CHAR – Chariot

Energy group Chariot (:CHAR:) is poised to deliver positive news flow on multiple fronts, one of these has been the successful gas exploration in reservoirs off the coast of Morocco.

The Anchois-2 drilling has made a ‘transformational’ find which significantly exceeded expectations with multiple high-quality gas reservoirs encountered.

According to Chariot, preliminary interpretation of the data confirms the presence of significant gas accumulations in the Anchois-2 well. It has a calculated net gas pay totalling more than 100m, compared to 55m in the original Anchois-1 discovery well.

The well will now be suspended for potential future re-entry and the rig will then move back to the Anchois-1 well to perform re-entry operations with the objective of assessing the integrity of the well, and to assess its viability as another production well.

Analyst Jonathan Wright, house broker of finnCap says “Further analysis will be needed to fully understand the positive implications of the well” but added that he has doubled his de-risked NAV company share price to 54p per share after the find.

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