Chariot Oil & Gas reveals resource upgrade in its recently acquired asset in Morocco

Oil and gas exploration company Chariot Oil & Gas announced, Thursday, that its Competent Person’s Report (CPR), an independent technical report on oil and gas assets, has been ready, highlighting the «significant opportunity presented by its recently acquired Anchois project, offshore Morocco», Proactive Investors reported.

Conducted by consultant Netherland Sewell & Associates, the report that comes a few weeks after the acquisition of the Anchois project by the company, reveals that the project’ resources can reach up to around one trillion cubic feet.

Chariot Oil & Gas pointed out that five further satellite prospects could be added to the project so that «further CPR is anticipated once a seismic data reprocessing exercise is completed».

«This independent third party evaluation confirms that the Anchois discovery and its nearby satellite prospects presents Chariot with an exciting and commercially attractive development opportunity», said Larry Bottomley, Chariot chief executive.

At the beginning of April, Chariot announced the acquisition of the Lixus license, which hosts the Anchois. It was granted 75% stake in the asset, alongside its partner the National Office of Hydrocarbons and Mines (ONHYM) which holds the remaining 25%.

Anchois should be the starting point for a hub-based exploration and development approach for the UK company.