–News Direct–

Chariot Ltd (AIM:CHAR, OTC:OIGLF) technical director Duncan Wallace discusses the company's onshore Morocco drill program following results from the RZK-1 well on the Gaufrette prospect.

Despite the first well not resulting in a commercial discovery, Wallace highlighted positive findings such as better-than-expected reservoir quality and significant gas peaks. The well was drilled on time and on budget, demonstrating the companys operational efficiency. The preliminary view suggests the gas play is promising.

Chariot is now shifting focus to a second well on the Dartois prospect, targeting a different reservoir system. This well is expected to provide further insights into the areas potential. Wallace remains optimistic, noting that past drilling in the region has indicated the presence of gas.

Wallace explained that the company has two major projects in the region: offshore development and exploration in partnership with energy companies, and an onshore exploration license obtained in mid-2023.

He emphasised that this year is pivotal for Chariot, with significant drilling activities both onshore and offshore. The offshore project could be transformative, potentially delivering a substantial gas development and enhancing Morocco's energy security.

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View source version on newsdirect.com: https://newsdirect.com/news/chariot-progresses-onshore-morocco-drill-program-in-what-it-describes-as-a-pivotal-year-620493589

Chariot Ltd

COMTEX_452524756/2655/2024-05-17T14:42:48