Chariot signs up Stena Don for Morocco work

Chariot has signed a contract for the Stena Don rig to drill a well on its Lixus licence, offshore Morocco.

The rig will begin drilling in December of this year. AIM-listed Chariot said work on the Anchois well should take around 40 days.

Chariot’s acting CEO Adonis Pouroulis said signing the contract for the rig was an “important moment in our planned drilling campaign for the Lixus licence”.

The Chariot team is “keenly focused on delivering the drilling campaign that we recently raised money for, and we are pleased that this contract award brings us a step closer to achieving this. We look forward to keeping our stakeholders appraised we get closer to the spud date,” Pouroulis said.

Chariot appointed David Brecknock in July to serve as drilling manager for the Anchois well.

The company has said the well will provide information on the Anchois gas field’s resources to unlock development.

This well would serve as a future producer, it said, and may attempt to test the additional prospective sands in the area. Success would increase the resource base.

Chariot’s work in Namibia involved Brecknock. This saw the well carried out safely, on time and under budget. It did not, though, make a commercial find.

Chariot carried out a placing in May, raising $18.8 million net, with another $4.2mn underwritten by Magna Capital. Pouroulis is a substantial shareholder of Magna.

The company reprocessed 3D seismic data on the Lixus licence, leading it to upgrade the recoverable resource at Anchois to more than 1 trillion cubic feet of gas.

Africa Finance Corp. (AFC) has signed a letter of intent to provide debt financing to develop the Anchois project. The company has estimated it would cost $300-500mn.

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