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Monday, September 7, 2020
Chariot Oil & Gas announced that it has completed the reprocessing of 3D seismic data across the Lixus Offshore License, Morocco, resulting in significant improvements in both image quality and in-depth control. This has had a positive impact on the understanding of the distribution and extent of the Anchois gas sands
Following the reprocessing of the data, Netherland Sewell & Associates Inc. (NSAI) has performed an updated Independent Assessment on a c.50km2 area, covering the Anchois gas discovery on the Lixus license, which has led to a significant resource upgrade for the proposed Anchois Gas Field Development.
Adonis Pouroulis, Acting CEO, commented: “The recent work on the Lixus License confirms the materiality of the Anchois Gas Field Development project. We continue to hold the view that this asset has the capacity to be a value accretive and long-term project of national significance to Morocco. The Anchois development has the potential to supply material gas volumes into existing markets in the near-term, and the exploration prospectivity of the Lixus license is of a scale sufficient to provide the Moroccan power sector with a clean, reliable, low cost and sustainable supply of gas for decades to come. We continue to make progress in unlocking the Anchois development and generating near term cash flows and we look forward to keeping our shareholders updated on developments on Lixus and, as previously announced, the other opportunities being reviewed over the coming months.”
Chariot, through its wholly owned subsidiary, Chariot Oil & Gas Holdings (Morocco), has a 75% interest and operatorship of Lixus, in partnership with the Office National des Hydrocarbures et des Mines (ONHYM) which holds a 25% interest.
The Lixus license covers an area of approx. 2,390 sq km, with water depths ranging from the coastline to 850m. The area has been subject to earlier exploration with legacy 3D seismic data covering approx. 1,425 sq km on-block and four exploration wells, including the Anchois gas discovery.
The reprocessing of the legacy seismic data was performed by PGS. PGS delivered a reprocessed cube covering 1,735 sq km and with Pre-Stack Depth Migration (PSDM) technology applied for the first time, with the legacy data being Pre-Stack Time Migration (PSTM). With the completion of this project, and the subsequent generation of Seismic Inversion products, this now completes the minimum work program on the Lixus license.
The full announcement can be found on the Chariot Oil & Gas website.
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