31st Mar 2022 10:45
(Alliance News) - Chariot Ltd shares rose on Thursday after the energy firm upgraded its net gas estimates for the Anchois-2 well following the analysis of positive data from the well.
Shares were up 14% at 15.88 pence each on Thursday morning in London.
The Africa-focused transitional energy company raised the net gas pay estimates for the Anchois-2 well by 50% to 150 meters from 100 meters. Chariot noted that this is significantly greater than the 55 meters in the original Anchois-1 discovery well.
The company added that it was able to confirm "excellent" quality dry gas and methane greater than 96% in all seven discovered gas reservoirs.
Chariot said that further analysis on the well data is ongoing, to understand the positive implications on gas resources, and scale and economics of the development.
The Anchois-2 well is on the Anchois gas project within the Lixus licence, offshore Morocco.
Chariot has a 75% stake and operatorship of Lexus. The Office National des Hydrocarbures et des Mines holds the remaining 25% interest.
"I am delighted to announce this very positive update on the analysis of the well data obtained from our successful gas drilling campaign on the Anchois project, offshore Morocco, including a significant increase in net gas pay to approximately 150meter," Acting Chief Executive Adonis Pouroulis commented.
"This increase combined with the confirmation of excellent quality dry gas consistently across all the discovered gas reservoirs is extremely encouraging, as it will help enable a simple and standard development."
By Abby Amoakuh; [email protected]
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