REG - Chariot Limited - Post-Well Analysis on Discovery at Anchois-2 Well

ChariotAnnouncement

31/03/2022 07:00

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RNS Number : 6726G  Chariot Limited  31 March 2022

 

 

 

 

 

 

 

 

31 March 2022

 

 

Chariot Limited

("Chariot", the "Company" or the "Group")

 

Post-Well Analysis on Significant Gas Discovery at Anchois-2 Well

Confirms excellent quality dry gas and significant increase in net gas pay

 

Chariot (AIM: CHAR), the Africa focused transitional energy company, is
pleased to provide an update on the post-well analysis of the successful
Anchois-2 gas appraisal and exploration well, completed in January 2022, on
the Anchois gas project within the Lixus licence ("Lixus"), offshore Morocco.
Chariot has a 75% interest and operatorship of Lixus in partnership with the
Office National des Hydrocarbures et des Mines ("ONHYM") which holds a 25%
interest.

 

·      Net gas pay estimates for Anchois-2 well, based on further
interpretation of the well data, have been upgraded to approximately 150m from
the previously announced preliminary analysis of greater than 100m, compared
to the 55m in the original Anchois-1 discovery well.

 

·      Excellent quality dry gas confirmed, with greater than 96%
methane, in all seven discovered gas reservoirs, without detrimental
impurities such as H(2)S or CO(2), supporting minimal gas processing required
in the development.

 

·      Highly consistent gas composition potentially allows all gas
produced from the different reservoirs to be processed through a single gas
processing facility, enabling a simple development.

 

·      Further analysis is ongoing on the well data to understand the
positive implications on gas resources, and scale and economics of the
development.

 

 

Adonis Pouroulis, Acting CEO of Chariot, commented:

"I am delighted to announce this very positive update on the analysis of the
well data obtained from our successful gas drilling campaign on the Anchois
project, offshore Morocco, including a significant increase in net gas pay to
approximately 150m. This increase combined with the confirmation of excellent
quality dry gas consistently across all the discovered gas reservoirs is
extremely encouraging, as it will help enable a simple and standard
development.

Our ambition is to bring the Anchois gas development online quickly, to fuel
Morocco's economic growth, but also to deliver near-term cash flows to our
shareholders. We will continue to work on an accelerated field development
plan, for the benefit of all stakeholders."

 

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 Petroleum Exploration
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.

 

For further information please contact:

 

 Chariot Limited                                    +44 (0)20 7318 0450


 Adonis Pouroulis, Acting CEO

 Julian Maurice-Williams, CFO

 Cenkos Securities Plc (Nomad & Joint Broker)       +44 (0)131 220 9100

 Derrick Lee, Adam Rae

 Peel Hunt (Joint Broker)                           +44 (0)20 7418 8900

 Richard Crichton, David McKeown

 Celicourt Communications (Financial PR)            +44 (0)20 8434 2754

 Mark Antelme, Jimmy Lea

NOTES FOR EDITORS:

 

About Chariot

 

Chariot is an African focused transitional energy group with two business
streams, Transitional Gas and Power.

 

Chariot Transitional Gas is a high value, low risk gas development project
offshore Morocco with strong ESG credentials in a fast-growing emerging
economy with a clear route to early monetisation, delivery of free cashflow
and material exploration upside. Chariot Transitional Power, looking to
transform the energy market for mining operations in Africa, providing a giant
largely untapped market with cleaner, sustainable, and more reliable power.
Additionally in September 2021, Chariot announced its partnership with the
Government of Mauritania for the potential development of a large-scale green
hydrogen project.

 

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

 

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