REG - Chariot Limited - PFS and Framework Agreement for Hydrogen Project

ChariotAnnouncement

24/05/2022 14:15

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RNS Number : 6405M  Chariot Limited  24 May 2022

 

 

 

 

 

24 May 2022

Chariot Limited

("Chariot" or the "Company")

Completion of Pre-Feasibility Study and Framework Agreement Signed for
Large-Scale Green Hydrogen Project

Confirms Mauritania's potential as world-class green hydrogen producer and
exporter

 

The Government of Mauritania through the Ministry of Petroleum, Mines &
Energy and Chariot, the Africa-focused transitional energy group, are pleased
to announce that the Pre-Feasibility Study ("PFS") for the large green
hydrogen project "Project Nour" in Mauritania has been completed and a
Framework Agreement has been signed, mapping out the next phases of
development.

 

·     PFS confirms that Mauritania is exceptionally well-placed for green
hydrogen production due to its world class solar and wind resources and the
project has the potential to produce some of the cheapest green hydrogen in
the world.

·    With up to 10 GW of electrolysis installed, Project Nour could become
one of the largest green hydrogen projects globally by 2030.

·      Mauritania has unique and complementary wind and solar
conditions, underpinning attractive project economics.

·     Benefits from proximity to large European markets, potentially
making Mauritania one of the world's main producers and exporters of green
hydrogen and its by-products. Chariot recently signed a partnership agreement
with the Port of Rotterdam for sales of green hydrogen and its derivative
products into Europe.

·      In-country value creation is designed to be core to Project Nour
and across the value chain.

·   Domestic benefits for Mauritania include providing baseload power to the
national grid, diversifying industrial activities (e.g., green steel),
promoting job creation and developing local infrastructure with the potential
to have a significant impact on GDP.

·    Framework Agreement defines the terms and guiding principles to pave
the way for the in-depth feasibility study that will be undertaken over the
next 24 months.

·      Partnering process underway with the objective to form a world
class consortium.

 

H.E Minister Abdessalam Ould Mohamed Saleh of Mauritania's Ministry of
Petroleum, Mines & Energy, commented: "We are very pleased that the PFS
has confirmed the world class potential of Project Nour, both in its unique
capacity to generate green hydrogen and for the broader development
opportunities that it could bring to Mauritania. It is exciting to be looking
to harness our natural resources in this way and Chariot has our full support
as they progress this through the detailed feasibility studies."

 

Adonis Pouroulis, Acting CEO of Chariot, said: "Green hydrogen is a strategic
priority for Chariot and will form a substantial part of the global energy
transition going forward. We also believe that progressing this project will
result in significant investment in Mauritania and benefit the region as a
whole.  The results of the PFS have underlined our belief in the economics
and scale of this asset.  Project Nour has the potential to be one of the key
sources of green energy of the future with the opportunity to deliver a wide
range of positive impacts and we are delighted to be partnering with the
Government to help realise its ambition to become a world leader in the
production and export of this valuable resource."

 

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

NOTES FOR EDITORS:

 

About Chariot

 

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

 

Chariot Transitional Gas is 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.
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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