Upstream Oil & Gas

MOROCCO – OVERVIEW

• In an advantaged acreage position, with direct access to Morocco’s primary industrial and infrastructure hubs, Chariot owns and operates three diverse projects with a 75% working interest in its offshore Lixus and Rissana and onshore Loukos licences. The Moroccan state-owned Office National des Hydrocarbures et des Mines (“ONHYM”) holds the remaining 25% working interest in all licences.
• Across its acreage, Chariot has a portfolio of scalable opportunities, including low-cost, near-term development assets, appraisal targets and drill-ready exploration prospects.
• Importantly, Chariot remains dedicated to looking to provide energy directly into the domestic market and the range of development options offer multiple routes of supply.
• With its in-country knowledge and relationships, Chariot is looking to work with the Kingdom of Morocco to help provide power to industry, but also, being on the doorstep of Europe, enable the export of surplus volumes into Spain via the existing GME pipeline.

LIXUS AND RISSANA OFFSHORE LICENCES 

• The Anchois gas field is located in the Lixus Offshore licence where three wells have now been drilled. The Anchois-3 well was completed in September 2024 and whilst this well did not deliver the additional volumes required to enable an expansion of the initially planned Anchois development, multiple good quality gas bearing reservoirs were found in the main B sand appraisal interval.
• Chariot still sees material value in the Anchois gas field. Next steps are to re-scope a development based on the core resources found in the three wells underpinned by the previous work on engineering design, environmental and regulatory approvals, project financing and gas sales.
• Morocco offers attractive fiscal terms, domestic gas has strategic value and the gas demand remains strong so Chariot still sees the potential for a re-scaled project that is economically viable, and which could attract partner financing to the project.
• Alongside the development opportunity in the Anchois gas field, there are additional prospects mapped across the wider Lixus licence which offer significant resource potential and could augment production at an Anchois development or offer standalone development opportunities.
• The surrounding Rissana licence has a portfolio of giant scale prospects and leads, mapped in Tertiary basin floor fan plays and Jurassic clastic plays.
• There are both oil and gas targets within this portfolio, including drill-ready prospects covered by existing 3D seismic data.
• Due to Morocco’s attractive investment climate and under-explored potential, there is increasing interest in offshore exploration with a number of majors exploring or looking to secure acreage in country.

LOUKOS ONSHORE LICENCE

• Chariot drilled two wells in the onshore Loukos licence in 2024 which resulted in a gas discovery in the OBA-1 well and also significantly de-risked the presence of thick, high-quality reservoir in the targeted plays.
• Ongoing interpretation and analysis of re-processed 2D and 3D seismic data, with significantly improved seismic imaging, has revealed larger and higher volume targets within the block.
• Over 100 Bcf of resource potential has now been identified and the team have described multiple drilling and testing opportunities, within both existing gas discoveries as well as new opportunities.
• The forward plan is to attract investment through a partner to allow the execution of a multi-well programme which could secure sufficient resources to allow for a meaningful development.
• As with the offshore, the fundamentals remain strong and gas from Loukos could be delivered directly into the undersupplied domestic industrial market which offer the potential for high gas prices and which could be rapidly executed.