REG - Chariot Limited - Signing of New Moroccan Onshore Licence

ChariotAnnouncement

01/08/2023 07:00

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RNS Number : 8133H  Chariot Limited  01 August 2023

1 August 2023

 

Chariot Limited

("Chariot", the "Company")

 

Signing of New Moroccan Onshore Licence

Securing geologically similar gas prospects to the adjacent Anchois gas
discovery

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy company,
is pleased to announce that it has signed a Petroleum Agreement for a new
exploration licence, Loukos Onshore ("Loukos"), located onshore Morocco.

 

·      75% interest in, and operatorship of the Loukos licence signed by
a wholly owned subsidiary of Chariot Limited in partnership with the Office
National des Hydrocarbures et des Mines ("ONHYM") which will hold a 25%
interest.

 

·      Loukos covers an approximate area of 1,371 km(2) and is adjacent
to Chariot's Lixus and Rissana offshore licences, with the former containing
the significant Anchois gas discovery and development project ("Anchois").

 

·      Detailed evaluation has already commenced, based on existing
modern 3D seismic data of 150 km(2) and on-block wells, identifying:

 

o  overlooked, shallow, conventional gas play, which has already produced gas
in other areas onshore Morocco, and which is geologically similar to Chariot's
offshore projects including the adjacent Anchois gas discovery.

 

o  multiple low risk gas prospects, supported by characteristic seismic
attributes, with gas and reservoir proven by previously drilled wells which
targeted deeper different prospects.

 

·      Intention to drill priority targets identified, with drill rigs
available in country.

 

·      Loukos has the potential to deliver early gas sales due to the
proximity to a significant and undersupplied industrial gas market, with
further potential development synergies through the location of the planned
Anchois processing facility and pipelines being situated on-block.

 

·      Minimal licence commitments comprise re-processing of existing 2D
and 3D seismic data and desktop studies, which will help to fully evaluate the
potential of the Loukos licence, including other plays and areas outside of
that covered by existing 3D seismic data.

 

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

 

"We are pleased to have signed this Petroleum Agreement with Chariot. They
have a substantial understanding and knowledge of this basin from their
extensive exploration in the area and we look forward to their ongoing work
and progress with a view to accelerating the supply of gas to the Moroccan
markets."

Duncan Wallace, Technical Director, commented:

 

"This onshore licence is a natural fit with our existing acreage in Morocco.
Loukos has significant read through from the prospectivity we see offshore,
with a common geological setting extending from our Lixus licence and the
onshore operating environment offering a significantly lower cost development
and an attractively priced domestic industrial market ready to serve. The
Company has already high-graded a range of targets on the 3D seismic data set,
and further to our recent fundraise we plan to drill near-term to look to
accelerate the supply of gas directly to domestic industries through various
routes, including leveraging our new partnership with Vivo Energy.

 

In securing the Loukos licence, we have continued to build on our unique
position within a basin-scale opportunity and we are committed to developing
this asset as quickly as possible."

 

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

 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

 

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'.

 

 

 

 

 

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