Chariot progresses onshore Morocco drill program in what it describes as a pivotal year
London, UK
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May 17, 2024 02:41 PM Eastern Daylight Time
Chariot Ltd (AIM:CHAR, OTC:OIGLF) technical director Duncan Wallace discusses the company's onshore Morocco drill program following results from the RZK-1 well on the Gaufrette prospect.
Despite the first well not resulting in a commercial discovery, Wallace highlighted positive findings such as better-than-expected reservoir quality and significant gas peaks. The well was drilled on time and on budget, demonstrating the company’s operational efficiency. The preliminary view suggests the gas play is promising.
Chariot is now shifting focus to a second well on the Dartois prospect, targeting a different reservoir system. This well is expected to provide further insights into the area’s potential. Wallace remains optimistic, noting that past drilling in the region has indicated the presence of gas.
Wallace explained that the company has two major projects in the region: offshore development and exploration in partnership with energy companies, and an onshore exploration license obtained in mid-2023.
He emphasised that this year is pivotal for Chariot, with significant drilling activities both onshore and offshore. The offshore project could be transformative, potentially delivering a substantial gas development and enhancing Morocco's energy security.
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