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Shares of Chariot Oil & Gas Limited (LON: CHAR) today surged 30.1% despite the company not making any major announcements adding to Monday’s 28% rally.

The lack of major fundamental catalysts behind the move implies that the company’s share price is playing catchup to last week’s resource upgrade.

The company announced a major resource upgrade on its Anchois Gas field located in Morrocco including:

  • An upgrade of the total remaining recoverable resource to in excess of 1 Tcf for Anchois, representing a 148% increase (comprising 361 Bcf 2C contingent resources and 690 2U prospective resources).
  •  The ability for the low-risk prospective targets (C, M and O sands) to be drilled at low cost as part of any appraisal or development drilling activity on the Anchois Discovery (A and B sands); the development of which brings the potential for material free cash flow
  • Chariot technical team continues to identify, evaluate and quantify additional material gas prospects in the Lixus licence based on  the reprocessed data

It seems like investors have now realised the significance of last week’s announcement and are buying up the stock in large numbers.

Chariot Oil & Gas share price

Tradingview chart of Chariot oil share price 15092020

Chariot oil shares today surged 30.1% to trade at 5.48p having rallied from Monday’s closing price of 4.21p.

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