MOROCCO: Chariots’s Post-Well Analysis on Significant Gas Discovery at Anchois-2 Well

Chariot has provided an update on the post-well analysis of the successful Anchois-2 gas appraisal and exploration well, completed in
January 2022, on the Anchois gas project within the Lixus licence, offshore Morocco. Chariot has a 75% interest and operatorship of Lixus in partnership with the Office National des Hydrocarbures et des Mines (ONHYM) which holds a 25% interest.

• Net gas pay estimates for Anchois-2 well, based on further interpretation of the well data, have been upgraded to approximately 150m from the previously announced preliminary analysis of greater than 100m, compared to the 55m in the original Anchois-1 discovery well.
• Excellent quality dry gas confirmed, with greater than 96% methane, in all seven discovered gas reservoirs, without detrimental impurities such as H2S or CO2, supporting minimal gas processing required in the development.
• Highly consistent gas composition potentially allows all gas produced from the different reservoirs to be processed through a single gas processing facility, enabling a simple development.
• Further analysis is ongoing on the well data to understand the positive implications on gas resources, and scale and economics of the development.

Adonis Pouroulis, Acting CEO of Chariot, commented:
“I am delighted to announce this very positive update on the analysis of the well data obtained from our successful gas drilling campaign on the Anchois project, offshore Morocco, including a significant increase in net gas pay to approximately 150m. This increase combined with the confirmation of excellent quality dry gas consistently across all the discovered gas reservoirs is extremely encouraging, as it will help enable a simple and standard development. Our ambition is to bring the Anchois gas development online quickly, to fuel Morocco’s economic growth, but also to deliver near-term cash flows to our shareholders. We will continue to work on an accelerated field development plan, for the benefit of all stakeholders.”