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Chariot's shares enjoy wild ride up the London Stock Exchange after it discovers gas at offshore well - City A.M.

Monday 10 January 2022 11:06 am

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Chariot’s shares enjoyed an exciting journey on the London Stock Exchange today, riding 44 per cent up the FTSE AIM All-Share after it discovered potentially over 100 meters of net gas pay at its offshore Anchois-2 Well in Morocco.

The Africa-focused transitional energy company drilled to a total depth of over 2.5km, and has undertaken a full-scale evaluation of the site.

Its primary data confirms the presence of significant gas accumulations, with a calculated net gas pay totalling more than 100m, compared to 55m in the original Anchois-1 discovery well.

The figures are well above expectations, which has driven stock performance.

The Anchois-2 Well is part of a wider gas project within the Lixus licence that covers Moroccan offshore sites.

Chariot has a 75 per cent interest and operatorship of Lixus in partnership with the Office National des Hydrocarbures et des Mines, which holds a 25 per cent interest.

Further research will take place to establish the full extent of gas resources within the expanded Anchois field and the scale of the potential gas development.

The well will now be suspended for potential future re-entry ahead and completion as a production well in the development of the field.

Adonis Pouroulis, acting chief executive of Chariot, commented: “I am delighted to announce that Chariot, as well as conducting a successful appraisal well operation, has made a significant gas discovery at the Anchois-2 well which materially exceeds our expectations. We continue to conduct further analysis on the data collected from the well, but as it stands, we believe the result is transformational for the company.

Chariot’s shares are trading at 10.8p on the London Stock Exchange at 1100 GMT on Monday.