Petroleum Africa
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Tuesday, September 29, 2020
Chariot Oil & Gas has provided the highlights of its work program on its licenses in Morocco in its H1 results. The company is particularly upbeat on its Lixus and Anchois license potential where it has seen its natural gas reserves increase.
Adonis Pouroulis, Acting CEO of Chariot commented: “’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 license is uncovered, delineating a major gas resource with strong ESG credentials and national significance for Morocco.”
The company also noted that in its Anchois license it saw an upgrade of audited total remaining recoverable resource to in excess of 1 Tcf, representing a 148% increase (comprising 361 Bcf 2C contingent resources and 690 Bcf 2U prospective resources).
“The work the team has undertaken to advance the Anchois project during the period, in what is shaping up to be a multi-Tcf prospective license area, has served to enhance its commerciality and bring a highly scalable, fundable development opportunity onto the radar of institutional financing. We look forward to further project endorsements and hope to announce more progress in the coming months as the gap narrows between the market’s perception of the Company and what management feel is currently a vastly undervalued clean energy investment proposition,” Pouroulis commented.
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