REG - Chariot Limited - Update on Drilling Operations

ChariotAnnouncement

15/05/2024 13:45

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RNS Number : 5883O  Chariot Limited  15 May 2024

 

 

15 May 2024

 

Chariot Limited

("Chariot", the "Company")

 

Update on Drilling Operations Onshore Morocco

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy group,
today announces the results from the drilling of the RZK-1 well on the
Gaufrette prospect, the first of a two well drilling campaign, in the Loukos
Onshore licence ("Loukos") onshore Morocco (Chariot, Operator 75%, ONHYM,
25%).

·    The RZK-1 well was safely and efficiently drilled, on time and on
budget, to a final measured depth of 961m through the Gaufrette Main target
which was found on prognosis.

·   Following comprehensive evaluation of the well data, including
wireline logs, cuttings and gas data, preliminary interpretation confirms
thick intervals of good quality reservoir exceeding pre-drill expectations,
with multiple gas shows of various intensity, however these reservoirs are
largely interpreted to be water-bearing and therefore are sub-economic.

·     Further post-drill analysis will be conducted, alongside
interpretation of the newly reprocessed 3D seismic data, to understand the
results of the well and implications for future exploration in the Gaufrette
area, including potential deeper objectives.

·   The well will now be plugged and abandoned and the rig will then move
to the second location of the campaign to drill the OBA-1 well at the Dartois
prospect in the coming days, which is targeting a different independent
prospect. An update will follow confirming commencement of these operations.

 

Duncan Wallace, Technical Director of Chariot commented:

 

"Whilst the results of the Gaufrette well did not deliver a material gas
accumulation, the presence of strong gas shows and excellent reservoir
development is encouraging for future exploration in this area. We are looking
forward to now drilling the Dartois well targeting a different reservoir
system and trapping style to the Gaufrette prospect, with success potentially
unlocking combined Best Estimate recoverable prospective resources of 20 Bcf
on trend."

 

Qualified Person Review

 

This release has been reviewed by Duncan Wallace, Technical Director of
Chariot, who is a petroleum geologist with over 20 years' experience in
petroleum exploration, MSc in Petroleum Geology from Imperial College, a
Fellow of the Geological Society and a member of the Geoscience Energy Society
of Great Britain. Mr Wallace has consented to the inclusion of the technical
information in this release in the form and context in which it appears.

 

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, low risk 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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