Chariot Oil & Gas is expecting strong returns and significant cash flows from the Anchois natural gas field in Morocco, according to a company statement.
In June, Chariot announced the completion of a Development Feasibility Study and a Gas Market Assessment for the Anchois gas field, which demonstrated the technical feasibility and commercial attractiveness of developing the Anchois gas discovery.
The field also has the potential to offer a strategically important source of natural gas to the Moroccan energy mix, according to the statement.
The company is also undertaking further studies on an additional five prospects in the Lixus license, which should be completed in Q4 2019.
“At the company’s other Moroccan licenses, Mohammedia and Kenitra, geochemical analysis indicates a hydrocarbon charge from Cretaceous or younger source rock, with the Cretaceous known as a world-class source rock,” the statement added.
“Additionally, excellent quality upper Jurassic sandstone reservoirs and effective seal identified in the Rabat Deep 1 well significantly de-risk the clastic prospects and leads with prospects MOH-B and KEN-A priority targets,” it further noted.
Chariot Oil & Gas is holding its Annual General Meeting (AGM) on July 9, where CEO Larry Bottomley will brief shareholders about the company’s portfolio and strategy overview.