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Chariot Limited finds gas in Morocco, shares jump

Chariot Limited, the Africa-focused transitional energy group, has announced promising results from its latest gas well in Morocco.

The OBA-1 well, part of a two-well drilling campaign at the Dartois prospect in the Loukos Onshore license, was drilled safely and efficiently on schedule and within budget.

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Evaluation of the well data, including wireline logs, cuttings, and gas readings, revealed the presence of reservoirs spanning approximately 200 meters in gross thickness – matching pre-drill targets.

Significantly, and most interestingly for investors, an approximate 70-meter gross interval exhibited elevated resistivities coincident with elevated mud gas readings, indicating potential gas pays with no water-bearing reservoirs identified.

Chariot Limited shares were 5% at the time of writing.

Further analysis is underway to prepare for well flow testing, which will determine the well’s productivity and the gas resource potential of the discovery. The well will be suspended to facilitate future rigless flow testing operations and potential use as a producer well, after which the rig will be demobilized.

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Chariot, as the operator with a 75% stake in the Loukos license, has partnered with ONHYM, which holds the remaining 25% interest. The company’s successful drilling campaign in Morocco marks a significant step forward in its Africa-focused transitional energy strategy.

“We are very pleased to report the successful drilling of the OBA-1 well at the Dartois prospect which now concludes Chariot’s first onshore drilling campaign in Morocco and brings with it positive results for the potential of the Dartois area,” said Duncan Wallace, Technical Director of Chariot.

“We will now integrate the comprehensive data we have obtained from both the RZK-1 and OBA-1 wells with recently reprocessed 3D seismic data to understand the resource potential of the Dartois area, to confirm the optimal future work programme on the discovery and the impact on wider prospectivity across the Loukos licence. Our two first wells have both been successful in confirming our geological model for reservoir distribution and the presence of gas which bodes well for future exploration activity.

“I would like to thank both our operational team, who once again have shown that that they can drill safe, efficient and successful wells, and ONHYM for their ongoing support and partnership. Our focus on the Loukos licence is to get any commercial discoveries to first gas as quickly as possible.

“We now look forward to the offshore drilling campaign planned for Q3 2024, on the Anchois gas field, with our new partners Energean, where we are looking to increase the development to over 1 Tcf.”

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