LONDON (Alliance News) - Chariot Oil & Gas Ltd on Thursday said a report on satellite prospects at Chariot's Lixus offshore license in Morocco upgraded the remaining recoverable resource and confirmed Anchois North as a prospect.
Shares in Chariot were up 13% at 5.21 pence in early afternoon trade.
An independent competent persons report over the satellite prospects near the Anchois-1 gas discovery at Lixus ungraded the total remaining recoverable resource to more than a trillion cubic feet of gas for Anchois and its satellite prospects.
The report also confirmed Archois North as a low-risk priority satellite prospect with 308 billion cubic feet of gas of best estimate prospective resources and a 43% probability of geological success.
Chariot Chief Executive Larry Bottomley said: "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. 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."
Chariot (CHAR)