28 May 2024
Chariot
Limited
("Chariot", the "Company")
Gas
Discovery at OBA-1 Well
Successful drilling campaign on Moroccan onshore licence
Chariot Limited (AIM: CHAR),
the Africa focused transitional energy group, is pleased
to announce the results from the drilling of the OBA-1 well on the
Dartois prospect, the second of a two well drilling campaign, in
the Loukos Onshore licence ("Loukos") onshore Morocco (Chariot,
Operator 75%, ONHYM, 25%).
· OBA-1
well was safely and efficiently drilled, on time and on budget, to
a final measured depth of 901m through the target
reservoirs.
· Following comprehensive evaluation of the well data, including
wireline logs, cuttings and gas data, preliminary
interpretation:
o confirms the presence of
reservoirs over an interval of approximately 200m gross thickness,
corresponding to the pre-drill targets; and
o within which an approximate
70m gross interval of primary interest has been identified
containing elevated resistivities coincident with elevated mud gas
readings, indicating potential gas pays, with no water-bearing
reservoirs identified.
· Further post-drill analysis will be conducted in preparation
for well flow testing which will determine the well productivity
and the gas resource potential of the discovery.
· The
well will now be suspended to allow future rigless flow testing
operations and potential use as a producer well and the rig will
then be demobilised.
Duncan Wallace, Technical Director of Chariot
commented:
"We are very pleased to report the successful drilling of the
OBA-1 well at the Dartois prospect which now concludes Chariot's
first onshore drilling campaign in Morocco and brings with it
positive results for the potential of the Dartois
area.
We
will now integrate the comprehensive data we have obtained from
both the RZK-1 and OBA-1 wells with recently reprocessed 3D seismic
data to understand the resource potential of the Dartois area, to
confirm the optimal future work programme on the discovery and the
impact on wider prospectivity across the Loukos licence. Our two
first wells have both been successful in confirming our geological
model for reservoir distribution and the presence of gas which
bodes well for future exploration activity.
I
would like to thank both our operational team, who once again have
shown that that they can drill safe, efficient and successful
wells, and ONHYM for their ongoing support and partnership. Our
focus on the Loukos licence is to get any commercial discoveries to
first gas as quickly as possible.
We
now look forward to the offshore drilling campaign planned for Q3
2024, on the Anchois gas field, with our new partners Energean,
where we are looking to increase the development to over 1
Tcf."
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