REG - Chariot Limited - Return of Moroccan Offshore Interests

ChariotAnnouncement

Wed 07:00

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RNS Number : 5357I  Chariot Limited  14 May 2025

14 May 2025

 

Chariot Limited

("Chariot", the "Company")

 

Return of Moroccan Offshore Interests

 

Chariot regains Operatorship of Lixus and Rissana licences

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy group
today announces that Energean plc ("Energean") has returned its Moroccan
offshore interests to Chariot by completing the transfer of their wholly owned
subsidiary which holds 45% and 37.5% respectively in the Lixus Offshore and
Rissana Offshore licences. Chariot is now Operator and has a 75% working
interest in each licence, with ONHYM retaining their 25% stake.

 

The Anchois gas field is located in the Lixus Offshore licence where three
wells have now been drilled. The Anchois-3 well was completed in September
2024 and whilst this well did not deliver the additional volumes required to
enable an expansion of the initially planned Anchois development, multiple
good quality gas bearing reservoirs were found in the main B sand appraisal
interval. With operatorship restored, Chariot remains committed to progressing
the licence work programmes and will collaborate with ONHYM to assess and
adapt the Anchois development plan based on discovered resources. Chariot will
continue to assess the additional potential of the wider Lixus and Rissana
licence areas and further updates will be provided in due course.

 

Adonis Pouroulis, CEO of Chariot, commented:

 

"We are pleased to have completed the transfer of these licences and regained
operatorship as we see material value within our diversified Moroccan
position, both offshore and onshore. The Anchois gas discovery still offers
the potential for a rescaled development and our next steps are to scope this
based on the core resources found in the three wells underpinned by our
previous work on engineering design, environmental and regulatory approvals,
project financing and gas sales. Gas market fundamentals in Morocco are robust
with strong gas demand and excellent fiscal terms and we will look to work
with all stakeholders, including our partner ONHYM and the Ministry of Energy
Transition and Sustainable Development to advance these important domestic
projects."

 

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.

 

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 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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