Chariot Oil & Gas completes seismic data reprocessing on North African gas discovery

anchois oil and gasChariot Oil & Gas Limited has completed the 3D seismic data reprocessing across Morocco's Lixus Offshore Licence (Lixus), thus resulting in crucial improvements in 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 approximately 50 sq km 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 one tcf for Anchois, representing a 148% increase (comprising 361bcf 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.

The management will hold a detailed audio webcast for investors at 12.00 noon (BST) on 8 September 2020.

Adonis Pouroulis, acting CEO, commented, “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.”

Alain Charles Publishing, University House, 11-13 Lower Grosvenor Place, London, SW1W 0EX, UK
T: +44 20 7834 7676, F: +44 20 7973 0076, W: www.alaincharles.com

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