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(Alliance News) - Chariot Ltd on Monday said it made a significant gas discovery at its Anchois-2 well on the Anchois gas project, sending its share price soaring.
Shares in the London-based firm were up 45% at 10.76 pence each on Monday morning in London.
The Africa-focused transitional energy company said the well within the Lixus licence, offshore Morocco, had been "safely and efficiently drilled" and undertaken "comprehensive evaluation," when preliminary interpretation of the data confirmed the presence of "significant gas accumulations" in the appraisal and exploration objectives of the well.
The calculated net gas pay totalled 100 metres, 81% more than the 55 metres in the original Anchois-1 discovery well, Chariot said.
Additionally, high-quality gas reservoirs were encountered in all gas sands, the company noted.
The energy firm added that further analysis will still be undertaken to fully understand the positive implication on the scale of the potential gas development in the expanded Anchois field.
Furthermore, it will derisk the numerous additional material exploration prospects within the licence area with similar seismic attributes to the Anchois discovery that are now considered to be low risk.
The Anchois-2 well will now be suspended for potential future re-entry and completion as a production well in the development of the field, Chariot said.
The Stena Don rig will then move to the Anchois-1 gas discovery well to perform re-entry operations to assess the integrity of the previously drilled well. If successful, it will provide a future potential production well for the development of the field.
Chariot has 75% interest and operatorship of Lixus in partnership with the Office National des Hydrocarbures et des Mines that holds the remaining 25% interest.
"We continue to conduct further analysis on the data collected from the well, but as it stands, we believe the result is transformational for the company," Acting Chief Executive Adonis Pouroulis.
He added: "We look forward to providing a further market update once the appraisal campaign has completed."
By Abby Amoakuh; abbyamoakuh@alliancenews.com
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