REG - Chariot Limited Energean PLC - Completion of Energean Transaction

EnergeanAnnouncement

10/04/2024 07:00

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RNS Number : 9375J  Chariot Limited  10 April 2024

 

10 April 2024

 

Chariot Limited

 

("Chariot", the "Company")

 

Completion of Energean Transaction and Signature of Rig Contract

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy group,
is pleased to announce that following receipt of all necessary Moroccan
governmental and regulatory approvals, the Partnership Agreements with
Energean plc group ("Energean" LON: ENOG), as announced on 7 December 2023,
have now fully completed.

 

·    Energean now holds 45% and 37.5% of the respective interests in, and
is operator of, the Lixus and Rissana licences, offshore Morocco

·    Chariot retains 30% and 37.5% of the respective interests in these
licences, with ONHYM maintaining a 25% stake in each

·      Chariot has now received the US$10 million upfront cash
consideration from Energean

 

In addition, a rig contract has been signed with Stena Drilling for the use of
its Stena Forth drill ship for the Anchois-East appraisal and development well
and an optional well, located within the Lixus licence. This drilling and
testing campaign will be conducted in Q3 2024 which will further appraise the
existing gas sands, including flow testing, and target undrilled prospective
resources to look to increase the Anchois gas development to over 1 Tcf.

 

Adonis Pouroulis, CEO of Chariot commented:

 

"We are very pleased to have received formal approval from the Moroccan
authorities for the transaction, for Energean to officially be our partner on
the Lixus and Rissana licences and to have the rig contract signed for the
Stena Forth. Our teams have been working closely together on well planning to
deliver the expedited commencement of this campaign in Q3 2024 and further
updates on this will be provided in due course. I would like to thank ONHYM,
the Ministry of Energy Transition and Sustainable Development and the Ministry
of Finance for their ongoing support in securing the approvals as we look to
progress the Anchois project and its surrounding acreage."

 

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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