Thursday 9 May 2019

Chariot Oil & Gas Limited, the Atlantic margins focused oil and gas company, announced the completion of the independent Competent Persons Report (“CPR”) by Netherland Sewell & Associates Inc. over the satellite prospects adjacent to the Anchois-1 gas discovery in the Lixus Offshore Licence, Morocco.

- Upgrade of audited total remaining recoverable resource to be in excess of 1 Tcf for Anchois and its satellite prospects (comprising 2C contingent resources and 2U prospective resources)

- Anchois North confirmed as the low risk priority satellite prospect with 308 Bcf of 2U prospective resources with a probability of geological success of 43%

- Further CPR on additional five prospects in Lixus licence to be completed after the 3D seismic reprocessing project

Larry Bottomley, CEO commented:

"This independent third party evaluation confirms that the Anchois discovery and its nearby satellite prospects presents Chariot with an exciting and commercially attractive development opportunity. The combination of a de-risked resource base in a fast-growing energy market, with high gas prices and a need for increased supply is highly attractive to a wide range of strategic partners throughout the energy value chain.

We anticipate a period of sustained news flow on this exciting project going forward, which should further unlock the value of the Lixus licence, with the results of the feasibility and gas market studies expected to be announced in due course.”

Full announcement here.