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Chariot Ltd, an Oil & Gas sector stock, has completed its drilling campaign at the Anchois-3 well, located within the Lixus Offshore license off the coast of Morocco. The well, which was drilled by the Stena Forth drillship, reached a total depth of 3,045 meters in 349 meters of water.
The campaign was part of Chariot's ongoing efforts to explore the Anchois gas field, following the success of previous drilling at Anchois-2. However, initial analysis of the Anchois-3 well indicated mixed results in terms of gas discovery.
Initial Results and Reservoir
Chariot (OTC:OIGLF) 's preliminary analysis revealed multiple gas-bearing reservoirs within the B sands. However, the gas columns found were thinner than initially predicted based on pre-drill models. These results differed from those achieved in the earlier Anchois-2 well, where thicker gas columns were observed.
Deeper exploration targets in the C and M sands encountered water rather than gas, limiting the overall success of the drilling campaign. As a result, no flow testing was conducted before the well was plugged and abandoned. Despite the less favorable outcomes, the company noted that valuable data was gathered that will aid future exploration and development efforts at the Anchois field.
Management Comments on Drilling Results
Chariot’s chief executive, Adonis Pouroulis, acknowledged the campaign did not meet all the pre-drill expectations. "The primary exploration objectives were unsuccessful," he said, emphasizing that although the results were below expectations, the drilling did demonstrate the extension of gas-bearing reservoirs in the B sands, albeit with thinner gas columns than estimated.
Pouroulis also highlighted that the data obtained from other reservoirs would be beneficial in understanding the broader field's characteristics. The company now plans to collaborate with its joint venture partners to determine the next steps in the development of the Anchois gas field.
Although the Anchois-3 well did not deliver as anticipated, Chariot remains committed to its broader objectives for the Anchois gas field. The company continues to evaluate the data from this drilling campaign and is working closely with its partners to establish a forward plan for the field's development. The results from Anchois-3 will be used to refine future exploration strategies and ensure optimal development of the gas field's resources.
