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Gas Discovery In Morocco Drive Chariot Ltd. Shares Up

Hours after the discovery of large gas reservoirs in Morocco’s northern coastline, Chariot Ltd. stocks rose by 48% on Monday morning.

11 Jan 2022

Rabat - Chariot Ltd. shares rallied Monday morning in reaction to the news of significant gas discovery at the Anchois-2 offshore well, on the coastline of Morocco’s Larache in the north.

In a statement to the press, the African market-focused energy group announced that its offshoring drilling operations, under the Lixus license, made discoveries exceeding the company’s initial expectations.

Following the news, the Chariot Limited shares value jumped by 48% on Monday morning.

Speaking to the press, the company’s officials called the findings “transformational” for the company.

Under the Lixus license, Chariot Limited holds 75% interest in drilling operations in the Anchois-1 and Anchois-2 offshore wells, while 25% is held by Morocco’s National Hydrocarbons and Mining Office (ONHYM).

Covering a total area of 2,390 sq km, all reservoirs in the area are high quality, according to the company’s statement.

The new findings suggest that the thickness of the gas reservoir is more than 100 meters thick, almost twice the amount found while drilling the Anchois-1 well.

In December 2021, the company announced launching drilling operations along Morocco's coastline.

With a drilling period set at 40 days, Chariot’s initial objective was to evaluate resources, establish a producer well, and possibly drill sand for long-term operations.

In recent years, Morocco ramped up its efforts to privatize its energy sector. With legislation becoming increasingly more business-friendly, prospects for on and offshore explorations are becoming more attractive to international investors.

Last year, Morocco’ ONHYM reached a research agreement with Ratio Petroleum, an Israeli firm.

Covering 109,000 sq of the Atlantic offshore, the agreement will see the Israeli group explore the coastline of Dakhla in depth ranging from 0 to 3,000 meters.

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