REG - Chariot Limited - Signing of Rissana Offshore Licence, Morocco

ChariotAnnouncement

28/02/2022 07:00

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RNS Number : 9387C  Chariot Limited  28 February 2022

 

 

 

 

 

28 February 2022

 

Chariot Limited

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

 

Signing of Rissana Offshore Licence, Morocco

Capturing prospective acreage around significant gas discovery

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy
company, is pleased to announce that it has been formally awarded the Rissana
Offshore Licence ("Rissana") in Morocco.

 

·      75% interest and operatorship of the Rissana licence awarded to 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.

 

·      Rissana (approximate area 8,489 km(2)) surrounds the offshore
area of Chariot's existing Lixus Offshore Licence ("Lixus"), where the
Company, in January 2022, announced the conclusion of successful drilling
operations at the Anchois field, including significant new gas discoveries.

 

·      Provides material additional potential running room on-trend with
the Anchois gas discovery and reinstates the highest potential areas of the
former Mohammedia Offshore area into Chariot's portfolio.

 

·      Initial minimum licence commitment is the acquisition of a 2D
seismic survey, which will help to evaluate the extension and potential of
these gas plays across Rissana.

 

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

"We are pleased to formally award Chariot the Rissana licence, offshore
Morocco. ONHYM and Chariot recently conducted a highly successful drilling
campaign in Morocco and we hope that we will be able to have similar success
on Rissana."

Adonis Pouroulis, Acting CEO, commented:

 

"We are delighted to have been formally awarded the Rissana licence. As we
demonstrated with our recent successful drilling campaign at Anchois, this is
a highly prospective basin and, along with the Lixus Offshore Licence, the
award of Rissana ensures that we have captured the exploration upsides in this
exciting play. In parallel with the development plans on the Anchois gas
field, we aim to maximise value from the exploration upsides in what we
believe is a low risk and high value opportunity."

 

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

 Cenkos Securities Plc (Nomad & Joint Broker)       +44 (0)131 220 9100

 Derrick Lee, Adam Rae

 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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