REG - Chariot Limited - Commencement of Anchois Drilling Operations

ChariotAnnouncement

20/08/2024 07:00

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RNS Number : 9884A  Chariot Limited  20 August 2024

 

20 August 2024

Chariot Limited

("Chariot", the "Company")

 

Commencement of Anchois Drilling Operations Offshore Morocco

 

Focused on delivering an expanded development

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy group,
is pleased to announce that the Stena Forth drillship has arrived on location
and drilling operations have commenced on the Anchois East well (now named
"Anchois-3") at the Anchois gas project in the Lixus Offshore licence,
offshore Morocco (Energean 45%, Operator, Chariot 30%, ONHYM 25%).

 

·  Anchois-3 drilling and flow testing operations are expected to take
approximately two months, with Chariot expected to be fully carried for the
anticipated costs of the drilling campaign

 

·    Anchois-3 is a multi-objective well with distinct operational phases:

 

Pilot Hole

  o An initial pilot hole will be drilled with the main objective to
evaluate the potential of the Anchois Footwall prospect, located in an
undrilled fault block to the east of the main field, which has a 2U
Prospective Resource estimate of 170 Bcf in the main O Sand target

 

Main Hole

  o A side-track will then be drilled to intersect and further evaluate the
discovered gas sands in the Anchois field, with a current 2C Contingent
Resource estimate of 637 Bcf, in the eastern part of the main fault block of
the field. The deeper Anchois North Flank prospect will then be drilled, which
has additional 2U Prospective Resource estimate of 213 Bcf and which will also
de-risk the nearby Anchois South Flank prospect with a 2U Prospective Resource
estimate of 372 Bcf

 

Flow Test

 o Well flow testing will then be performed on selected encountered gas sands
to evaluate reservoir and well productivity

 

Future Production Well

 o The well will be suspended to enable it to be used as a potential future
producer

 

Adonis Pouroulis, CEO of Chariot, commented:

 

"We are very pleased to commence this highly anticipated well at the Anchois
gas field. We see significant upside potential and value from the prospective
resources in the pilot hole and main hole targets which could increase the
resource base to over 1Tcf and we look forward, on success, to moving towards
a Final Investment Decision as quickly as possible. I'd like to thank the team
for all their hard work across the planning, logistics and well design
requirements to date and we look forward to providing further updates as we
progress through the operational phases of this campaign."

 

 

Contingent (2C) and Prospective (2U) Resources noted above are as
independently estimated by NSAI in 2022.

 

Enquiries

 

 Chariot Limited                                              +44 (0)20 7318 0450

 Adonis Pouroulis, CEO

 Julian Maurice-Williams, CFO

 Cavendish Capital Markets Limited (Nomad and Joint Broker)   +44 (0)131 220 9778

 Derrick Lee, Adam Rae

 Stifel Nicolaus Europe Limited (Joint Broker)                +44 (0) 20 7710 7760

 Callum Stewart, Ashton Clanfield
 Celicourt Communications (Financial PR)                      +44 (0) 20 7770 6424

 Mark Antelme, Jimmy Lea

 

NOTES FOR EDITORS:

 

About Chariot

 

Chariot is an Africa focused transitional energy group with three business
streams, Transitional Gas, Transitional Power and Green Hydrogen.

 

Chariot Transitional Gas is focused on high value, low risk gas development
projects in Morocco, a fast-growing emerging economy, with a clear route to
early monetisation, delivery of free cashflow and material exploration upside.

 

Chariot Transitional Power is focused on providing competitive, sustainable
and reliable energy and water solutions across the continent through building,
generating and trading renewable power.

 

Chariot Green Hydrogen is partnering with TEH2 (80% owned by TotalEnergies,
20% by the EREN Group) and the Government of Mauritania on the potential
development of a 10GW green hydrogen project, Project Nour in Mauritania, and
are progressing pilot projects in Morocco.

 

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

 

https://chariotenergygroup.com (https://chariotenergygroup.com)

 

 

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