Chariot Oil & Gas (GB:CHAR) has released an update.
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Chariot Limited reports that its initial well in the Gaufrette prospect onshore Morocco, drilled to a depth of 961m, encountered substantial reservoir intervals but was deemed sub-economic due to being water-bearing. Despite this setback, the company remains optimistic, highlighting strong gas shows and plans to proceed with drilling a second well, the OBA-1 at the Dartois prospect. Chariot emphasizes the potential of the region for future exploration, with the upcoming well targeting resources estimated at 20 Bcf.
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