- Potential for drilling success on second onshore well
- Analysts target prices of 50p and 57.7p
Chariot (CHAR:7.1p), the Africa-focused transitional energy group, has announced results from the first well of a two-well drilling programme on the Loukos Onshore licence in Morocco.
Although the reservoirs at the Gaufrette prospect did not deliver a material gas accumulation and are therefore deemed uneconomic, the presence of gas and reservoir quality are positive for future exploration in the area. Importantly, it’s not material to the investment case. Analysts at Auctus Advisors had only embedded a risked net asset value (NAV) of 2p a share in their financial models.