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Morocco: Chariot Oil & Gas announces CPR on Additional Prospects in the Lixus Offshore Licence, Morocco

18 Sep 2019

Photo - see caption

AIM-listed Chariot Oil & Gas, the Atlantic margins focused oil and gas company, has announced the completion of an independent Competent Persons Report ('CPR') by Netherland Sewell & Associates Inc. ('NSAI') over the Additional Prospects in the Lixus Offshore Licence, Morocco.

  • Material running room in five Additional Prospects offers further upside in excess of 1.2 Tcf audited 2U prospective resources.
  • These resources, in addition to the Anchois Discovery and the Anchois Satellite prospects, contribute towards an audited total remaining recoverable resource in excess of 2 Tcf (comprising 2C contingent resources and 2U prospective resources).
Photo - see caption

Larry Bottomley, CEO commented:

'The independent evaluation of the Additional Prospects in the Lixus licence describes material running room over and above the discovered resource base and low risk exploration portfolio in the Anchois Discovery and the Anchois Satellite prospects. The combination of the Anchois Discovery, the Anchois Satellite prospects and these five Additional Prospects defines a strategically significant resource adjacent to a fast-growing energy market with high gas prices and a need for increased supply.

Following encouraging feedback from the partnering process, several interesting leads have been identified and these are currently being progressed by the Chariot team. We are pleased with the partnering process to date, which has received interest from a wide range of potential strategic partners across the energy value chain.'

Original article link

Source: Chariot Oil & Gas

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