Chariot confirms upgrade to resource at Lixus in Morocco

(Sharecast News) - Atlantic margins-focussed oil and gas company Chariot Oil & Gas announced the completion of the independent competent persons report by Netherland Sewell & Associates (NSAI) over the satellite prospects adjacent to the Anchois-1 gas discovery in the Lixus Offshore Licence, Morocco.The AIM-traded firm said the upgrade of audited total remaining recoverable resource brought it in excess of one trillion cubic feet for Anchois and its satellite prospects, comprising 2C contingent resources and 2U prospective resources.Anchois North was confirmed as the low risk priority satellite prospect with 308 billion cubic feet of 2U prospective resources, with a probability of geological success of 43%.A further competent persons report on an additional five prospects in the Lixus licence would be completed after the 3D seismic reprocessing project, the company added."This independent third party evaluation confirms that the Anchois discovery and its nearby satellite prospects presents Chariot with an exciting and commercially attractive development opportunity," said Chariot chief executive officer Larry Bottomley."The combination of a de-risked resource base in a fast-growing energy market, with high gas prices and a need for increased supply is highly attractive to a wide range of strategic partners throughout the energy value chain."We anticipate a period of sustained news flow on this exciting project going forward, which should further unlock the value of the Lixus licence, with the results of the feasibility and gas market studies expected to be announced in due course."