London listed shares of Chariot Oil & Gas (LON: CHAR) have jumped higher today after the company issued a statement announcing a significant resource upgrade at its Anchois project in Morocco.
The company said that there was an upgrade of 148% in “audited total remaining recoverable resource.”
Chariot's technical team will continue to identify and evaluate additional gas prospects the company said in its statement.
Adonis Pouroulis, CEO of Chariot, said: “We continue to hold the view that this asset has the capacity to be a value accretive and long-term project of national significance to Morocco.
“The Anchois development has the potential to supply material gas volumes into existing markets in the near-term, and the exploration prospectivity of the Lixus licence is of a scale sufficient to provide the Moroccan power sector with a clean, reliable, low cost and sustainable supply of gas for decades to come.”
Chariot's share price…
The company's share price surged after the announcement and is currently trading at 2.54p per share, up 56.41% as we approach the close on Monday.