UK’s Chariot Oil & Gas expresses optimism at Morocco operations

UK-listed Chariot Oil and Gas upgraded its gas expectations off Larache coast saying that the new discovery bodes well for Morocco’s “growing gas sector”.

Chariot was awarded the Lixus offshore license, which contains the Anchois discovery, in April.

Chariot has a 75% interest and operatorship of the Lixus license. Its partner is Morocco’s state-owned Office National des Hydrocarbures et des Mines, which has the remaining 25% stake.

The company’s assessment comes after upstream juniors made good progress in developing the country’s gas resources in a favorable investment climate.

UK-based SDX energy, Sound Energy and Predator Oil & Gas have in recent months moved forward with commerciable gas discoveries.

Sound Energy has reported recently that the Moroccan government offered to buy its Tendrara gas to produce electricity.