REG - Chariot Limited - Completion of Successful Gas Drilling Operations

ChariotAnnouncement

18/01/2022 07:05

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RNS Number : 7348Y  Chariot Limited  18 January 2022

 

 

 

 

 

 

 

18 January 2022

 

Chariot Limited

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

 

Completion of Successful Gas Drilling Operations

Appraisal & exploration discoveries unlocking Moroccan offshore gas fields

 

Chariot (AIM: CHAR), the Africa focused transitional energy company, is
pleased to announce the completion of the successful gas drilling operations,
on the Anchois gas project within the Lixus licence ("Lixus"), offshore
Morocco. 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.

 

·      Anchois-1, the original discovery well drilled in 2009, was
efficiently located and the wellhead was inspected, prepared and successfully
coupled with the Stena Don rig confirming its potential viability as a future
producer well.

 

·      To maintain efficiency a decision was taken to not take a Sand A
gas sample in the Anchois-1 well as gas samples were successfully obtained in
the previously drilled Anchois-2 well.

 

·      Anchois-1 operations will now complete with the well in a
condition to allow for potential utilisation in the future development of the
field.

 

·      Anchois-2 well, drilled just prior to the Anchois-1 well
operation and successful in its appraisal and exploration objectives with over
100m of net pay, has already been safely and efficiently suspended for
potential completion as a production well in the future development of the
field.

 

·      Extensive data recovered from the multiple gas discoveries in the
Anchois-2 well, including from a comprehensive sub-surface formation testing
programme, which recovered twelve gas samples across seven gas bearing
reservoirs, which are currently enroute to the laboratory for detailed
analysis.

 

·      Stena Don rig will begin demobilisation from the well sites
imminently.

Mrs Amina Benkhadra, General Director Office National des Hydrocarbures et des
Mines, commented:

"My congratulations to Chariot and ONHYM teams for the successful Anchois
drilling operations. I also would like to thank the Moroccan authorities for
their support and help in achieving the drilling operations efficiently
despite the Covid-19 pandemic restrictions. We look forward to working with
Chariot in order to quickly progress the gas development."

Adonis Pouroulis, Acting CEO of Chariot, commented:

"I am pleased to announce the completion of our very successful Anchois gas
appraisal and exploration campaign, offshore Morocco. In addition to having
now two confirmed gas discovery wells, we have directly de-risked a material
portfolio of prospects on the Lixus licence area.

Our ambition is to bring the Anchois gas development online as quickly as
possible, to fuel Morocco's economic growth, but also to deliver near-term
cash flows to the Company. We will now look to conduct further analysis on our
findings, to optimise our development plan for the field, with both wells
earmarked to become potential production wells, as part of an accelerated
field development plan for the benefit of all stakeholders.

I would again like to thank ONHYM, our partners on the licence and all the
Moroccan authorities involved, for their invaluable support, as well as the
Chariot drilling team, Stena, Halliburton and other contractors who have
enabled us to conduct these drilling operations safely, efficiently and
successfully.

As a team, we are very excited about these positive results and the commercial
potential of the expanded Anchois field along with the material upsides in the
wider Lixus licence area and we will look to update the market in more detail
on the findings of our further analysis in due course."

 

Qualified Person Review

This release has been reviewed by Duncan Wallace, Technical Director of
Chariot, who is a petroleum geologist with over 20 years' experience in
petroleum exploration, MSc in Petroleum Geology from Imperial College, a
Fellow of the Geological Society and a member of the Petroleum Exploration
Society of Great Britain. Mr Wallace has consented to the inclusion of the
technical information in this release in the form and context in which it
appears.

 

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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