Chariot Oil & Gas Ld Feasibility Study and Gas Market Assessment (5334C)
June 18 2019 - 2:00AM
UK Regulatory
TIDMCHAR
RNS Number : 5334C
Chariot Oil & Gas Ld
18 June 2019
18 June 2019
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Development Feasibility Study and Gas Market Assessment
completed for the Anchois Gas Field, Morocco
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused oil and gas company, is pleased to provide an update on the
Lixus Offshore Licence ("Lixus"), with the completion of the
Development Feasibility Study for the Anchois Gas Field and the
Morocco Gas Market and Anchois Field Monetisation Assessment.
Highlights of the studies are:
-- The development of the Anchois Field is technically feasible,
with the potential for either a single phase or a staged
development to commercially optimise access to different parts of
the gas market
-- Development options include a "subsea-to-shore" concept,
employing proven industry standard technical solutions and
equipment. This concept consists of subsea production wells tied to
a subsea manifold, from which a subsea flowline and umbilical
connect the field to an onshore Central Processing Facility
("CPF"), where gas is processed and then delivered into the
Maghreb-Europe Gas pipeline ("GME") via an onshore gas flowline
-- Potential to re-enter the suspended Anchois-1 gas discovery
well, which may be completed as a producer well
-- Morocco has a growing energy market with attractive gas
prices that underpins a commercially attractive project
-- Chariot has initiated an Environmental Impact Assessment to
facilitate appraisal operations in 2020
Larry Bottomley, CEO commented:
"The results of these studies demonstrate the technical
feasibility and commercial attractiveness of developing the Anchois
gas discovery with the potential to offer a strategically important
indigenous source of gas into Morocco's developing energy
market.
We believe the combination of a de-risked resource base in a
fast-growing energy market, with high gas prices and a need for
increased supply remains highly attractive to a wide range of
potential strategic partners throughout the energy value chain. As
part of the partnering process and to facilitate appraisal
operations in 2020, the Company has initiated a Drilling
Environmental Impact Assessment".
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
Qualified Person Review
This release has been reviewed by Duncan Wallace, Exploration
Manager of Chariot, who is a petroleum geologist with over 15
years' experience in petroleum exploration. He holds an MSc in
Petroleum Geology from Imperial College, is a fellow of the
Geological Society of London 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.
For further information please contact:
Chariot Oil & Gas Limited
Larry Bottomley, CEO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Broker)
Matt Goode, Christopher Raggett, Anthony Adams
(Corporate Finance) Andrew Burdis (ECM) +44 (0)20 7220 0500
Celicourt Communications (Financial PR)
Jimmy Lea +44 (0)207 520 9261
NOTES TO EDITORS
ABOUT CHARIOT
Chariot Oil & Gas Limited is an independent oil and gas
company focused on the Atlantic margins. It holds exploration
licences covering two blocks in Namibia, three blocks in Morocco
and four blocks in the Barreirinhas Basin offshore Brazil.
The ordinary shares of Chariot Oil & Gas Limited are
admitted to trading on the AIM Market of the London Stock Exchange
under the symbol 'CHAR'.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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