Chariot Oil & Gas Secures New Onshore License, Accelerating Moroccan Gas Production

Chariot Oil & Gas, which holds 75% of two permits off the coast of Morocco (Lixus (where Anchois is located) and Rissana), will not have to wait until 2024 or 2025 to produce gas. Thanks to the management of its CEO, Adonis Pouroulis, gas production should start "earlier than originally planned with the commissioning of its Moroccan offshore Anchois field," reports Africa business. This will involve obtaining a new onshore gas exploration license that ONHYM is about to grant it.

This new license covers a shallow conventional natural gas field that has been neglected so far, located in an oil and gas basin with a history of low development costs, the same source specifies. What about its geological and geophysical profiles? They are similar to those of Lixus. As for the first estimates made by Chariot, they are encouraging, as they make it possible to target potential resources of up to 8 to 18 billion cubic feet of gas (bcf), it is further specified.

Chariot is already thinking about how to finance the development of this third license in Morocco. It plans to raise $18 million on the AIM (Alternative Investment Market) of the London Stock Exchange, where the company is listed, through a placement, a direct subscription for $15 million and a public offering for a maximum of $3 million.