Chariot announces commencement of drilling operations at Morocco’s Anchois gas field

Chariot Limited, the Africa focused transitional energy group, announced Tuesday August 20 that drilling operations have commenced offshore Morocco on the Anchois East well, marking a significant step in the development of the Anchois-3 well.

The drillship Stena Forth has arrived at the Lixus Offshore license, initiating a key phase in the Anchois gas project, which could potentially tap into over 1 trillion cubic feet of gas reserves, the group said in a press release.

Adonis Pouroulis, CEO of Chariot, commented: “We are very pleased to commence this highly anticipated well at the Anchois gas field. We see significant upside potential and value from the prospective resources in the pilot hole and main hole targets which could increase the resource base to over 1Tcf and we look forward, on success, to moving towards a Final Investment Decision as quickly as possible.”

Chariot Limited, a prominent transitional energy company, holds a 30% stake in the Lixus Offshore license. The license is operated by Energean, which owns a 45% share, with the remaining 25% held by Morocco’s National Office of Hydrocarbons and Mines (ONHYM).

The Anchois-3 well is expected to play a crucial role in Morocco’s energy strategy by enhancing energy independence and reducing reliance on costly imports. Additionally, the project is anticipated to stimulate the local economy through job creation and attract further investment in the energy sector.

The drilling and subsequent flow testing of the Anchois-3 well are projected to take approximately two months. Chariot has confirmed that it will cover all costs associated with this drilling operation, underscoring the company’s strong financial position.

The Anchois-3 well has several objectives. The initial phase involves drilling a pilot hole to explore a new area known as the Anchois Footwall, located east of the primary gas field.

This area is estimated to contain about 170 billion cubic feet (Bcf) of natural gas. Following this, the drilling will assess the gas deposits in the main Anchois field, which are estimated to hold around 637 Bcf of gas. Additionally, the team will investigate deeper layers, including the Anchois North Flank, which could have an extra 213 Bcf of gas.

The drilling will also aim to confirm the gas potential in the nearby Anchois South Flank, which is estimated to hold 372 Bcf of gas. If successful, the combined reserves could exceed 1 trillion cubic feet.

This drilling operation is a pivotal development for Chariot Limited and Morocco’s energy landscape, promising significant advancements in natural gas production and economic growth.