‘Material’ Resource Boost for Chariot’s Gas Assets Offshore Morocco

Africa-focused oil and gas company Chariot on Wednesday announced a ‘material increase’ in gas resource estimates for its assets offshore Morocco, as it works to reach a final investment decision for the Anchois gas field development.

The company announced the results of Independent Assessments on its gas resources offshore Morocco, incorporating the results of the recently drilled Anchois-2 appraisal and exploration well.

The Anchois gas field saw an 82% increase in 1C contingent resources from 201 Bcf to 365 Bcf; a 76% increase in 2C contingent resources from 361 Bcf to 637 Bcf; and  49% increase in 2U prospective resources to 754 Bcf in three undrilled targets with an improvement in the probability of geological success, now ranging from 49 to 61 %

The total remaining recoverable resource at Anchois (2C plus 2U) now stands at 1.4 Tcf.

The Independent Assessments have been made by Netherland Sewell & Associates Inc. (‘NSAI’) on the Anchois Gas Field and further selected exploration prospects in the Lixus Offshore licence (‘Lixus’) and the adjacent Rissana Offshore licence (‘Rissana’) with material resource upgrades reported across the portfolio.

The Lixus licence covers an area of approximately 1,794km2, with water depths ranging from the coastline to 850m. The area has been subject to earlier exploration with legacy 3D seismic data covering approximately 1,425km2 on-block and four exploration wells, including the Anchois-1 gas discovery which was drilled in 2009. In Q1 2022, Chariot announced that it had successfully drilled an appraisal and exploration well, Anchois-2 which encountered approximately 150m of net gas pay and confirmed excellent quality gas.

 As for the additional Lixus prospects, there are updated assessments on two key undrilled prospects (Maquereau, and Anchois West) with improvements in both prospective resource potential and probability of geological success and the newly identified Anguille prospect, which are all part of the same tertiary gas play as the Anchois gas field, Chariot said

Combined, these prospects have 2U prospective resources of 838 Bcf with an estimated probability of geological success ranging from 30-52%, with closely related additional targets in the areas surrounding the prospects.

The total remaining recoverable resources (2C plus 2U, comprising audited and internal Chariot estimates) in the entire Lixus portfolio stands at approximately 4.6 Tcf, Chariot said.

As for the Rissana offshore area, which Chariot secured in February, the company said that the early assessment of the areas covered by 3D seismic, provides a total 2U prospective resource of over 7 Tcf, combining a high-graded prospect ‘Emissole’ within the lower risk Anchois tertiary gas play and multi Tcf prospects in a higher-risk Mesozoic play, inherited from Chariot’s legacy Mohammedia Offshore licence area.

Duncan Wallace, Technical Director of Chariot Limited, said: “This independent assessment report confirms that following the drilling of Anchois-2, we have a growing resource base from which we can fast track our gas development towards material cashflows and provide gas to meet Morocco’s growing energy demand.

These resource upgrades across our Moroccan portfolio are a significant step forward. As well as confirming the increased scale of our discovery at Anchois, this independent assessment has also corroborated the multi Tcf opportunity that sits within the basin in our Moroccan licenses and served to de-risk a number of high potential future targets in Lixus.

We remain fully focused on bringing Anchois into production as quickly as possible and are working hard across all aspects of the development plan required to reach FID. We are committed to realizing the value of this gas field as well as continuing to prove up the significant scope of our wider resource base from the Moroccan portfolio.”Credit: Chariot

To fast-track, the development of the Anchois gas field, Chariot recently awarded the Front-End Engineering and Design contract to a consortium of world-leading developers of offshore gas projects, with Societe Generale appointed to lead the debt financing. The company’s December 2021 presentation shows Chariot has been collaborating with offshore industry leaders Xodus Group, One Subsea, Schlumberger, and Subsea 7.

According to the presentation, the development concept includes a subsea to shore development involving a subsea manifold linked via a gas flowline to an onshore central processing facility.

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