Gulf Oil and Gas accountACCOUNT

Significant Resource Upgrade on Anchois, Morocco

Source: 9/7/2020, Location: Africa

Chariot Oil & Gas Limited has completed the reprocessing of 3D seismic data across the Lixus Offshore Licence ("Lixus"), Morocco, resulting in significant improvements in both image quality and in depth control. This has had a positive impact on the understanding of the distribution and extent of the Anchois gas sands.

Following the reprocessing of the data, Netherland Sewell & Associates Inc. ("NSAI") has performed an updated Independent Assessment on a c.50km2 area, covering the Anchois gas discovery on the Lixus licence, which has led to a significant resource upgrade for the proposed Anchois Gas Field Development.

- Upgrade of audited total remaining recoverable resource to in excess of 1 Tcf for Anchois, representing a 148% increase (comprising 361 Bcf 2C contingent resources and 690 2U prospective resources)
- Ability for the low-risk prospective targets (C, M and O sands) to be drilled at low cost as part of any appraisal or development drilling activity on the Anchois Discovery (A and B sands); the development of which brings the potential for material free cash flow
- Chariot technical team continues to identify, evaluate and quantify additional material gas prospects in the Lixus licence based on the reprocessed data
- Management to hold a detailed audio webcast for investors at 12.00 noon (BST) on 8 September 2020

Adonis Pouroulis, Acting CEO, commented:
"The recent work on the Lixus Licence confirms the materiality of the Anchois Gas Field Development project.

We continue to hold the view that this asset has the capacity to be a value accretive and long-term project of national significance to Morocco. The Anchois development has the potential to supply material gas volumes into existing markets in the near-term, and the exploration prospectivity of the Lixus licence is of a scale sufficient to provide the Moroccan power sector with a clean, reliable, low cost and sustainable supply of gas for decades to come. We continue to make progress in unlocking the Anchois development and generating near term cash flows and we look forward to keeping our shareholders updated on developments on Lixus and, as previously announced, the other opportunities being reviewed over the coming months."

Seismic survey News in Morocco >>

Nigeria >>  10/22/2020 - Shearwater GeoServices Holding AS is pleased to announce the award of a large 3D seismic acquisition and depth processing contract in the Europe, Afri...
Norway >>  10/19/2020 - Ocean Floor Geophysics Inc (OFG) and Electromagnetic Geoservices ASA (EMGS) have announced today the signing of a cooperation agreement under which th...

Australia >>  10/16/2020 - The recent Australian acreage release focuses heavily on the northwest shelf. PGS seismic data and studies provide excellent coverage for basin-scale ...
Nigeria >>  10/16/2020 - Polarcus Limited announces a letter of award has been received for 3D seismic data acquisition services in West Africa with an expected duration of tw...

United States >>  10/15/2020 - CGG has announced the start of a new seismic data reimaging program in the prospective Walker Ridge area, as part of a major reimaging campaign being ...
United Kingdom >>  10/13/2020 - Blue Ocean Seismic Services, the marine seismic survey disruptor, has secured a total of 10 million of Series A investment from a group of world-lead...

Morocco Oil & Gas 1 >>  2 | 3 | 4 | 5 |

Oil & Gas Projects in Morocco >>

More News

Related Links

Gulf Oil and Gas
Copyright 2020 Universal Solutions All rights reserved. - Terms of Service - Privacy Policy.