REG - Chariot Limited - Chariot Awards FEED Contract for Anchois Project

ChariotAnnouncement

20/06/2022 07:00

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RNS Number : 3859P  Chariot Limited  20 June 2022

 

 

 

 

 

20 June 2022

Chariot Limited

("Chariot" or the "Company")

 

Chariot Awards Front-End Engineering and Design Contract

for the Development of Anchois Gas Project

Fast-tracking gas development offshore Morocco

 

Chariot (AIM: CHAR), the African focused transitional energy company, is
pleased to announce that it has signed a front-end engineering and design
("FEED") agreement ("Agreement") with Schlumberger and Subsea 7, as part of a
consortium, for the Anchois gas development project in Morocco. Chariot,
Schlumberger, and Subsea 7 will continue to adopt a "one-team" integrated and
collaborative approach to safely fast-track first gas to maximise the return
on investment.

 

The scope of the Agreement covers:

•     Front-end engineering support and design work for the Anchois gas
development, incorporating:

o  offshore components including well completions, subsea production systems
("SPS"), and subsea umbilicals, risers, and flowlines ("SURF") that will be
delivered by Subsea Integration Alliance, and

o  onshore components including a central processing facility ("CPF") and
flowlines and controls from the CPF to the shore crossing that will be
delivered by Schlumberger.

•     Generation of deliverables, such as engineering, procurement,
construction, installation, and commissioning ("EPCIC") costs and schedules,
required prior to final investment decisions ("FID").

•     Opportunity for Chariot to directly-source EPCIC services with
Schlumberger and Subsea 7 for the field development and operations and
maintenance ("O&M") of the facilities during commissioning and the early
production phase.

•     Commitment to environmental, social, and governance ("ESG"),
minimising emissions and contributing to social development through the
creation of direct and indirect jobs in Morocco.

 

Beyond this Agreement, Chariot is managing the additional FEED scopes required
for the development, including well construction and onshore infrastructure,
including fixed pipelines, to deliver gas to customers.

 

Olivier Blaringhem, CEO, Subsea Integration Alliance, commented:

 

"We are delighted to work with Chariot on this FEED project. We remain fully
aligned with their objectives and will build upon the work undertaken to date
to optimise the design and development of the Anchois Gas Project. We look
forward to playing a key role in bringing this project to fruition."

 

Adonis Pouroulis, Acting CEO, Chariot Limited, commented:

 

"Signing this agreement with Schlumberger and Subsea 7 is further evidence
that we have accelerated development plans for the Anchois Gas Project, a key
tenet of our recent fundraising. It is a pleasure to work closely with both
companies on this integrated design phase, to benefit from their experience in
working on several similar projects globally, and to leverage their
standardised technology which is directly applicable to the Anchois
development.

 

We look forward to building on this relationship and to realise the benefits
of an integrated project execution. Reduced interfaces, fewer contingencies,
and strong leverage over procurement and the offshore construction schedule
will help shorten time to first gas. This streamlined approach will benefit
all stakeholders which is a key objective of fast-tracking the project towards
cashflow."

 

This announcement contains inside information for the purposes of Article 7 of
EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European
Union (Withdrawal) Act 2018.

 

 

Enquiries:

 Chariot Limited                                 +44 (0)20 7318 0450

 Adonis Pouroulis, Acting CEO

 Julian Maurice-Williams, CFO
 Cenkos Securities Plc (Nomad and Joint Broker)  +44 (0)20 7397 8900

 Derrick Lee, Adam Rae (Corporate Finance)

                                                 +44 (0) 20 7894 7000

 Peel Hunt (Joint Broker)

 Richard Crichton, David McKeown

 Celicourt Communications (Financial PR)         +44 (0)20 8434 2754

 Mark Antelme, Jimmy Lea

About Chariot

 

Chariot is an African focused transitional energy group with two business
streams, Transitional Gas and Transitional Power.

 

Chariot Transitional Gas is focussed on a high value, low risk gas development
project offshore Morocco with strong ESG credentials in a fast-growing
emerging economy with a clear route to early monetisation, delivery of free
cashflow and material exploration upside. Chariot Transitional Power, looking
to transform the energy market for mining operations in Africa, providing a
giant largely untapped market with cleaner, sustainable, and more reliable
power. Chariot is also partnering with the Government of Mauritania on the
potential development of a 10GW green hydrogen project, Project Nour.

 

The ordinary shares of Chariot Limited are admitted to trading on the AIM
under the symbol 'CHAR'.

 

About Subsea Integration Alliance

 

Subsea Integration Alliance is a non-incorporated strategic global alliance
between Subsea 7 and OneSubsea®, the subsea technologies, production, and
processing systems business of Schlumberger, bringing together field
development planning, project delivery and total lifecycle solutions under an
extensive technology and services portfolio. As one team, Subsea Integration
Alliance amplifies subsea performance by helping customers to select, design,
deliver and operate the smartest subsea projects. This eliminates costly
revisions, avoids delays and reduces risk across the life of field. For more
information, visit www.subseaintegrationalliance.com.

 

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