Chariot’s new offshore Morocco block given resource boost

Oil and gas company Chariot Oil & Gas has received a positive competent person’s report over resources in its recently acquired block offshore Morocco.

Chariot on Thursday reported that the CPR by Netherland Sewell & Associates Inc. (“NSAI”) over the satellite prospects adjacent to the Anchois-1 gas discovery in the Lixus Offshore Licence upgraded remaining recoverable resources to in excess of 1 Tcf of gas ( (comprising 2C contingent resources and 2U prospective resources)

The Anchois-1 well was drilled in 2009 in 388m water depth some 40km from the coast and encountered an estimated net gas pay of 55m in two sands with average porosities ranging from 25% to 28%.

The Anchois discovery is in Tertiary-aged turbidite reservoirs that occur above a nappe emplaced during the Alpine orogeny and the pay sands have a characteristic and anomalous seismic signature. Chariot last month said it had identified five satellite prospects to Anchois that have tie-back potential. In its update on Thursday, the oil company said the Anchois North prospect has been confirmed as the low-risk priority satellite prospect with 308 Bcf of 2U prospective resources with a probability of geological success of 43%

Chariot in April said it had estimated that Anchois and the satellites held remaining recoverable resources in excess of 900 Bcf.

The initial license commitment includes a technical program of 3D seismic reprocessing and evaluation to access the additional exploration potential of Lixus. In a statement on Thursday, Chariot said that further CPR on additional five prospects identified in Lixus license would be completed after the 3D seismic reprocessing project.

Larry Bottomley, CEO of Chariot said: “This independent third party evaluation confirms that the Anchois discovery, and its nearby satellite prospects, presents Chariot with an exciting and commercially attractive development opportunity. The combination of a de-risked resource base in a fast-growing energy market, with high gas prices, and a need for increased supply is highly attractive to a wide range of strategic partners throughout the energy value chain.
“We anticipate a period of sustained news flow on this exciting project going forward, which should further unlock the value of the Lixus license, with the results of the feasibility and gas market studies expected to be announced in due course.”

Chariot has said that the excellent quality reservoirs in the Anchois discovery offer the potential for high rate wells and the consequent possibility of a low-cost development.

In its previous presentation Chariot said it might drill an appraisal well at Anchois in mid-2020.

Offshore Energy Today Staff / Maps by Chariot

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