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Chariot Ltd says ‘potentially transformational’ two-well programme offshore Morocco set to kick off

We’ll find out early in the new year the result of development and exploration work by Chariot Ltd (AIM:CHAR, OTC:OIGLF) at two wells offshore Morocco with the Stena Don drill platform now onsite.

For the Anchois-2 well, the plan is to confirm the gas resource volumes, reservoir quality and well productivity.

Additionally, Chariot’s contractors will deepen the hole to assess low-risk exploration targets that may help establish a larger resource for the project.

The re-entry to Anchois-1, meanwhile, will assess the integrity of the previously drilled well as well as evaluating the productivity characteristics of the A Gas Sand. Ultimately it will also provide a second future production well.

The work, which will take 40 days, will commence immediately, bankrolled by the company’s oversubscribed US$9.5mln fundraiser.

Chariot’s acting chief executive, Adonis Pouroulis, called the drilling programme ‘potentially transformational’.

The company will update separately after the completion of each operation, investors were told.

Chariot owns 75% of the licence for the offshore area on which the two wells sit. The Morocco hydrocarbons ministry ONHYM holds a 25% interest.

Read More: Chariot Ltd says ‘potentially transformational’ two-well programme offshore Morocco set to kick off

2021-12-15 01:52:00

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