois-2. The
previous assessment estimated the total 2U prospective resource for the three targets yet
to be drilled to be 505 Bcf with a Pg of 37-46%, compared with the updated assessment of 754
Bcf and Pg of 49-61%.
(++) Prospects originally identified during Chariot's work on the Mohammedia Offshore licence
area, which are now part of the Rissana licence area and considered as gas prospective.
Resources have been reported as Wet Gas resources, with no separate accounting for contained
liquids. It should be recognized that this is a resources assessment definition and not a
phase behaviour definition (Anchois gas is regarded as a dry gas in terms of composition).
The estimates in this report have been prepared in accordance
with the definitions and guidelines set forth in the 2018 Petroleum
Resources Management System (PRMS) approved by the Society of
Petroleum Engineers.
Glossary
Contingent Those quantities of petroleum that are estimated,
Resources as of a given date, to be potentially recoverable
from known accumulations by application of development
projects, but which are not currently considered
to be commercially recoverable owing to one or more
contingencies
Prospective Those quantities of petroleum that are estimated,
Resources as of a given date, to be potentially recoverable
from undiscovered accumulations
Total Remaining The total resource estimates including both contingent
Recoverable and prospective resources (as above); resource estimates
Resources aggregated with understanding that contingent vs
prospective resources hold different technical and
commercial risks
1C Low estimate scenario of contingent resources
1U Low estimate scenario of prospective resources
2C Best estimate scenario of contingent resources
2U Best estimate scenario of prospective resources
3C High estimate scenario of contingent resources
3U High estimate scenario of prospective resources
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.
Enquiries
Chariot Limited
Adonis Pouroulis, Acting CEO +44 (0)20 7318
Julian Maurice-Williams, CFO 0450
+44 (0)20 7397
Cenkos Securities Plc (Nomad and Joint Broker) 8900
Derrick Lee, Adam Rae (Corporate Finance)
Peel Hunt LLP (Joint Broker) +44 (0) 20 7894
Richard Crichton, David McKeown 7000
Celicourt Communications (Financial PR) +44 (0)20 8434
Mark Antelme, Jimmy Lea 2754
NOTES FOR EDITORS:
About Chariot
Chariot is an African focussed transitional energy group with
two business streams, Transitional Gas and Transitional Power.
Chariot Transitional Gas is focussed on a high value, low risk
gas development project offshore Morocco 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. Chariot is also partnering
with the Government of Mauritania on the potential development of a
10GW green hydrogen project, Project Nour.
The ordinary shares of Chariot Limited are admitted to trading
on the AIM under the symbol 'CHAR'.
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