(Alliance News) - Chariot Oil & Gas Ltd on Wednesday said a report on the Lixus licence in Morocco suggests recoverable resources of over two trillion cubic feet of gas.
The report, compiled by Netherland Sewell & Associates Inc, covered five prospects: Maquereau N, Maquereau C, Maquereau S, Tombe, and Turbot.
The prospects hold over 1.2 trillion cubic feet of gas, with probabilities of success between 16% for Turbot and 25% for Maquereau N and Maquereau C. Added to the existing Achois discovery and satellites, the offshore Lixus licence holds over two trillion cubic feet of gas.
Chief Executive Larry Bottomley said: "The independent evaluation of the additional prospects in the Lixus licence describes material running room over and above the discovered resource base and low risk exploration portfolio in the Anchois discovery and the Anchois satellite prospects.
"The combination of the Anchois discovery, the Anchois satellite prospects and these five additional prospects defines a strategically significant resource adjacent to a fast-growing energy market with high gas prices and a need for increased supply."
"Following encouraging feedback from the partnering process, several interesting leads have been identified and these are currently being progressed by the Chariot team. We are pleased with the partnering process to date, which has received interest from a wide range of potential strategic partners across the energy value chain," Bottomley continued.
Chariot shares were 0.7% higher on Wednesday afternoon in London at 3.40 pence each.
Chariot Ltd (CHAR)