Chariot Oil & Gas Ld - AGM Statement
("Chariot", the "Company" or the "Group")
At the meeting,
Capitalising on a broader understanding of the petroleum systems following the investigation of the oil shows in the Rabat Deep 1 well in
To progress the evaluation of this potential development, in May the Company announced the completion of an independent Competent Persons Report ("CPR") by
In June, Chariot announced the completion of a Development Feasibility Study and a Gas Market Assessment for the Anchois gas field. These studies, which were carried out by third parties, demonstrated the technical feasibility and commercial attractiveness of developing the Anchois gas discovery, which is anticipated to deliver strong returns and significant cash flow, with the potential to offer a strategically important indigenous source of gas into
The Company is undertaking a further CPR on an additional five prospects in the Lixus licence, which should be completed in Q4 2019 and the Environmental Impact Assessment to facilitate appraisal operations in 2020 has been initiated. The partnering data-rooms, for the Lixus licence, are open and the Chariot team is pleased with the level of interest seen to date from a wide range of businesses.
At the Company's other Moroccan licences, 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. 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 (gross mean prospective resource of 637mmbbls) and KEN-A (gross mean prospective resource of 445mmbbls) priority targets.
Partnering processes are ongoing across the portfolio and the Company will update the market on developments as appropriate.
Chariot continues to exercise capital discipline in all areas of the business, ending 2018 debt free and with
For further information please contact:
+44 (0)20 7318 0450
finnCap (Nominated Adviser and Broker)
+44 (0)20 7220 0500
| || |
+44 (0)207 520 9261
| || || |
NOTES TO EDITORS
The ordinary shares of
This information is provided by RNS, the news service of the
Quick facts: Chariot Oil and Gas plc
Market Cap: £7.05 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE