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(Sharecast News) - Chariot announced the results of independent assessments on its gas resources offshore Morocco on Wednesday, incorporating the results of the recent successfully-drilled Anchois-2 appraisal and exploration well.
The AIM-traded firm said the assessments were made by Netherland Sewell & Associates (NSAI) on the Anchois Gas Field, as well as further selected exploration prospects in the Lixus Offshore licence and the adjacent Rissana Offshore licence, with "material resource upgrades" reported across the portfolio.
It said the upgrades underpinned its decision to fast-track its field development plans, the associated exploration programmes to deliver further growth from the portfolio, and Chariot's focus on developing a "significant" energy resource, prioritising the growing demand within Morocco's domestic market, and potentially supplying surplus gas to Europe.
At the Anchois Gas Field, Chariot reported an 82% increase in 1C contingent resources from 201 billion cubic feet to 365 billion cubic feet, and a 76% increase in 2C contingent resources from 361 billion cubic feet to 637 billion cubic feet.
It also reported a 49% increase in 2U prospective resources to 754 billion cubic feet in three undrilled targets, with an improvement in the probability of geological success, now ranging from 49% to 61%.
Total remaining recoverable resource at Anchois - 2C plus 2U - now stood at 1.4 trillion cubic feet.
At the additional Lixus prospects, Chariot reported updated assessments on two key undrilled prospects at Maquereau and Anchois West, with improvements in both prospective resource potential and the probability of geological success, and the newly-identified Anguille prospect, which are all part of the same tertiary gas play as the Anchois field.
Combined, it described 2U prospective resources of 838 billion cubic feet with an estimated probability of geological success ranging from 30% to 52%, with closely related additional targets in the areas surrounding the prospects.
The total remaining recoverable resources - 2C plus 2U, comprising audited and internal Chariot estimates - in the entire Lixus portfolio stood at about 4.6 trillion cubic feet.
Finally, at Rissana Offshore, Chariot said an early assessment of the areas covered by 3D seismic provided a total 2U prospective resource of more than seven trillion cubic feet, combining a high-graded prospect 'Emissole' within the lower risk Anchois tertiary gas play, and multi-trillion cubic feet prospects in a higher-risk Mesozoic play, inherited from Chariot's legacy Mohammedia Offshore licence area.
"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 cash flows and provide gas to meet Morocco's growing energy demand," said technical director Duncan Wallace.
"These resource upgrades across our Moroccan portfolio are a significant step forward.
"As well as confirming the increased scale of our discovery at Anchois, this independent assessment has also corroborated the multi-trillion cubic feet opportunity that sits within the basin in our Moroccan licences and served to de-risk a number of high potential future targets in Lixus."
Wallace said the company was "fully focussed" on bringing Anchois into production as quickly as possible, and was working across its development plan to reach a final investment decision.
"We are committed to realising the value of this gas field as well as continuing to prove up the significant scope of our wider resource base from the Moroccan portfolio."
At the close on Wednesday, shares in Chariot were up 1% at 20.2p.
Reporting by Josh White at Sharecast.com.
