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    Chariot reports bump in offshore Moroccan resources

Summary

The reassessment follows the Anchois-2 discovery in January this year.

by: NGW

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Chariot reports bump in offshore Moroccan resources

London-listed Chariot has raised its resource estimates for the Anchois gas discovery and other prospects off the coast of Morocco following an independent assessment by Netherland Sewell and Associates, the company said on July 20.

At Anchois, the estimate for 1C contingent resources has been raised to 365bn ft3 from 201bn ft3, for 2C contingent resources to 637bn ft3 from 361bn ft3, and for 2U prospective resources to 754bn ft3. This brings the total remaining resource figure to 1.4 trillion ft3, and the probability of success at three undrilled targets has increased to 49-61%.

At the Lixus prospects, total remaining recoverable resources are now assessed at 4.6 trillion ft3, while at the Rissana block, 2U prospective resources are estimated at more than 7 trillion ft3, based on 3D seismic data.

"This independent assessment report confirms that following the drilling of Anchois-2, we have a growing resource base from which we can fast track our gas development towards material cashflows and provide gas to meet Morocco's growing energy demand," Chariot's technical director Duncan Wallace said in a statement. 

The Anchois-2 well made a discovery in January this year, at the same Lixus licence as the 2009 Anchois find. Chariot will continue working towards a final investment decision on Anchois, in order to bring the discovery into production as soon as possible, Wallace said.