REG - Chariot Limited - Commencement of Drilling Operations

ChariotAnnouncement

15/12/2021 07:00

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RNS Number : 6585V  Chariot Limited  15 December 2021

 

 

 

 

 

 

 

15 December 2021

 

 

Chariot Limited

("Chariot", the "Company" or the "Group")

 

Commencement of Drilling Operations

Fast-tracking Moroccan offshore gas development

 

Chariot (AIM: CHAR), the Africa focused transitional energy company, is
pleased to announce that the Stena Don drilling rig has now arrived on
location in the Lixus licence ("Lixus"), offshore Morocco, to carry out
drilling operations on the Anchois gas development project. Chariot has a 75%
interest and operatorship of Lixus in partnership with the Office National des
Hydrocarbures et des Mines ("ONHYM") which holds a 25% interest.

 

 

·      Operations to drill the Anchois-2 gas appraisal & exploration
well and re-enter the previously drilled Anchois-1 gas discovery well are
expected to take up to approximately 40 days.

 

·      Anchois-2 gas appraisal & exploration well drilling
objectives:

 

o  Unlock the development of the discovered sands by confirming the gas
resource volumes, reservoir quality and well productivity.

o  Provide a future production well for the development of the field.

o  Deepen the appraisal well into additional low-risk exploration targets
with the aim of

establishing a larger resource base for longer term growth.

 

·      Anchois-1 gas discovery well re-entry objectives:

 

o  Assess the integrity of the previously drilled well.

o  Evaluate the productivity and gas characteristics of the discovered A Gas
Sand.

o  Provide a second future production well for the development of the field.

 

 

Adonis Pouroulis, Acting CEO of Chariot, commented:

"I am pleased to announce that the Stena Don has now arrived on site, with
operations to commence immediately, for a potentially transformational
drilling programme for Chariot. Our recently completed oversubscribed
fundraise allows us to drill both the Anchois-2 gas appraisal well and
re-enter the Anchois-1 gas discovery well and we anticipate updating the
market separately after the completion of each operation. On behalf of the
Chariot team, I would like to thank the Ministry of Energy Transition and
Sustainable Development in Morocco, ONHYM and all our wider stakeholders for
their continued support and we look forward to keeping everyone updated on
this exciting drilling campaign."

 

 

 

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.

For further information please contact:

 

 Chariot Limited                                   +44 (0)20 7318 0450

 Adonis Pouroulis, Acting CEO

 Julian Maurice-Williams, CFO

 finnCap (Nominated Adviser and Joint Broker)      +44 (0)20 7220 0500

 Christopher Raggett, Simon Hicks, Edward Whiley

 Peel Hunt (Joint Broker)                          +44 (0)20 7418 8900

 Richard Crichton, David McKeown

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

 Mark Antelme, Jimmy Lea

NOTES FOR EDITORS:

 

About Chariot

 

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

 

Chariot Transitional Gas is a high value, low risk gas development project
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.
Additionally in September 2021, Chariot announced its partnership with the
Government of Mauritania for the potential development of a large-scale green
hydrogen project.

 

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

 

 

 

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