Hit piece12 Sep 2024 17:48
IMHO this article was a deliberate hit job. No author. Clever use of quotes. Publised in so janky a** website. Worded so that it makes out that Anchos 3 is a complete dud.
Meanwhile the full quote from Rigas:
"Commenting on the Anchois-3 well, Energean chief executive Mathios Rigas told analysts on Wednesday morning: “There is not as much gas as we expected,” but added that the project’s commerciality “will depend on the type of development and negotiations we will have to have with Moroccan government about gas prices”.
Speaking to Upstream, Rigas said: “Clearly, we don’t see the upside we were hoping for that would justify a major development.”
However, he stressed that the minimum volume of resource needed to underpin a commercial development in Morocco is “north of 500 Bcf,” a statement that suggests that Anchois is viable if its 637 Bcf of contingent resources can be turned into proven and probable reserves."
Further more:
"Auctus analyst Stephane Foucaud said the Footwall results has only a “limited” bearing on success or not at North Flank.
“Importantly, the North Flank prospect is deeper than the Footwall prospect and part of a different structure separated by a fault,” he said.
“As a result, the fact that the Footwall prospect was water wet has limited impact on the risking of the North Flank prospect.”
If gas is found in this deeper objective, Foucaud said it would de-risk the nearby Anchois South Flank prospect which could hold 372 Bcf of gas.
David Mirzai, analyst with SP Angel Energy, said: “The Anchois Footwall prospect targeted relatively low-risk upside, albeit in an undrilled fault block, and (Chariot) now needs a good result from the North Flank prospect to potentially scale the development to 1 trillion cubic feet.”
https://www.upstreamonline.com/exploration/chariot-stock-price-crashes-after-hitting-water-in-morocco-exploration-prospect/2-1-1707810
And again:
Water encountered at initial pilot hole
Drilling sidetracked to main hole
Analysts cut target price from 45p to 40p
"A drilling update from Aim-traded Africa-focused energy group Chariot (CHAR:3.5p) on its flagship Anchois gas project in Morocco has sent the share price down 45 per cent. Investors have massively overreacted to the news.
The objective of the initial pilot hole was to evaluate the upside exploration potential of reservoirs in the Anchois Footwall prospect, which were found but are interpreted to be water bearing. This hole has been plugged and abandoned prior to side-tracking and drilling the main hole. Analysts at Auctus Advisors only valued the Footfall prospect at 3p a share in their previous risked net asset value (NAV) estimate, so it is not material."
https://www.investorschronicle.co.uk/content/823ef2e5-2b96-552a-9303-122b7691e684
Compare what is being said in reputable websites with actual authors to what was said here https://africaoilgasreport.com/2024/0
Sign In
Follow the stocks
