TIDMCHAR
RNS Number : 1466Y
Chariot Oil & Gas Ld
07 September 2020
7 September 2020
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Significant Resource Upgrade on Anchois, Morocco
Remaining recoverable resources increases by 148%
Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins
focused energy company, announces that it has completed the
reprocessing of 3D seismic data across the Lixus Offshore Licence
("Lixus"), Morocco, resulting in significant improvements in both
image quality and in depth control. This has had a positive impact
on the understanding of the distribution and extent of the Anchois
gas sands.
Following the reprocessing of the data, Netherland Sewell &
Associates Inc. ("NSAI") has performed an updated Independent
Assessment on a c.50km(2) area, covering the Anchois gas discovery
on the Lixus licence, which has led to a significant resource
upgrade for the proposed Anchois Gas Field Development.
-- Upgrade of audited total remaining recoverable resource to in
excess of 1 Tcf for Anchois, representing a 148% increase
(comprising 361 Bcf 2C contingent resources and 690 2U prospective
resources)
-- Ability for the low-risk prospective targets (C, M and O
sands) to be drilled at low cost as part of any appraisal or
development drilling activity on the Anchois Discovery (A and B
sands); the development of which brings the potential for material
free cash flow
-- Chariot technical team continues to identify, evaluate and
quantify additional material gas prospects in the Lixus licence
based on the reprocessed data
-- Management to hold a detailed audio webcast for investors at
12.00 noon (BST) on 8 September 2020 (details below)
Adonis Pouroulis, Acting CEO, commented:
"The recent work on the Lixus Licence confirms the materiality
of the Anchois Gas Field Development project.
We continue to hold the view that this asset has the capacity to
be a value accretive and long-term project of national significance
to Morocco. The Anchois development has the potential to supply
material gas volumes into existing markets in the near-term, and
the exploration prospectivity of the Lixus licence is of a scale
sufficient to provide the Moroccan power sector with a clean,
reliable, low cost and sustainable supply of gas for decades to
come. We continue to make progress in unlocking the Anchois
development and generating near term cash flows and we look forward
to keeping our shareholders updated on developments on Lixus and,
as previously announced, the other opportunities being reviewed
over the coming months."
Investor Audio Webcast:
Management will host an audio webcast call for investors at
12.00 noon (BST) on 8 September 2020. Please click on the link
below to access:
https://webcasting.brrmedia.co.uk/broadcast/5f4fca61b14d87262643e2c2
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 2,390km(2) ,
with water depths ranging from the coastline to 850m. The area has
been subject to earlier exploration with legacy 3D seismic data
covering appro ximately 1,425km(2) on-block and four exploration
wells, including the Anchois gas discovery.
The reprocessing of the legacy seismic data was performed by
PGS. PGS delivered a reprocessed cube covering 1,735 km(2) and with
Pre-Stack Depth Migration (PSDM) technology applied for the first
time, with the legacy data being Pre-Stack Time Migration (PSTM).
With the completion of this project, and the subsequent generation
of Seismic Inversion products, this now completes the minimum work
programme on the Lixus licence.
UPDATED INDEPENT ASSESSMENT REPORT BASED ON REPROCESSED
DATA WITH THE INCLUSION OF 2 NEW TARGETS
---------------------------------------------------------------------------------------
Field / Prospect Unrisked Gross (100 percent) Probability
Contingent Gas resources* of Geologic
(Bcf) Prospective Gas resources Success
(Bcf) (Pg)
------------------------------- ---------------------------------------
1C* 2C* 3C* Mean
------------------------------- ------- --------- --------- --------
1U 2U 3U Mean
-------------------------------
Anchois Discovery
------------------------------- --------- ---------
Anchois A sand* 65 114 175 117 N/A
------- --------- -------- -------------
Anchois B sand* 136 247 375 252 N/A
------- --------- -------- -------------
Anchois Contingent Resource* 201 361 550 369 N/A
------- --------- --------- -------- -------------
Anchois Deep (C sand) 60 164 284 168 64%
------- --------- -------- -------------
Anchois Deep (M sand) 9 21 36 22 38%
------- --------- -------- -------------
Anchois Deep (O sand) 225 358 481 362 37%
------- --------- -------- -------------
Anchois Footwall (O
sand) 90 147 212 149 46%
------- --------- -------- -------------
Anchois Remaining Recoverable
Resource 585 1051 1563 1070 N/A
------- --------- --------- -------- -------------
PREVIOUS INDEPENT ASSESSMENT REPORT BASED ON ORIGINAL
DATA
---------------------------------------------------------------------------------------
Field / Prospect Unrisked Gross (100 percent) Probability
Contingent Gas resources* of Geologic
(Bcf) Prospective Gas resources Success
(Bcf) (Pg)
------------------------------- ---------------------------------------
1C* 2C* 3C* Mean
------------------------------- -------- -------- -------- ---------
1U 2U 3U Mean
-------------------------------
Anchois Discovery
------------------------------- -------- --------
Anchois A sand* 45 107 143 100 N/A
-------- -------- --------- -------------
Anchois B sand* 111 201 290 201 N/A
-------- -------- --------- -------------
Anchois Contingent Resource* 156 307 433 301 N/A
-------- -------- -------- --------- -------------
Anchois Deep (C sand) 56 116 172 115 N/A
-------- -------- --------- -------------
Anchois Remaining Recoverable
Resource 212 423 605 416 N/A
-------- -------- -------- --------- -------------
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, Technical
Director of Chariot, who is a petroleum geologist with over 15
years' experience in petroleum exploration, MSc in Petroleum
Geology from Imperial College, is a member of the Petroleum
Exploration Society of Great Britain and a Fellow of the Geological
Society. 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
Adonis Pouroulis, Acting CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Broker)
Christopher Raggett (Corporate Finance)
Andrew Burdis (ECM) +44 (0)20 7220 0500
Celicourt Communications (Financial PR)
Mark Antelme
Jimmy Lea +44 (0)20 8434 2754
NOTES TO EDITORS
ABOUT CHARIOT
Chariot Oil & Gas Limited is an independent energy company
which holds 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.
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'
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