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Hitting pay dirt: Chariot on fire

An African-focused energy group has announced yet more positive drilling news for its low-cost flagship Moroccan gas development
Hitting pay dirt: Chariot on fire

•    Anchois-2 well encounters high-quality gas reservoirs with net gas pay upgraded to 150m
•    Quality dry gas confirmed with more than 96 per cent methane
•    Gas composition allows gas to be processed through single processing facility

Chariot (CHAR:17.6p), an African-focused energy group, has announced yet more positive drilling news for its low-cost flagship Anchois Gas development, offshore of Morocco.

Firstly, the gas samples taken from the Anchois-2 well contained gas with greater than 96 per cent methane in all seven discovered reservoirs. Importantly, the gas doesn’t contain any hydrogen sulfide or carbon dioxide (which in the presence of air and moisture can form acids that are capable of corroding equipment and pipelines). This means that the gas is 'pipeline spec', so should be able to be transported and processed through a single gas processing facility. The implication being that initial capital expenditure of $300mn (£228mn) and ongoing operating costs could be lower than originally planned.

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