REG - Chariot Limited - Gas Discovery at OBA-1 Well

ChariotAnnouncement

28/05/2024 07:00

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RNS Number : 9630P  Chariot Limited  28 May 2024

 

 

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                                              +44 (0)20 7318 0450

 Adonis Pouroulis, CEO

 Julian Maurice-Williams, CFO

 Cavendish Capital Markets Limited (Nomad and Joint Broker)   +44 (0)131 220 9778

 Derrick Lee, Adam Rae

 Stifel Nicolaus Europe Limited (Joint Broker)                +44 (0) 20 7710 7760

 Callum Stewart, Ashton Clanfield
 Celicourt Communications (Financial PR)                      +44 (0) 20 7770 6424

 Mark Antelme, Jimmy Lea

 

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 (https://chariotenergygroup.com)

 

 

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