The Anchois project, acquired by Chariot Oil & Gas, is to receive an upgrade to gas resources
Rabat – Chariot Oil & Gas has announced a new independent report that shows the Anchois gas resources have been upgraded to approximately one trillion cubic feet.
The new report includes the new satellite prospects, including “Anchois North,” which according to consulting firm Netherland Sewell & Associates has a 43% chance of geological success.
Chariot Oil & Gas also claim that the Anchois project has the potential to include five more satellites. Their main blocks of interest lie off the coastline of Mohammedia and Kenitra, north of Rabat.
Larry Bottomley, chief executive of Chariot, said, “this independent third party evaluation confirms that the Anchois discovery and its nearby satellite prospects present Chariot with an exciting and commercially attractive development opportunity”.
The news comes after Chariot announced in April the acquisition of the Lixus license, which hosts Anchois. Experts say that Anchois will act as a Kickstarter for a hub-approach in the region.
According to Chariot’s website, Morocco holds some of the most competitive fiscal and commercial terms in the world. The firm added that other incentives of operating in Morocco include a robust regulatory framework and highly regarded state oil company, ONHYM (the National Office of Hydrocarbons and Mines). ONHYM is a partner in the Lixus license, with a 25% stake in the asset.
The acquisition came after a disappointing year for Rabat Deep’s exploration well off Morocco’s coast, coupled with the failure of the Prospect S well offshore Namibia.
This low-risk, low-cost acquisition has been good news for Chariot Oil & Gas, with their shares rising more than 100% in the weeks after the deal.