LONDON (ShareCast) - (Sharecast News) - Explorer Chariot Oil and Gas has looked on the bright side after coming up empty handed from drilling at the Rabat Deep 1 well in Morocco.
The AIM-quoted outfit penetrated thick top seal and tight, fractured carbonates in the primary Jurassic target, but did not encounter a hydrocarbon accumulation.

While further analysis would be required in order to fully understand the implications of the well results on the prospectivity of the surrounding area, Chariot referred to the 3,180-metre drilling programme as being "invaluable" to understanding the overall Rabat Deep Permits, of which chariot owns a 10% stake.

The Rabat Deep 1 well will now be plugged and abandoned.

Larry Bottomley, chief executive of Chariot, said, "Whilst the results of the Rabat Deep 1 well are very disappointing, the fact that we encountered tight carbonates in the Jurassic target with a thick top seal will be invaluable in calibrating the existing data sets and determining the implications for the prospectivity in the Rabat Deep Permits."

"We will continue to evaluate the well data and the implications of these results on the surrounding area, before discussing next steps with our partners Eni, Woodside and ONHYM," he added.

As of 1000 BST, shares had tumbled 30.25% to 8.30p.

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