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    Chariot Gets Resource Lift Off Morocco


The company is scouting for partners to help develop its resource base.

by: Joseph Murphy

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Natural Gas & LNG News, Africa, Exploration & Production, News By Country, Morocco

Chariot Gets Resource Lift Off Morocco

Chariot Oil & Gas has boosted its resource estimate for the Lixus licence off the coast of Morocco, following an independent appraisal by Netherland Sewell & Associates, the UK explorer said September 18.

The licence contains the 2009 Anchois gas discovery and a number of satellite prospects. Five additional prospects have been assessed to hold 1.2 trillion ft3 of prospective gas, bring the overall estimate for the licence to 2 trillion, Chariot said in a statement. Previously, total resources were estimated at 1 trillion ft3.

The additional prospects – Maquereau North, Central and South, Tombe and Turbot – “describes material running room over and above the discovered resource base and low risk exploration portfolio” of Anchois and its satellites, CEO Larry Bottomley said.

The company head said interest had been received from “a wide range of potential strategic partners across the energy value chain,” to help develop Anchois and conduct further exploration. An environmental impact assessment is underway to facilitate this work , it said.

According to Chariot, the Moroccan gas market shows “growing demand for energy” with “attractive” domestic prices “which, in combination with excellent commercial contract terms, underpins a commercially attractive project.”