Chariot Oil & Gas has informed that its Lixus offshore license in Morocco which contains the undeveloped Anchois gas discovery, could hold more gas than previously thought.
Chariot said Monday it had completed the reprocessing of 3D seismic data across the license, which resulted in significant improvements in both image quality and in depth control.
"This has had a positive impact on the understanding of the distribution and extent of the Anchois gas sands,"
Following the reprocessing of the data, Netherland Sewell & Associates Inc. ("NSAI") has performed an updated Independent Assessment on a c.50km2 area, covering the Anchois gas discovery on the Lixus license, which, per Chariot, has led to a significant resource upgrade for the proposed Anchois Gas Field Development.
The upgraded audited total remaining recoverable resources are now in excess of 1 Tcf for Anchois, representing a 148% increase (comprising 361 Bcf 2C contingent resources and 690 2U prospective resources).
Adonis Pouroulis, Acting CEO, said: "The recent work on the Lixus Licence confirms the materiality of the Anchois Gas Field Development project.
We continue to hold the view that this asset has the capacity to be a value accretive and long-term project of national significance to Morocco.
"The Anchois development has the potential to supply material gas volumes into existing markets in the near-term, and the exploration prospectivity of the Lixus license is of a scale sufficient to provide the Moroccan power sector with a clean, reliable, low cost and sustainable supply of gas for decades to come. We continue to make progress in unlocking the Anchois development and generating near term cash flows and we look forward to keeping our shareholders updated on developments on Lixus and, as previously announced, the other opportunities being reviewed over the coming months."
Chariot has a 75% interest and operatorship of Lixus, in partnership with the Office National des Hydrocarbures et des Mines ("ONHYM") which holds a 25% interest.
The Lixus license covers an area of approximately 2,390km2, with water depths ranging from the coastline to 850m. The area has been subject to earlier exploration with legacy 3D seismic data covering approximately 1,425km2 on-block and four exploration wells, including the Anchois gas discovery.
Chariot has previously said that the Anchois development concept consisted of subsea production wells tied to a subsea manifold, from which a subsea flowline and umbilical connect the field to an onshore Central Processing Facility, where gas is processed and then delivered into the Maghreb-Europe Gas pipeline via an onshore gas flowline.