Chariot Limited, the Africa focused transitional energy group, provides an update regarding the Anchois-3 well currently being drilled at the Anchois gas project in the Lixus Offshore licence, offshore Morocco (Energean 45%, Operator, Chariot 30%, ONHYM 25%).

Chariot confirms that operations in respect of the Anchois-3 well are ongoing.

• Main Hole ("Anchois-3ST") operations are under way as per the operational plan. Preliminary interpretation indicates the presence of gas bearing reservoirs in the B sands, being an appraisal objective of the well and further detailed work will be needed to understand the impact of these results. Drilling operations continue to evaluate deeper appraisal and exploration objectives.
• The primary objective of the initial Pilot Hole was to evaluate the upside exploration potential of reservoirs in the Anchois Footwall prospect, which were found but are interpreted to be water bearing. This hole was plugged and abandoned prior to sidetracking and drilling the Main Hole.
• Further updates will be provided as appropriate.

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