Ministerial endorsement a further step forward for gas development project

Chariot Limited, the Africa focused transitional energy group, has received approval for its Environmental Impact Assessment ("the EIA") from the Moroccan Ministry of Energy Transition and Sustainable Development on the Anchois gas development projectoffshore Morocco.

The EIA process for Anchois was conducted over a 12 month period and was informed by:

o  onshore and offshore environmental and social baseline surveys
o  an open and transparent stakeholder engagement programme held in conjunction with relevant parties  
o  a public enquiry process which spanned four local provinces

•The final report sets out the requisite planning, mitigation and monitoring measures to follow during construction and production
•The EIA integrates recommendations from the National Environmental Committee, is valid for five years and covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Process Facility and link to the GME pipeline.

Pierre Raillard, Head of Gas Business and Morocco Country Director at Chariot commented:
"Securing approval of this EIA is a major milestone for Anchois and is the culmination of extensive time and teamwork that has gone into this critical process. This is a key building block for sanctioning the project's development, alongside other activities such as our partnering process which is close to conclusion. On behalf of Chariot, I would like to thank the National Environmental Committee and the Ministry for their endorsement and support. I would also like to thank the Chariot team, our partner ONHYM and our consultants who collaborated so closely across all workstreams. We are fully committed to ensuring that Anchois is developed in line with best practice as set out in the report."

The Anchois Gas Development Project

The Lixus Offshore licence covers an area of approximately 1,794km², with water depths ranging from the coastline to 850m. The area has extensive data coverage with legacy 3D seismic data covering approximately 1,425km² and 5 exploration wells, including the Anchois-1 and Anchois-2 discovery wells.

The Anchois gas discovery represents a high value gas appraisal and development project.

• Anchois-1 gas discovery – previously audited total remaining recoverable resource in excess of 1 Tcf, comprising 361 Bcf 2C contingent resources and 690 2U prospective resources.
• The appraisal and exploration well, Anchois-2, drilled safely, on time, and on budget, discovered excellent quality, dry gas across seven reservoirs with approx. 150m net pay.
• Updated Independent Assessments made in 2022 provide material increase in resources for the Anchois Gas Field, which now stand at 637 Bcf 2C contingent resources and 754 Bcf 2U prospective resources.
• High quality reservoir properties that mean producer wells can produce gas at high rates, reducing the associated drilling and completion costs and subsea complexity.
• Excellent gas quality, without impurities such as carbon dioxide or hydrogen sulphide, means that standard materials and technology can be used for the flowline and processing facility
• World-class commercial contract terms with high gas prices in a developing market with growing energy demand offers a potentially high-value project
• Project financing for the development of the project to be led by notable investment bank Societe Generale
• Reservoirs are directly imaged on seismic data, with distinctive seismic signatures, showing bright, high amplitudes and far-offset (AVO) seismic anomalies, increasing the confidence in the lateral extent of the sands away from the discovery well location and other systems on-block
• Material low risk exploration satellites with significant tie-back potential
• Additional on-block exploration upside of >4.5 Tcf

KeyFacts Energy: Chariot Oil & Gas Morocco country profile