15 May 2024
Chariot
Limited
("Chariot", the "Company")
Update on
Drilling Operations Onshore Morocco
Chariot Limited (AIM: CHAR),
the Africa focused transitional energy group, today
announces the results from the drilling of the RZK-1 well on the
Gaufrette prospect, the first of a two well drilling campaign, in
the Loukos Onshore licence ("Loukos") onshore Morocco (Chariot,
Operator 75%, ONHYM, 25%).
· The RZK-1 well was safely and efficiently drilled, on time and
on budget, to a final measured depth of 961m through the Gaufrette
Main target which was found on prognosis.
· Following
comprehensive evaluation of the well data, including wireline logs,
cuttings and gas data, preliminary interpretation confirms thick
intervals of good quality reservoir exceeding pre-drill
expectations, with multiple gas shows of various intensity, however
these reservoirs are largely interpreted to be water-bearing and
therefore are sub-economic.
· Further
post-drill analysis will be conducted, alongside interpretation of
the newly reprocessed 3D seismic data, to understand the results of
the well and implications for future exploration in the Gaufrette
area, including potential deeper objectives.
· The well will now
be plugged and abandoned and the rig will then move to the second
location of the campaign to drill the OBA-1 well at the Dartois
prospect in the coming days, which is targeting a different
independent prospect. An update will follow confirming commencement
of these operations.
Duncan Wallace, Technical Director of Chariot
commented:
"Whilst the results of the Gaufrette well did not deliver a
material gas accumulation, the presence of strong gas shows and
excellent reservoir development is encouraging for future
exploration in this area. We are looking forward to now drilling
the Dartois well targeting a different reservoir system and
trapping style to the Gaufrette prospect, with success potentially
unlocking combined Best Estimate recoverable prospective resources
of 20 Bcf on trend."
Qualified Person Review
This release has been reviewed by
Duncan Wallace, Technical Director of Chariot, who is a petroleum
geologist with over 20 years' experience in petroleum exploration,
MSc in Petroleum Geology from Imperial College, a Fellow of the
Geological Society and a member of the Geoscience Energy Society of
Great Britain. Mr Wallace has consented to the inclusion of the
technical information in this release in the form and context in
which it appears.
This announcement contains inside
information for the purposes of Article 7 of EU Regulation
596/2014, as retained in the UK pursuant to S3 of the European
Union (Withdrawal) Act 2018.
Enquiries
|
Chariot Limited
Adonis Pouroulis, CEO
Julian Maurice-Williams,
CFO
|
+44 (0)20 7318 0450
|
|
Cavendish Capital Markets Limited (Nomad and Joint Broker)
Derrick Lee, Adam Rae
|
+44 (0)131
220 9778
|
|
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart, Ashton
Clanfield
|
+44 (0) 20 7710 7760
|
|
Celicourt Communications (Financial PR)
Mark Antelme, Jimmy Lea
|
+44 (0) 20
7770 6424
|
NOTES FOR EDITORS:
About Chariot
Chariot is an Africa focused
transitional energy group with three business streams, Transitional
Gas, Transitional Power and Green Hydrogen.
Chariot Transitional Gas is focused
on high value, low risk gas development projects in Morocco, a
fast-growing emerging economy, with a clear route to early
monetisation, delivery of free cashflow and material exploration
upside.
Chariot Transitional Power is
focused on providing competitive, sustainable and reliable energy
and water solutions across the continent through building,
generating and trading renewable power.
Chariot Green Hydrogen is partnering
with TEH2 (80% owned by TotalEnergies, 20% by the EREN Group) and
the Government of Mauritania on the potential development of a 10GW
green hydrogen project, Project Nour in Mauritania, and are
progressing pilot projects in Morocco.
The ordinary shares of Chariot
Limited are admitted to trading on the AIM under the symbol
'CHAR'.
https://chariotenergygroup.com
