CHAR – Feasibility Study and Gas Market Assessment

Chariot Oil & Gas Limited (AIM: CHAR), the Atlantic margins focused oil and gas company, is pleased to provide an update on the Lixus Offshore Licence (“Lixus”), with the completion of the Development Feasibility Study for the Anchois Gas Field and the Morocco Gas Market and Anchois Field Monetisation Assessment. Highlights of the studies are:

·    The development of the Anchois Field is technically feasible, with the potential for either a single phase or a staged development to commercially optimise access to different parts of the gas market

·    Development options include a “subsea-to-shore” concept, employing proven industry standard technical solutions and equipment. This concept consists of subsea production wells tied to a subsea manifold, from which a subsea flowline and umbilical connect the field to an onshore Central Processing Facility (“CPF”), where gas is processed and then delivered into the Maghreb-Europe Gas pipeline (“GME”) via an onshore gas flowline

·    Potential to re-enter the suspended Anchois-1 gas discovery well, which may be completed as a producer well

·    Morocco has a growing energy market with attractive gas prices that underpins a commercially attractive project

·    Chariot has initiated an Environmental Impact Assessment to facilitate appraisal operations in 2020

Larry Bottomley, CEO commented:

“The results of these studies demonstrate the technical feasibility and commercial attractiveness of developing the Anchois gas discovery with the potential to offer a strategically important indigenous source of gas into Morocco’s developing energy market.

We believe the combination of a de-risked resource base in a fast-growing energy market, with high gas prices and a need for increased supply remains highly attractive to a wide range of potential strategic partners throughout the energy value chain. As part of the partnering process and to facilitate appraisal operations in 2020, the Company has initiated a Drilling Environmental Impact Assessment”.

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