RE: Take a step back....23 May 2025 21:31
“ Loukos Onshore Licence (Chariot, Operator, 75%, ONHYM, 25%)
Chariot drilled two wells in the onshore Loukos licence in 2024 which resulted in a gas discovery in the OBA-1 well and also significantly de-risked the presence of thick, high-quality reservoir in the targeted plays. Chariot has also continued with its interpretation and analysis of re-processed 2D and 3D seismic data which, due to significant improvements in seismic imaging, has revealed larger and higher volume targets within the block. Over 100 Bcf of resource potential have now been identified and the team have described multiple drilling and testing opportunities, within both existing gas discoveries as well as new opportunities. The forward plan is to attract investment through a partner to allow the execution of a multi-well programme which could secure sufficient resources to allow for a meaningful development. As with the offshore, the fundamentals remain strong and gas from Loukos could be delivered directly into the undersupplied domestic industrial market which offer the potential for high gas prices and which could be rapidly executed.
“A farm-out process is already underway for this campaign on Loukos and the intention, across all the Moroccan portfolio, is to partner with aligned parties to collaborate, secure funding and take each asset forward.”