UK-based Chariot Oil & Gas Limited has won a 75 per cent interest and operatorship of the Lixus offshore licence in Morocco
The company secured the Lixus offshore license through its subsidiary Chariot Oil & Gas Holdings (Morocco). The remaining 25 per cent stake will be held by the Office National des Hydrocarbures et des Mines (ONHYM).
Located 30 km north of the existing Moroccan acreage of Chariot, the Lixus license contains the Anchois-1 well gas discovery. It is estimated that the discovery holds 307 bcf of 2C contingent resources.
The initial licence commitment, for which the company is fully funded, includes a technical programme of 3D seismic reprocessing and evaluation to access Lixus’ additional exploration potential.
The company stated that it will further evaluate the gas market, test development concepts through a feasibility study, and seek strategic partnerships and alliances to advance towards the Anchois discovery development.
In Lixus, an additional five prospects were identified in similar geological settings as Anchois.
Larry Bottomley, CEO commented, “The award of the Lixus licence provides Chariot with a discovered resource base offering a low-cost development opportunity and significant upside. The commercial attractiveness of the Lixus licence is further enhanced by its position offshore Morocco, a fast-growing energy market with high gas prices and a need for increased supply.”
“In addition to the development opportunity, the licence offers very low-risk exploration tieback potential in the same play; and higher risk, a transformational lead potential in the sub-nappe,” he added.
“Our understanding of the Anchois discovery developed when, following the results from the geochemical analysis of the hydrocarbons sampled in the Rabat Deep-1 well, the company investigated nearby wells as part of a technical review of thermogenic hydrocarbons in the region. This insight into the geology of the surrounding area has enabled us to identify and capture this immediately value accretive asset,” he concluded.
