REG - Chariot Limited - Partnership Agreement - Chariot and Vivo Energy

ChariotAnnouncement

02/05/2023 07:00

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RNS Number : 9666X  Chariot Limited  02 May 2023

 

 2  May 2023

 

Chariot Limited

("Chariot", the "Company")

 

Partnership Agreement between Chariot and Vivo Energy

to Develop Gas to Industry Market in Morocco

 

Further commercialisation of future Anchois gas production

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy company,
is pleased to announce it has entered into a partnership agreement with Vivo
Energy ("Vivo Energy") with the objective of creating a midstream joint
venture that will oversee the distribution of natural gas to industrial
customers in Morocco. Vivo Energy, the market-leading, pan-African retailer
and distributor of high-quality fuels and lubricants has a long-standing
presence in Morocco's petroleum products' sector, operating a network of over
400 service stations and supplying commercial and industrial customers across
a number of sectors in the Kingdom.

 

The objectives of the partnership will be to:

 

·      implement a gas-to-industry business in Morocco through the
development of marketing and commercialisation of natural gas to industrial
customers;

·      establish a jointly owned special purpose vehicle for the
purchase, transportation and distribution of natural gas to end-users; and

·      put in place a long-term gas sales agreement for a portion of the
future gas production from the Anchois development project ("Anchois").

 

Adonis Pouroulis, Chariot CEO, commented:

 

"We are delighted to be partnering with Vivo Energy, a company which has an
extensive footprint in Morocco and the African continent, to develop and
deliver a long-term supply of natural gas across the rapidly growing
industrial sector in country.

 

"Morocco's significant industrial gas demand, which this partnership will
supply into, further supports the commercial viability of the Anchois project.
This agreement confirms the priority given by Chariot to the Moroccan energy
market, expands upon our other existing sales negotiations around future
offtakes for the gas from the Anchois gas field and sets out a collaborative
partnership with one of the continent's leading energy distributors, as we
continue to develop this high margin low risk asset."

 

Stan Mittelman, Vivo Energy CEO, commented:

 

"We are very pleased to be entering into this partnership. We will work
closely with Chariot to jointly leverage our position in Morocco, giving us
the opportunity to offer a cleaner and more competitive source of energy for
our industrial customers.

 

"Further development of the country's mid and downstream infrastructure will
also facilitate the distribution and increased use of this important domestic
resource over the longer term as the industrial gas markets continue to
mature. We are confident that the development of the Anchois field, combined
with the advancement of Morocco's gas market, will further accelerate the
country's industrial roadmap towards becoming a less carbon intensive economy,
and supporting its export strategy."

Pierre Raillard, Chariot Morocco Managing Director, commented:

 

"Partnering with Vivo Energy to deliver this gas to industry creates
additional scope for the future production from Anchois. A key part of our
strategy in Morocco is to promote energy self-sufficiency and be a catalyst
for growth and we are very pleased to be working together to deliver this
important domestic resource directly into the country's gas-hungry industrial
sector."

 

Peyami Oven, Vivo Energy Maroc MD, commented:

 

"This partnership is central to support industrials' transition to a lower
carbon source of energy. Development of a gas-to-industry market will enable
our existing and potential customers to have access to an abundant and cost
competitive source of domestic gas. Together with Chariot, our partnership is
built on strong expertise and a deep knowledge of the Moroccan market and the
latest gas technologies.  This makes us well positioned to offer best in
class and fit for purpose energy solutions to a large spectrum of industries
in Morocco."

 

Enquiries

 

 Chariot Limited                                  +44 (0)20 7318 0450

 Adonis Pouroulis, CEO

 Julian Maurice-Williams, CFO

 Cenkos Securities Plc (Nomad and Joint Broker)   +44 (0)20 7397 8900

 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 8434 2754

 Mark Antelme, Jimmy Lea

 Vivo Energy Maroc                                +212 660 41 44 61

 Hind Mejjati Alami

 

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 a high value, low risk gas development
project offshore Morocco in 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 Total Eren and the Government of
Mauritania on the potential development of a 10GW green hydrogen project,
named Project Nour.

 

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

 

About Vivo Energy

 

Vivo Energy operates and markets its products in countries across North, West,
East and Southern Africa. The Group has a network of over 2,600 service
stations in 23 countries operating under the Shell and Engen brands and
exports lubricants to a number of other African countries. Vivo Energy is part
of Vitol, the global energy and commodities trading group.

 

Its retail offering includes fuels, lubricants, card services, shops,
restaurants and other non-fuel services. It provides fuels, lubricants,
liquefied petroleum gas (LPG), and solar energy solutions to business
customers across a range of sectors including marine, mining, construction,
power, transport, wholesalers and manufacturing.

 

The Company employs around 2,800 people, has access to over 1,000,000 cubic
metres of fuel storage capacity and has a joint venture, Shell and Vivo
Lubricants B.V., that sources, blends, packages and supplies Shell-branded
lubricants.

 

For more information about Vivo Energy, please visit www.vivoenergy.com
(http://www.vivoenergy.com)

 

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