Chariot Oil & Gas seeks to progress with Anchois Gas Field

Atlantic margins-focussed oil and gas company Chariot Oil & Gas updated the market on the Lixus Offshore Licence on Tuesday, with the completion of the development feasibility study for the Anchois Gas Field and the Morocco Gas Market and Anchois Field Monetisation Assessment.

The AIM-traded firm said highlights of the studies included that the development of the Anchois Field was confirmed as being technically feasible, with the potential for either a single phase or a staged development to commercially optimise access to different parts of the gas market.

It said development options included a ‘subsea-to-shore’ concept, employing proven industry standard technical solutions and equipment.

That concept would consist of subsea production wells tied to a subsea manifold, from which a subsea flowline and umbilical would connect the field to an onshore central processing facility, where gas was processed and then delivered into the Maghreb-Europe Gas pipeline via an onshore gas flowline.

There was also the potential to re-enter the suspended Anchois-1 gas discovery well, which the company said could be completed as a producer well.

It added that Morocco had a “growing” energy market with attractive gas prices, which underpinned the “commercially attractive” project.

Chariot said it had initiated an environmental impact assessment to facilitate appraisal operations in 2020.

“The results of these studies demonstrate the technical feasibility and commercial attractiveness of developing the Anchois gas discovery with the potential to offer a strategically important indigenous source of gas into Morocco's developing energy market,” said Chariot Oil & Gas chief executive officer Larry Bottomley.

“We believe the combination of a de-risked resource base in a fast-growing energy market, with high gas prices and a need for increased supply remains highly attractive to a wide range of potential strategic partners throughout the energy value chain.

“As part of the partnering process and to facilitate appraisal operations in 2020, the company has initiated a drilling environmental impact assessment.”