Offshore staff
LONDON – Chariot Oil & Gas has responded to current market developments by refocusing its near-term strategy.
It now plans to build a Moroccan gas business through delivery of the offshore Anchois gas development. The project, the company said, offers significant upside exploration potential.
As for the remainder of the portfolio in Morocco, Brazil, and Namibia, Chariot said it would focus “on value, quality, and fit.”
The company, which is presently free of debt, plans to restructure its organization, ensuring the retention of key skills and the operating capability to deliver on the Moroccan Lixus license area, while also cutting it annual running costs from $4.5 million to $2.5 million.
Anchois is thought to hold 423 bcf recoverable. Pre-stack depth migration reprocessing of legacy 3D seismic has improved the seismic imaging and depth conversion accuracy, and this will be used to assess proven and emerging exploration play systems in Lixus.
There also appears to be additional potential within the Anchois area, notably a deeper target named “O Sand” that was not penetrated in the discovery well, which could hold 159 bcf. If proven, it would lift overall recoverable resource estimate for Anchois to 582 bcf.
04/09/2020
