Chariot Oil & Gas has given updates on its licenses in Morocco in its recently released H1 report for 2020, with particular focus on the Lixus and Anchpois license where there is a huge potential of natural gas reserve.
The Acting Chief Executive officer of Chariot, Adonis Pouroulis said, “This is an exciting phase in the evolution of the Company as the new team takes action to drive the Lixus opportunity forward and bring in value-accretive new ventures that play into the energy transition theme. With each day that passes more potential in the Lixus licence is uncovered, delineating a major gas resource with strong ESG credentials and national significance for Morocco.”
“Africa is the one continent where population growth and demand for power are rising rapidly and are projected to continue to rise throughout this century. With this, Chariot is ideally placed with its Moroccan gas development foothold to reach out and invest into other alternative projects that embody our core values, demonstrate our vision and create value for shareholders as we seek to make the Company more relevant to future energy needs.”
Excerpts from the release:
“The completion of the reprocessing of the 3D PSDM seismic data has resulted in a significant upgrade of audited total remaining recoverable resource to in excess of 1 Tcf for Anchois (comprising 361 Bcf 2C contingent resources and 690 Bcf 2U prospective resources). The reprocessed data has derisked existing exploration prospects and also uncovered new prospects in the Mio-Pliocene gas play, with early internal estimates of c.1 Tcf. Adding these further exploration targets could lift the total licence resources to c.4 Tcf (sum of 2C plus 2U resources including independent and preliminary internal estimates).”
On the Gas market, it read “Large and growing energy market in Morocco with attractive indicative pricing of US$8/mmbtu in power generation and US$10-11/mmbtu in industry based on public information of other operators in Morocco.
Engagement continues with potential off-takers both within the domestic Moroccan gas market and through the Maghreb-Europe pipeline to potential off-takers in the European gas market”
To read the complete H1 results for H1 2020, click here
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