Page 16 - AfrOil Week 03 2022

AfrOil NEWS IN BRIEF AfrOil

PROJECTS & COMPANIES
Chariot completes

Anchois drilling work
offshore Morocco

AIM-listed Chariot, the Africa focused tran-
sitional energy company, has announced the
completion of the successful gas drilling oper-
ations on the Anchois gas project within the
Lixus licence, offshore Morocco. Chariot has a
75% interest and operatorship of Lixus in part-
nership with the Office National des Hydrocar-
bures et des Mines (ONHYM), which holds a de-risked a material portfolio of prospects on 75% interest based on a higher GIIP estimate for
25% interest. the Lixus licence area. Our ambition is to bring thicker reservoirs. The results of the MOU-1 well
Anchois-1, the original discovery well drilled the Anchois gas development online as quickly have confirmed and de-risked the previously
in 2009, was efficiently located and the well- as possible, to fuel Morocco’s economic growth, reported pre-drill CPR assessment of Prospec-
head was inspected, prepared and successfully but also to deliver near-term cash flows to the tive Resources.
coupled with the Stena Don rig confirming its Company. We will now look to conduct further As a consequence, the CPR has moved the
potential viability as a future producer well. analysis on our findings, to optimise our devel- pre-drill Prospective Resources to Contingent
To maintain efficiency a decision was taken opment plan for the field, with both wells ear- Resources and defines the Best Estimate of 295
to not take a Sand A gas sample in the Anchois-1 marked to become potential production wells, as bcf net to the Company’s 75% interest to be
well as gas samples were successfully obtained in part of an accelerated field development plan for “potentially recoverable from a known accu-
the previously drilled Anchois-2 well. the benefit of all stakeholders. mulation by the application of a development
Anchois-1 operations will now complete with Chariot, January 18 2022 project.” The CPR concludes that “based on the
the well in a condition to allow for potential utili- potential size of the MOU-4 structure, the pro-
sation in the future development of the field. Predator Oil and Gas ject is likely to be commercially viable.”
Anchois-2 well, drilled just prior to the Expected net present value (ENPV): The defi-
Anchois-1 well operation and successful in its issues corporate update nition of Contingent Resources has resulted in
appraisal and exploration objectives with over an ENPV of $148mn based on 25% of the 295
100m of net pay, has already been safely and Predator Oil & Gas, the Jersey-based Oil and Gas bcf (74 bcf) of the net resources attributable to
efficiently suspended for potential completion Company with operations in Morocco, Trinidad the Company’s 75% interest. The 25% chance of
as a production well in the future development and Ireland and focused on gas as a sustainable proceeding to development reflects the remain-
of the field. lower carbon fuel for the Energy Transition, ing production, transport, legal, contractual and
Extensive data recovered from the multiple has announced, as previously referenced in the environmental issues relating to a large-scale
gas discoveries in the Anchois-2 well, including Operations Update released on December 15, gas-to-power development. Unrisked ENPV is
from a comprehensive sub -surface formation 2021, the completion by SLR Consulting (Ire- $592mn. The CPR states that “the chance of com-
testing programme, which recovered twelve land) of a Competent Persons Report (CPR). The merciality for a pilot CNG development supply-
gas samples across seven gas bearing reservoirs, CPR comprises of an independent re-assessment ing lower volumes of gas to industrial markets
which are currently enroute to the laboratory for and valuation of the Guercif MOU-4 Prospect is likely to be considerably higher,” based on a
detailed analysis. as evaluated by SLR in the CPR referenced in higher reported average gas price to the Moroc-
The Stena Don rig will begin demobilisation the Operations Update released on December 7, can industry of $11.40 per mcf in 2021.
from the well sites imminently. 2020 and now defined as the Tertiary Moulouya A CNG development is the preferred devel-
Amina Benkhadra, General Director Office Turbidite Fan Appraisal Project following the opment option for the Company. Net capital
National des Hydrocarbures et des Mines incorporation of the positive MOU-1 drilling costs for the Company’s 75% interest required
(ONHYM), commented: “My congratulations results. for a CNG pilot development are reported in the
to Chariot and ONHYM teams for the success- Contingent resources: The Best Estimate CPR to be “$12.21 million with operating costs
ful Anchois drilling operations. I also would assessment uses a gas initially in place (GIIP) of $2.3 per mcf.” At $11 per mcf gas sales price
like to thank the Moroccan authorities for their estimate of 595 bcf based on an area of closure to industry this “provides a commercial model
support and helpin achieving the drilling oper- following the drilling of MOU-1 of 31.7 square for CNG.” CNG is adaptable to the dispersed
ations efficiently despite the COVID-19 pan- km. MOU-1 established a common structural nature of the Moroccan industrial gas market.
demic restrictions. We look forward to working closure with the original MOU-4 Prospect and It also enables accelerated monetisation of gas
with Chariot in order to quickly progress the gas calibrated the pre-drill seismic amplitude anom- with minimal initial investment in drilling as
development.” alies over this area with the gas-bearing interval the production profile is very flexible and can be
Adonis Pouroulis, Acting CEO of Chariot, encountered in MOU-1. tailored to mobile trucking and individual cus-
commented: “I am pleased to announce the The gross best estimate for the Appraisal Pro- tomer requirements without the need for exten-
completion of our very successful Anchois gas ject based on a conservative 66% gas recovery sive drilling to establish a substantive threshold
appraisal and exploration campaign, offshore over 13 years is 393 bcf (295 bcf net attributable gas profile with which to justify investment in
Morocco. In addition to having now two con- to Predator’s 75% interest). SLR indicate a High pipeline costs to secure minimum throughput
firmed gas discovery wells, we have directly Estimate of 708 bcf net attributable to Predator’s to recover fixed infrastructure investment.

P16 www. NEWSBASE .com Week 03 19•January•2022