REG - Chariot Limited - Conclusion of Anchois-3 Drilling Campaign

ChariotAnnouncement

16/09/2024 07:00

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RNS Number : 2323E  Chariot Limited  16 September 2024

 

16 September 2024

Chariot Limited

("Chariot", the "Company")

 

Conclusion of Anchois-3 Drilling Campaign Offshore Morocco

 

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy group,
announces preliminary results from the Anchois-3 well drilling campaign at the
Anchois gas project in the Lixus Offshore licence, offshore Morocco (Energean
45%, Operator, Chariot 30%, ONHYM 25%).

 

·    The Anchois-3 Main Hole ("Anchois-3ST"), has been safely and
efficiently drilled to a total measured depth of 3,045m by the Stena Forth
drillship in 349m of water.

 

·    Further to the announcement of 11 September 2024, preliminary
interpretation indicates:

 

o  Multiple good quality gas bearing reservoirs were found in the B sand
appraisal interval as anticipated, but the associated gas pays are now
interpreted to be lower than the pre-drill geological model

o  Other target reservoirs beneath the B sands were also encountered but were
water wet. The appraisal target reservoirs of the C and M sand were drilled
deeper than the gas bearing sands in the Anchois-2 well and into the water-leg
at this down-dip location. The Anchois North Flank exploration prospect was
found to have well-developed O sand reservoirs, with associated gas shows, but
also water wet

 

·    The Main Hole has now been plugged and abandoned, without flow
testing, and the drillship is being  demobilised.

 

·    Further detailed work by the partnership will be done to define the
next steps for the project.

 

Adonis Pouroulis, CEO of Chariot, commented:

 

"The Anchois East drilling campaign has evaluated all of the pre-drill
reservoir targets, however results have not delivered as anticipated or in
line with the excellent results of the previously drilled Anchois-2 well. The
primary exploration objectives were unsuccessful however, we did demonstrate
the extension of gas bearing reservoirs in the main appraisal B sands albeit
with thinner columns than estimated and data acquired from the other
reservoirs will be useful for our understanding of the field. We will now work
with our joint venture partners to determine the forward plan."

 

 

Qualified Person Review

 

This release has been reviewed by Duncan Wallace, Technical Director of
Chariot, who is a petroleum geologist with over 20 years' experience in
petroleum exploration, MSc in Petroleum Geology from Imperial College, a
Fellow of the Geological Society and a member of the Geoscience Energy Society
of Great Britain. Mr Wallace has consented to the inclusion of the technical
information in this release in the form and context in which it appears.

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European
Union (Withdrawal) Act 2018.

 

 

Enquiries

 

 Chariot Limited                                              +44 (0)20 7318 0450

 Adonis Pouroulis, CEO

 Julian Maurice-Williams, CFO

 Cavendish Capital Markets Limited (Nomad and Joint Broker)   +44 (0)131 220 9778

 Derrick Lee, Adam Rae

 Stifel Nicolaus Europe Limited (Joint Broker)                +44 (0) 20 7710 7760

 Callum Stewart, Ashton Clanfield
 Celicourt Communications (Financial PR)                      +44 (0) 20 7770 6424

 Mark Antelme, Jimmy Lea

 

NOTES FOR EDITORS:

 

About Chariot

 

Chariot is an Africa focused transitional energy group with three business
streams, Transitional Gas, Transitional Power and Green Hydrogen.

 

Chariot Transitional Gas is focused on high value, low risk gas development
projects in Morocco, a fast-growing emerging economy, with a clear route to
early monetisation, delivery of free cashflow and material exploration upside.

 

Chariot Transitional Power is focused on providing competitive, sustainable
and reliable energy and water solutions across the continent through building,
generating and trading renewable power.

 

Chariot Green Hydrogen is partnering with TEH2 (80% owned by TotalEnergies,
20% by the EREN Group) and the Government of Mauritania on the potential
development of a 10GW green hydrogen project, Project Nour in Mauritania, and
are progressing pilot projects in Morocco.

 

The ordinary shares of Chariot Limited are admitted to trading on the AIM
under the symbol 'CHAR'.

 

https://chariotenergygroup.com (https://chariotenergygroup.com)

 

 

 

 

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