Chariot Ltd (PK) (OIGLF) Share Price

Chariot

(Thanks to Malcy's blog)

12/4/24

Chariot has noted the press release (link below???) made by British International Investment (“BII”) and GuarantCo announcing a US$100 million guarantee finance facility for Etana Energy (Pty) Limited (“Etana”), the South African electricity trading platform which is owned by Chariot (49%) and H1 Holdings (Pty) Limited (51%). Etana’s business model is to provide competitive, sustainable end-to-end power solutions through the connection of power generation projects to commercial and industrial users by wheeling electricity across South Africa’s national grid.

· BII and GuarantCo will each provide US$50 million of default guarantee finance on behalf of Etana in South Africa’s largest “energy wheeling framework” transaction

· Innovative deal designed to guarantee customer demand to enable new renewable power by providing developers with revenue certainty needed to break ground on new projects

· US$100 million in guarantee financing has the potential to unlock an estimated US$500 million of new renewable developments, equating to a total generation capacity of circa 500MW from wind and solar projects

Adonis Pouroulis, CEO of Chariot, commented:

“Securing such substantial guarantees from these multi-national financing institutions provides strong validation of Etana’s business model. Being a business that we co-founded, this endorses Chariot’s strategy to diversify into different types of assets and regions where we see rapid, scalable growth under the umbrella of transitional energy in Africa. These guarantees are the important first stage of the ongoing financing process required for the bankability of Etana which is being carried out at the subsidiary level.”

Securing such finance from these important lenders is really impressive and Chariot are proving that investing and co-founding Etana in order for it to access and develop new power generation projects was a very worthwhile investment decision.

With so many projects in the ‘transitional energy in Africa’ umbrella Chariot is very well placed to benefit as the need for such infrastructure is only going to increase and will, in this case be facilitated by such financial backing. It would be remiss to discard Chariot, this could be something big for them.

Chariot

( Malcy Blog 9/16/24 )

Chariot has announced preliminary results from the Anchois-3 well drilling campaign at the Anchois gas project in the Lixus Offshore licence, offshore Morocco (Energean 45%, Operator, Chariot 30%, ONHYM 25%).

· The Anchois-3 Main Hole (“Anchois-3ST”), has been safely and efficiently drilled to a total measured depth of 3,045m by the Stena Forth drillship in 349m of water.

· Further to the announcement of 11 September 2024, preliminary interpretation indicates:

o Multiple good quality gas bearing reservoirs were found in the B sand appraisal interval as anticipated, but the associated gas pays are now interpreted to be lower than the pre-drill geological model

o Other target reservoirs beneath the B sands were also encountered but were water wet. The appraisal target reservoirs of the C and M sand were drilled deeper than the gas bearing sands in the Anchois-2 well and into the water-leg at this down-dip location. The Anchois North Flank exploration prospect was found to have well-developed O sand reservoirs, with associated gas shows, but also water wet

· The Main Hole has now been plugged and abandoned, without flow testing, and the drillship is being demobilised.

· Further detailed work by the partnership will be done to define the next steps for the project.

Adonis Pouroulis, CEO of Chariot, commented:

“The Anchois East drilling campaign has evaluated all of the pre-drill reservoir targets, however results have not delivered as anticipated or in line with the excellent results of the previously drilled Anchois-2 well. The primary exploration objectives were unsuccessful however, we did demonstrate the extension of gas bearing reservoirs in the main appraisal B sands albeit with thinner columns than estimated and data acquired from the other reservoirs will be useful for our understanding of the field. We will now work with our joint venture partners to determine the forward plan.”

This is clearly a disappointing result for Chariot, especially after the A-2 well that encouraged them to dream about how good it could be and also as the company had put in so much time, effort and capital into the project. The carry has helped but there is no substitute when so many things indicated a major find in such a favourable area, assuming the operator no longer stays in the licence there may be something for Chariot but it will be a smaller development.

But whatever happens here Chariot are not empty handed in their own portfolio, as I suggested last week they are building a strong power business and as that financing completes this will become a valuable asset in its own right. Also they are heading for Namibia where the biggest and best are placing their bets and where Chariot is well represented. Disheartened yes, who wouldn’t be but not without hope and excitement still in the portfolio for another day.

Chariot

(Thanks to Malcy's Blog)

8/20/24

Chariot has announced that the Stena Forth drillship has arrived on location and drilling operations have commenced on the Anchois East well (now named “Anchois-3”) at the Anchois gas project in the Lixus Offshore licence, offshore Morocco (Energean 45%, Operator, Chariot 30%, ONHYM 25%).

· Anchois-3 drilling and flow testing operations are expected to take approximately two months, with Chariot expected to be fully carried for the anticipated costs of the drilling campaign

· Anchois-3 is a multi-objective well with distinct operational phases:

Pilot Hole

o An initial pilot hole will be drilled with the main objective to evaluate the potential of the Anchois Footwall prospect, located in an undrilled fault block to the east of the main field, which has a 2U Prospective Resource estimate of 170 Bcf in the main O Sand target

Main Hole

o A side-track will then be drilled to intersect and further evaluate the discovered gas sands in the Anchois field, with a current 2C Contingent Resource estimate of 637 Bcf, in the eastern part of the main fault block of the field. The deeper Anchois North Flank prospect will then be drilled, which has additional 2U Prospective Resource estimate of 213 Bcf and which will also de-risk the nearby Anchois South Flank prospect with a 2U Prospective Resource estimate of 372 Bcf

Flow Test

o Well flow testing will then be performed on selected encountered gas sands to evaluate reservoir and well productivity

Future Production Well

o The well will be suspended to enable it to be used as a potential future producer

Adonis Pouroulis, CEO of Chariot, commented:

“We are very pleased to commence this highly anticipated well at the Anchois gas field. We see significant upside potential and value from the prospective resources in the pilot hole and main hole targets which could increase the resource base to over 1Tcf and we look forward, on success, to moving towards a Final Investment Decision as quickly as possible. I’d like to thank the team for all their hard work across the planning, logistics and well design requirements to date and we look forward to providing further updates as we progress through the operational phases of this campaign.”

So, after the wait for the next move at Anchois the now renamed Anchois-3 is under way, a +/- 60 day well with Chariot likely to be carried for the costs of the drilling campaign which has multiple objectives and in three separate targets and which hopefully will leave the well suspended to enable it to be used as a potential future producer.

The well starts with the initial Pilot Hole with the objective to evaluate the potential of the Anchois Footwall prospect located in an undrilled fault block to the east of the main field, which has a 2U Prospective Resource estimate of 170 Bcf in the main O Sand target.

Following that a side-track will be drilled to evaluate the discovered gas sands in the Anchois field, with a current 2C Contingent Resource estimate of 637 Bcf, in the eastern part of the main fault block of the field.

Finally, the deeper Anchois North Flank prospect will then be drilled, which has additional 2U Prospective Resource estimate of 213 Bcf and which will also de-risk the nearby Anchois South Flank prospect with a 2U Prospective Resource estimate of 372 Bcf.

These works will provide significant interest in the Anchois development and as the market seems to wait for proof of discovery and that Chariot are carried the chances are that the next few weeks are going to be as important in their history as anything I have ever seen anyway…

Chariot

(Thanks to Malcy's Blog)

Chariot has announced that further to the Company’s announcement released at 5:00 p.m. on 19 July 2024, the accelerated bookbuild has closed and the Company has conditionally raised net proceeds of US$6.4 million (£5 million), comprising gross proceeds of US$7 million (£5.4 million) less expenses, through the successful Placing of, and Subscription for 83,353,179 New Ordinary Shares, in each case at the Issue Price of 6.5 pence per Ordinary Share.

In addition to the Placing and Subscription, and as set out in the Launch Announcement, the Company proposes to raise up to a further US$2 million (£1.5 million) by the issue of New Ordinary Shares pursuant to an Open Offer to Qualifying Shareholders at the Issue Price on the basis of 1 Open Offer Share for every 46 Existing Ordinary Shares held on the Record Date. Qualifying Shareholders subscribing for their full entitlement under the Open Offer may also request additional Open Offer Shares through the Excess Application Facility. Details of the Open Offer and the action to be taken by Qualifying Shareholders to subscribe for Ordinary Shares under the Open Offer will be set out in the Circular, which is expected to be sent to Shareholders on 24 July 2024.

The Placing Shares and Subscription Shares represent in aggregate 7.8 per cent. of the Company’s Existing Ordinary Shares. The Issue Price of 6.5 pence per New Ordinary Share represents a discount of approximately 13.3% to the closing mid-market price of 7.5 pence per Ordinary Share on 18 July 2024, being the last trading day immediately preceding the date of the Launch Announcement.

The net proceeds of the Fundraise will be used as follows in order to:

· Strengthen the balance sheet to continue to progress and deliver value from Chariot’s portfolio of projects

· Secure a material new venture opportunity with multi-billion barrel potential

· Progress onshore gas commercialisation plans in Morocco to build a gas to industry supply

Commenting on the Fundraising, Adonis Pouroulis, CEO of Chariot, said:

“We are very pleased to report the successful completion of our significantly oversubscribed Placing and Subscription, subject to shareholder approval at the General Meeting. The funds raised will enable us to progress with key workstreams and a priority new venture as we concurrently move towards the drilling of the Anchois-East well in mid-August with partners Energean and ONHYM.

We would like to thank our new and existing shareholders for supporting this raise and welcome the participation of our retail investors through the Open Offer. We have material catalysts ahead for our business as we look to unlock the value of our existing assets whilst building out our longer-term portfolio. We look forward to providing further updates across all our activities throughout the coming months.”

Now that this raise is almost complete Chariot finds itself in a very interesting place with several key areas looking to provide exciting growth in the short, medium and long term. Apart from the inevitable strengthening the balance sheet stuff I can identify several ways forward from here.

The company has identified a new ‘material’ venture opportunity which has ‘multi-billion barrel potential’ and could be entered into before long, and could be a game-changer as well as fitting in neatly with the current portfolio. Also on the good news front is the situation at the Transitional Power division where the financing is currently underway and progress is being made. Once this is done it will provide a look-through valuation which should be great news for Chariot and should give that valuation where before there was none.

Elsewhere of course Anchois is progressing and with Energean carrying them they are preparing to drill the East well in Mid August and that partner is I’m told incredibly keen to move on apace in the offshore development. Onshore of course they are testing the recent successful find and are along with partners Vivo keen to progress onshore gas commercialisation plans in Morocco to build a gas to industry supply business.

So, Chariot has found a very supportive shareholder base who have ensured that this raise has been oversubscribed and leaves the company very well placed to fund and develop all these exciting, meaningful and potentially company making assets.

Thanks to Oilman Jim

June 26, 2024

Chariot (CHAR.L OIGLF C62.F) announced it has signed a heads of terms agreement with Vivo Energy regarding future natural gas offtake from the Loukos Onshore licence in Morocco. The aim of the agreement is to set out the next steps for implementing a gas to industry business through, on one side, commercialisation of domestic gas and, on the other, the creation of a midstream compressed natural gas partnership to supply Morocco's growing industrial energy needs. Chariot is operator of Loukos (in which it holds a 75% interest) and having recently completed its first drilling campaign on the licence is now planning flow test operations at the OBA-1 well. Loukos contains further gas resources in existing undeveloped gas discoveries and an attractive exploration portfolio which together offer additional production potential. Data gathered from the drilling campaign and recently reprocessed 2D and 3D seismic are now being integrated to update the understanding of this resource potential. Chariot intends to sell initial volumes of up to 3 million cubic feet of gas per day to the midstream CNG business under a long-term gas sales agreement from potential future production from Loukos. Additionally, Vivo Energy intends to design, fund, construct and operate a CNG plant and virtual distribution network to transport natural gas from a number of sources, to existing and new industrial customers in Morocco. This midstream CNG business would be operated through a special purpose vehicle in which Chariot can participate in up to a 49% interest.

Chariot

(Thanks to Malcy's blog)

May 28, 2024

Chariot has announced the results from the drilling of the OBA-1 well on the Dartois prospect, the second of a two well drilling campaign, in the Loukos Onshore licence onshore Morocco (Chariot, Operator 75%, ONHYM, 25%).

· OBA-1 well was safely and efficiently drilled, on time and on budget, to a final measured depth of 901m through the target reservoirs.

· Following comprehensive evaluation of the well data, including wireline logs, cuttings and gas data, preliminary interpretation:

o confirms the presence of reservoirs over an interval of approximately 200m gross thickness, corresponding to the pre-drill targets; and

o within which an approximate 70m gross interval of primary interest has been identified containing elevated resistivities coincident with elevated mud gas readings, indicating potential gas pays, with no water-bearing reservoirs identified.

· Further post-drill analysis will be conducted in preparation for well flow testing which will determine the well productivity and the gas resource potential of the discovery.

· The well will now be suspended to allow future rigless flow testing operations and potential use as a producer well and the rig will then be demobilised.

Duncan Wallace, Technical Director of Chariot commented:

“We are very pleased to report the successful drilling of the OBA-1 well at the Dartois prospect which now concludes Chariot’s first onshore drilling campaign in Morocco and brings with it positive results for the potential of the Dartois area.

We will now integrate the comprehensive data we have obtained from both the RZK-1 and OBA-1 wells with recently reprocessed 3D seismic data to understand the resource potential of the Dartois area, to confirm the optimal future work programme on the discovery and the impact on wider prospectivity across the Loukos licence. Our two first wells have both been successful in confirming our geological model for reservoir distribution and the presence of gas which bodes well for future exploration activity.

I would like to thank both our operational team, who once again have shown that that they can drill safe, efficient and successful wells, and ONHYM for their ongoing support and partnership. Our focus on the Loukos licence is to get any commercial discoveries to first gas as quickly as possible.

We now look forward to the offshore drilling campaign planned for Q3 2024, on the Anchois gas field, with our new partners Energean, where we are looking to increase the development to over 1 Tcf.”

Great news that Chariot has made a gas find with OBA-1 at the Loukos onshore licence, onshore Morocco. The well was drilled safely and on time and the company has already got under way with a comprehensive evaluation of the well data, including wireline logs, cuttings and gas data, preliminary interpretation and has confirmed the presence of reservoirs over an interval of approximately 200m gross thickness, corresponding to the pre-drill targets and showing that these wells can be drilled and analysed cheaply and quickly.

The primary targets showed a 70m gross interval with elevated mud gas readings, indicating potential gas pays, with no water-bearing reservoirs identified. A well like this has a number of advantages in addition to those identified, in particular it can provide a return on investment very quickly indeed something that will be proved in the coming months at Chariot. With another campaign to come with Energean, the area could prove to be the profitable province envisaged by Chariot.

Chariot (CHAR.L OIGLF)

May 26, 2023

Announced the spud of the OBA-1 well on the Dartois prospect in the Loukos licence, onshore Morocco. The Dartois target has best estimate recoverable prospective resources of 12 billion cubic feet of gas. This is an independent prospect targeting a different trapping style to the Gaufrette prospect drilled by the RZK-1. Success could potentially unlock a trend of prospects with combined best estimate recoverable prospective resources of 20 billion cubic feet and results will be announced on completion of drilling. Also upcoming is the Anchois appraisal well, the spud of which is planned for August 2024.

Chariot announce the spud of the OBA-1 well on the Dartois prospect in the Loukos Onshore licence onshore Morocco (Chariot, Operator 75%, ONHYM, 25%)

· Dartois target has Best Estimate recoverable prospective resources of 12 Bcf

· Independent prospect targeting a different trapping style to the Gaufrette prospect drilled by the RZK-1 well

· Success could potentially unlock a trend of prospects with combined Best Estimate recoverable prospective resources of 20 Bcf

· Results will be announced on completion of drilling

Duncan Wallace, Technical Director of Chariot commented:

“We are pleased to be underway with our second well in this drilling campaign, having spud the OBA-1 well within short order of completing operations at Gaufrette. We are now testing an independent prospect at Dartois, which is in a different reservoir fairway and along trend from an existing gas discovery, and we look forward to providing an update on the results in due course.”

Chariot continues to offer a Moroccan experience for shareholders who should benefit from the high natural gas prices and generous fiscal terms on offer in country. They have this low cost, shallow programme which if successful will come onstream quickly and profitably, they also have the subsequent development at Anchois which should deliver a substantial prize. All in all Chariot offers a combination of upside designed to work across the board for investors.

Chariot

(Thanks to Malcy's blog 4/15/24)

Chariot has just announced 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 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.”

I think it would be an error to draw anything from this initial well in the area and as Duncan Wallace says above there is still much to be excited about for the company’s other prospects locally. With the rig moving directly to drill the next prospect the excitement continues and with so much to look forward to both here and at Anchois, Chariot remains a very favoured Bucket List stock.

Chariot

(Thanks to Malcy's Blog) 5/3/24

Chariot yesterday announced that drilling operations have commenced at the Loukos Onshore licence onshore Morocco (Chariot, Operator 75%, ONHYM, 25%) with the spud of the RZK-1 well on the Gaufrette prospect.

Gaufrette Main target has Best Estimate recoverable prospective resources of 10 Bcf
Option to penetrate a deeper target identified on newly reprocessed 3D seismic data
Strong read through for other geologically linked prospects in the Gaufrette area with success potentially unlocking combined Best Estimate recoverable prospective resources of 26 Bcf
Results will be announced on completion of drilling

Duncan Wallace, Technical Director of Chariot commented:

“We are very pleased to commence this onshore campaign, kicking off the first of our exciting drilling operations for Chariot this year. We also continue to work up the prospectivity across this acreage as we see significant upside both in the vicinity of our high graded well locations and beyond. I would like to thank our operational team for their hard work and efforts in getting this drilling underway within ten months of licence award and ONHYM for their ongoing support and partnership. We look forward to providing an update on the results in due course.”

It’s always good when a plan comes together and this news that the RZK-1 well at the Gaufrette prospect has spudded is part of the Chariot strategy to drill the Loukos onshore licence. Looking for 10 bcf as an initial target and with deeper targets already identified on 3D seismic giving the hope of 26 bcf the prospect could also re-risk a number of other prospects.

The plan has always been for Loukos onshore to balance the huge development at Anchois which itself is so big that it may come onstream after Loukos which looks like it may bring the relatively cheap, quick and shallow wells which are economically very attractive given excellent fiscal terms and current high gas prices in Morocco.

Chariot are in a very strong position right now, the shares look particularly attractive with these two areas of Morocco coming good I am confident that patience is about to be rewarded.

Chariot

(Thanks to Malcy's Blog Mar 18, 2024 )

Chariot has announced that following detailed discussions with the Board, management, and advisors, it is undertaking a strategic review of Chariot’s Transitional Power division. Transitional Power focuses on providing sustainable power and water solutions in Africa, which includes renewable energy generation projects and electricity trading.

Since 2020, Chariot has built a transitional energy group spanning natural gas, renewables, and green hydrogen. As these divisions have grown, they have increasingly attracted different pools of capital and Transitional Power, which is now focused on the South African energy market, requires funding in the near and medium term to fulfil its potential. Management has been progressing debt and equity financing options at the subsidiary level and has received indications of potential interest from South Africa focused investors to fund the Transitional Power business. Whilst there is no certainty that a funding package will be concluded, management has elected to undertake this review to explore the options available to the Company, which may involve a full or partial sale or demerger of the Transitional Power business or the division remaining part of the Chariot group, with the aim of the strategic review to maximise value for Chariot’s shareholders.

Chariot’s Green Hydrogen division will remain part of the Group and management continues to progress financing options at the subsidiary level.

Whilst there is no guarantee that this strategic review will result in a transaction, management will continue to consider all options and the Company will provide further updates as required.

Adonis Pouroulis, CEO of Chariot:

“I am very proud of our work across our Transitional Power division and wider business over the past three years. In light of the impending funding requirements needed to deliver projects from the portfolio, we believe that launching this strategic review is in the best interests of all stakeholders as we look to realise value from this division whilst enabling it to continue its ongoing growth and development.

This review comes at a time of renewed focus on our near-term natural gas development assets in Morocco with the medium-term ambition of returning capital to shareholders from gas revenues.”

This strategic review of the Transitional Power division is a very smart move indeed by Chariot. As the board explores the potential opportunities such as all or part sale or demerger of this business, they are looking to secure funding to ensure its ongoing growth and development, prevent dilution at the parent listed level, and also importantly renew the Company’s focus on its natural gas development portfolio in Morocco.

Indeed the debt and equity options that are being looked at in the power market operations in South Africa, which itself requires funding in both the near and medium term to fulfil its potential, have been ongoing. But whilst the management has been both progressing internal options and assessing potential funding from third party investors at the subsidiary level they have started to look at different options.

With the way that the Transitional Power Business has grown and showed significant potential into the bargain, financing requirements have naturally developed and are increasingly attracting different sources of capital, with notable mention of interest received from South Africa focused investors. With this in mind, it makes sense to look to explore the options around accessing this funding so, I like this strategic review and it should be a massive positive for the company across the board. It spreads the capital risk but allows significant return from the very substantial portfolio in the gas development business and enables the ongoing growth of the transitional power assets.

Chariot

Thanks to Malcy's blog

3/11/24

Chariot has announced the completion of the Feasibility Study for the large-scale green hydrogen project “Project Nour” in Mauritania which has now been presented to the Government of Mauritania. Project Nour is equally owned through a 50%/50% partnership between Chariot’s fully owned subsidiary Chariot Green Hydrogen and TE H2, a company co-owned by TotalEnergies and EREN Group, and is being developed with the support of Mauritania’s Ministry of Petroleum, Energy and Mines.

Highlights:

· Further definition of the scale and viability of the project, building on the Pre-Feasibility Study completed in 2022 which confirmed that with up to 10 GW of electrolysis installed, Project Nour could become one of the largest green hydrogen projects globally

· Intention to execute a phased development with a first phase renewable capacity of 3 GW, powering up to 1.6 GW of electrolysis capacity, to produce 150 kt of green hydrogen per annum

· Offtake possibilities: domestic use for green steel production and export of green ammonia

· Geographical proximity to Europe and existing deep-sea port at Nouadhibou provides favorable export options

· Sustainable economic development with local content plan aimed at maximizing employment and business opportunities in Mauritania

· Completed in compliance with Equator Principles and IFC Performance Standards

· Next steps include completion of investment framework, engineering conceptual study and offtake negotiations

H.E. Minister Nani Chrougha of the Mauritanian Ministry of Petroleum, Mines and Energy, commented:

“With the completion of the feasibility study of Project Nour, Mauritania has just taken an important step forward on the path to realising its green hydrogen ambitions. We are fully committed to the development of this sector, our aim is to be the largest producer and exporter of hydrogen on the African continent and we believe that Project Nour could support this objective.

We are pleased to have recently received considerable, high-level support from the European Commission, with Mauritania being selected as a key partner in the EU’s Global Gateway initiative for future hydrogen exports and green steel production. This highlights opportunities that will be mutually beneficial in the long term. Our will is firm to continue to coordinate with our partners and encourage the industry through the development of major energy projects such as Nour.”

Laurent Coche Chariot Green Hydrogen CEO commented,

“This Feasibility Study further corroborates how important this project stands to be within the context of the future green hydrogen market. Nour’s size and scale has the potential to have a material impact both as a domestic and export producer and we are proud to have set the development along this path. With TE H2 and the Government we will continue to look at how best to bring it into production to maximise value in the near and long term for the benefit of all stakeholders.”

So, this is the project that comes from the partnership between Chariot and TotalEren and is proving that the feasibility study can show the significant potential of the green hydrogen market, here in Mauritania with the support of the Ministry of Petroleum, Energy and mines.

Chariot has said that they would develop their renewables concept and this is one of the first to come out of the lab, once more are underway they expect to be largest producer and exporter of hydrogen in Africa and with the Project Nour they have a multi phase, development in renewables.

Chariot have proved that they can get to the forefront of the transition to renewables projects in Africa and this announcement can be seen to be proof of that. With this and so much news coming up across the company over the next few months Chariot looks set to deliver in many areas of the industry.

Chariot

(Thanks to Malcy's blog )

Jan 30, 2024

Chariot has provided an update on the outlook for 2024 and near-term plans across its three pillars, Transitional Gas, Transitional Power and Green Hydrogen.

Transitional Gas

Onshore Morocco

Loukos Licence (Chariot, Operator 75%, ONHYM, 25%)

· First drilling campaign of two wells is on track to commence around the end of Q1 2024.

o Planning activity is well advanced including

§ signature of a contract with Star Valley Drilling, for provision of the 101 rig which is already operating in country

§ imminent approval expected of the environmental permit for up to 20 well operations across the licence area, allowing flexibility and efficient planning of future campaigns

§ delivery of long lead items to Chariot’s newly established storage yard

§ land access approvals nearing completion, with site construction activities to commence thereafter

o Gaufrette prospect confirmed as the first drilling target

§ up dip of an existing gas discovery and supported by similar seismic anomalies to those successful in Chariot’s offshore operations

§ success will potentially unlock multiple similar prospects totaling 26 Bcf of Best Estimate recoverable prospective resources (preliminary internal estimate)

o Dartois prospect has been high-graded as the most likely second drilling target

§ located along trend from a historic gas discovery which tested gas from the same reservoir interval

§ has the potential to unlock a trend of prospects with over 20 Bcf of total Best Estimate recoverable prospective resources (preliminary internal estimates)

· Early fast-track product from the 3D seismic reprocessing project has allowed identification of secondary objectives for the upcoming wells, which are under evaluation.

· Precise timing for the drilling campaign will depend upon rig schedule and further updates will be provided in due course, along with any further updates regarding the reprocessed 3D seismic data analysis.

· Work is also continuing with our partner ONHYM on success-case fast-track industrial commercialisation opportunities, with the possibility to deliver near-term cash flows.

Offshore Morocco

Anchois Gas Development Project within the Lixus licence (Energean, Operator 45%, Chariot 30%, ONHYM 25%); Rissana licence (Energean, Operator 37.5%, Chariot 37.5%, ONHYM 25%) – working interest post-completion of transaction

· Moroccan regulatory approval of the Energean partnership transaction is expected shortly. On completion, US$10 million will be payable to Chariot.

· Chariot and Energean technical teams are working closely together on the Anchois development project delivery, including:

o Negotiation of the offshore drilling rig contract and services for the 2024 drilling and testing campaign, which is targeting the increase of the development to >1 Tcf

o Field development FEED updates

o Gas commercialisation agreements, including anchor contract negotiations with ONEE

· Progressing exploration work programme plans across the wider Lixus and Rissana acreage

Transitional Power

· Having increased our stake in the South African electricity trading platform, Etana Energy (Pty) Limited (“Etana”) in December 2023, Chariot now owns 49% of this business alongside partners H1 Holdings (Pty) Limited which holds 51%.

· Etana aims to provide competitive and sustainable end to end electricity solutions through connecting new and existing energy generation projects to corporate and industrial users

· With rapid deregulation of South Africa’s energy market and high demand for electricity in the country, this “many generators to many customers” business model is well positioned for growth

o Trading platform enables Chariot’s participation in large renewable generation projects – 400MW of gross wind generation capacity has been identified

o The Etana team is currently securing multiple electricity offtake agreements with a range of consumers

o Project, mezzanine and other debt finance options to fund the above are also progressing in Q1

· Operations at the 15MW Essakane solar project in Burkina Faso are running well and the development of the 40MW solar project at Tharisa continues to move forward. Further updates on the projects in development with Karo Platinum and First Quantum Minerals will also follow as they progress towards Final Investment Decision.

Green Hydrogen

· Feasibility Study at Project Nour in Mauritania, in partnership with TEH2 (Total Energies 80%, Total Eren 20%) has now been completed and will be presented to the Government of Mauritania in Q1 2024

· Further studies and pilot projects are also moving forward which include:

o Working with TEH2 and SNIM (Mauritanian National Mining Company) on the decarbonisation of the transport of Mauritania’s largest train

o Partnering with Mohammed VI Polytechnic University and Oort Energy on a 1MW electrolyser project in Morocco

· Range of further opportunities under evaluation with focus on nearer term production

Adonis Pouroulis, CEO of Chariot commented:

“We enter the new year with multiple important catalysts for the Group over the coming months. In kickstarting the drilling campaign at the Loukos licence we are focused on unlocking an overlooked onshore basin that has near term production potential with immediate access to industrial markets. Importantly this asset also has a growing portfolio of follow-on opportunities which give meaningful scale and value to the project, at a time when industrial gas demand and associated gas pricing is at an unprecedented high. Drilling at Anchois later in the year will be a key milestone in determining the possibility to scale up this development and we are working closely and constructively with our new partners Energean in preparing all the workstreams necessary to permit a Final Investment Decision post-drilling as soon as feasible. We thank ONHYM and the Ministry of Transitional Energy and Sustainable Development for their continued support for the transaction and look forward to confirming Energean on to the project shortly.

“We are also excited about the opportunities that we see within our Power and Hydrogen businesses. We continue to build on our presence across the transitional energy sector, we remain fully focused on looking to maximise value for all stakeholders and will continue to provide updates on all our further developments.”

I will update more with Chariot when I return but in the meantime this is very good news indeed from the company. With the drilling at Loukos onshore Morocco now imminent and a rig selected, success will be a game-changer for Chariot. The Gaufrette prospect comes first and then the Dartois, and with a combined potential of some 46 Bcf the opportunities are indeed substantial and also very quick to monetise with more to come.

Anchois has not been forgotten in all this, the new partner is bedding in, with farm-out completion shortly, and drilling will start later in the year along with the FID. With continued high prices domestically all these developments are increasingly positive for Chariot and I maintain my target price of 100p.

Chariot

(Thanks to Malcy's blog)

12/18/23

Chariot has announced that it has increased its stake in the South African electricity trading company Etana Energy (Pty) Limited alongside H1 Holdings (Pty) Limited (“H1”).

On completion, Chariot will own 49% (previously 25%) and H1 will own 51% (previously 26%) of Etana. This transaction involves Chariot and H1 in substance acquiring the 49% of Etana previously held by the Neura Group, on identical pro rata terms. H1 is a black-owned and managed company based in South Africa, which has a proven track record in developing and investing in large renewable projects.

· Etana holds one of the few electricity trading licences granted by the National Energy Regulator of South Africa, enabling it to buy and sell electricity through the national transmission grid.

· South Africa has the largest electricity market on the continent, but it suffers regular power outages due to insufficient supply. To combat this energy crisis, rapid market deregulation is currently taking place, facilitating the build of renewable energy projects.

· Etana’s business plan is to deliver unique renewable energy mix solutions at competitive prices to help address these significant power requirements across South Africa, with the trading licence opening up access to high-volume electricity consumers, including municipal, industrial and retail customers.

· Electricity trading will bring an additional revenue stream into Chariot and further enable Chariot’s participation in large renewable projects in Southern Africa.

Benoit Garrivier, CEO of Chariot Transitional Power commented,

“We are very pleased to be increasing our exposure to the South African energy market by acquiring this additional stake in Etana. We will not only get an increased split of future revenues, but the electricity trading business unlocks significant renewable generation capacity which we are looking to develop in South Africa. We are tapping into the future growth of an essential market, one that is rapidly transforming and expanding, and we look forward to playing a material role within this together with H1 and other major commercial partners.”

Reyburn Hendricks, CEO of H1 Holdings commented,

“As a long time independent power producer in the South Africa electricity market, we are convinced that the way to unlock project finance based power generation projects is through the utilization of privately licensed trading companies. As one of the first movers in this space, we believe that Etana is well positioned to capitalize on this exciting opportunity.”

This seems like a smart deal to me, Chariot accesses the potentially exciting and more importantly crucially and increasingly needed renewable projects.

Key deal terms:

· Chariot is acquiring 49% of Etana from the Neura Group, with H1 acquiring 25% of Etana from Chariot, contemporaneously. This transaction results in a simplified ownership structure and commercial terms are identical for Chariot and H1 on a pro rata basis.

· Upfront cash consideration is net c.US$0.3m on completion with a further c.US$0.7m payable by 31 March 2024.

· Success based contingent payments of net c.US$1.6m on financial close of a 250MW generation project and a further consideration of net c.US$2.6m payable in 2028, subject to further significant generation projects reaching financial close.

· The upfront consideration will be paid from current cash balances with success fees payable from future subsidiary level project finance.

Disclosure relating to Chariot

Adonis Pouroulis, CEO and director, of Chariot, beneficially controls 28.21% per cent. of the total voting rights in the Neura Group. The Neura Group is not considered to be a related party for the purposes of the AIM Rules for Companies and the Company confirms that the transaction was negotiated on an arms-length basis between Chariot, H1 and the Neura Group sellers.

Chariot

(Thanks to Malcy's blog)

December 11, 2023

When I wrote up the Chariot/Energean deal last week I said that I would assess the market reaction, speak to the company and add more comments as pertinent. I received an interesting mix of inbound messages and accordingly decided to put those points to Julian Maurice-Williams, Chariot CFO.

I started by asking him about the deal and to deep dive into some of the details and personal thoughts gained in the months of negotiations as well as regarding costs and timings of the process?

- We are very pleased with this deal. Energean is a FTSE250 company with a strong track record of successfully developing large offshore gas projects. They are both experienced and proactive and like us, are also keen to get after it with developing Anchois.
- We have secured a great partner, that like us, believes there is significant upside potential unaccounted for with this project, and we now have a financial pathway to reaching first gas, that doesn’t see equity holders diluted further. We both have a common goal – to deliver the development of the project in a safe, cost efficient and expedited manner.
- In terms of next steps, rig negotiations are advancing, the technical teams are working collaboratively on planning, and will look to undertake an appraisal well at Anchois as soon as possible in 2024. As outlined, the appraisal well is a multi-objective well which will be a future producer. Both sides plan to optimise the development further, appraise newly discovered gas sands and drill two exploration targets, aiming to increase the resource.
- In terms of other catalysts, we will be commencing with a drilling programme on the Loukos onshore licence in the new year and our team is looking to commence this asap. In addition, we also have plans to conduct a seismic acquisition programme on Rissana.
- Possibly also worth noting the current macro environment, which for exploration remains somewhat challenging. The fact that the company received multiple offers is testament to the assets.
- All these things aside, though, we are very excited about the agreement we have struck with Energean. We are aligned in the development plans and in the view that this project could be larger than initially anticipated and we now have the financial and operational framework in place to get the project to first gas, delivering cash flows and value for all our stakeholders.

I wanted to ask Julian about the details of the carry, it seems to be different to other industry deals of late. He responded with the below points about the terms of the transaction:

- While Chariot has taken dilution, we believe we are unlocking a potentially much larger development than initially thought, with significant further upside.
- We get cash into the business upfront, retain a material stake in the project and most importantly we potentially get a full carry to first gas.
- Also, it is a non-recourse loan repaid through 50% of net revenues from the Lixus licence which only commence once we get to first gas and start generating cash flows. So there is no cost to us until all the milestones are achieved and the loan provides us with the potential to start paying dividends to shareholders once first gas is reached – which wouldn’t necessarily be the case if we decided to use other less flexible financing solutions.
- We also see 7% above SOFR as a very competitive rate – you don’t get this elsewhere – as seen with other recently announced bonds in the sector.
- Also, Chariot shareholders get a royalty and a choice between a US$50m convertible loan or 3 million ENOG shares as part of Energean opting to take the further 10% (which would include income from ENOG’s dividend programme).

I would like to thank Julian for his time, I hope that these answers go a long way to ensuring that the questions put by investors have been adequately covered. I remain a strong supporter of Chariot and believe that the assets in the portfolio are worth significantly more that the current share price and it will undoubtedly stay in the Bucket List come January.

Chariot

12/07/23

(Thanks to Malcy's Blog )

Chariot has announced that it has signed Partnership Agreements with Energean plc group, on the Lixus Offshore licence, where the Anchois gas development project is located, and on the Rissana Offshore licence in Morocco.

Partnering Rationale:

· Provides funding for both Chariot and the project through upfront consideration, deferred consideration and potentially a full carry to first gas, with Chariot retaining a material stake in the project

· Secures an experienced operator for the development of Anchois – Energean is a FTSE 250 company with a proven track record in successfully developing large offshore gas projects

· Accelerates growth from the portfolio, with the potential to significantly upscale the development and target further exploration prospectivity in the Lixus and Rissana licences

Project Development:

· Leveraging their combined expertise to co-develop Anchois, the parties are aligned on the next steps for the project development, including:

o Drill a further well, in the east of the Anchois field and conduct a gas flow test in 2024, with rig contract negotiations advanced. Multi-objective well:

§ Evaluate undrilled low-risk deeper sands, to potentially materially increase the resource base for a development above 1 Tcf

§ Optimise development scheme through a production flow test

§ Provide a future producer well

o Expansion of the existing offshore development plan, to accommodate potentially significantly higher production

o Finalise ongoing gas sales negotiations with focus on meeting Moroccan energy needs

· Progress exploration together across Lixus and Rissana, including a 2024 seismic campaign

Key Deal Terms:

· Energean to acquire 45% and 37.5% interests in the Lixus and Rissana licences respectively, and take operatorship of both licences

· Chariot will retain a 30% and 37.5% interest in Lixus and Rissana respectively, with ONHYM maintaining a 25% stake in each licence

· Chariot will receive:

o US$10 million payable on completion of the transaction

o US$15 million payable on Final Investment Decision (“FID”)

o US$85 million gross carry including:

§ All Lixus costs up to FID, including the additional Anchois well with a gas flow test

§ Planned Rissana seismic acquisition costs separately capped at US$7 million

· Following completion of the Anchois well, Energean will have the right to acquire a further 10% of Chariot’s equity in the Lixus licence for:

o US$850 million gross development carry to first gas (including the US$85m gross carry)

o US$50 million 5-year zero coupon convertible loan note with a strike price of £20 adjusted down for dividends or issuance of three million Energean shares, at Chariot’s option on FID

o 7% royalty payment on Energean’s gas production revenues in excess of a base hurdle on the realised gas price (post transportation costs)

· Energean’s carry of Chariot’s costs is non-recourse, and has a coupon of 7% over the one year Secured Overnight Financing Rate (SOFR), with the carry including interest repayable from 50% of Chariot’s future net sales revenues from the Lixus licence

· Completion of the transaction is subject to standard Moroccan regulatory approvals

Dr Leila Benali, Minister of Energy Transition and Sustainable Development commented:

“This agreement is pivotal for the wider acreage offshore Morocco, on its Atlantic coast, a key energy asset for the Kingdom. We welcome Energean on these licences as the important investments will contribute greatly to the monetisation of the country’s resources and to our ambitious energy strategy.

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

“I would like to congratulate both parties on signing this agreement. The discovery and extensive work to date has set an excellent foundation on which the project can be developed and this partnership will now be instrumental in financing and taking it through the next phase. We look forward to working alongside Energean and Chariot in bringing the project to first gas.”

Mathios Rigas, CEO of Energean commented:

“This is an exciting step in the next stage of our development, one that can only enhance our position as the pre-eminent independent natural gas producer listed in London. These assets are particularly attractive as we understand the core geological, commercial and political drivers of the region, we have a track record in developing material gas resources prioritised for the domestic market and they are a complementary fit with our broader portfolio, not least the potential for surplus supply to other markets. We look forward to working with our partners Chariot and ONHYM, and developing an outstanding resource for the benefit of all parties, including Morocco and its people.”

Adonis Pouroulis, CEO of Chariot commented:

“In Energean, we have secured a partner with a proven track record of rapidly building and delivering this kind of offshore development. Energean also shares our view that Anchois and its surrounding acreage offers significant upside potential and we are aligned with our plans moving forward. The new partnership is a key step in bringing the development of the Anchois field to reality and we are looking forward to continuing the extensive work undertaken so far to reach Final Investment Decision.”

We are excited about the next phase of drilling which has the potential to both unlock significant additional resources and upsize the production profile. It is intended that this well will be used as a producer well when development commences. We retain a material stake in this basin opening opportunity where both parties are keen to optimise the project’s fundamentals, enable expansion and undertake further exploration. We also look forward to drilling on our Loukos Onshore licence which is anticipated to commence in early 2024.”

As mentioned above I will add more to this story in due course but I have spoken to the company and I think this is the right move for them. Mainly because I feel that in Energean they have made a wise choice, and Chariot had quite a big choice to make with multiple offers on the table, as they tick a lot of my boxes as a future partner. They have significant experience in sizeable gas projects such as this and can fund this deal whichever way it goes in terms of further options.

And those options help Chariot, they have the chance to sell a piece more and are carried to first gas dependent on that option re drilling the well next year which is most interesting as it is an appraisal, development and production well all in one.

Clearly the Moroccan authorities buy into this deal big time, I would if I was them as they need domestically produced gas and the Chariot/Energean combo should be the dream team. For Chariot this is just what they wanted, shareholders can enjoy the spoils of the existing discovery along with potential for a great deal of upside.

Chariot

(Thanks to Malcy's blog 10/31/23)

Chariot has announced that it has received approval for its Environmental Impact Assessment from the Moroccan Ministry of Energy Transition and Sustainable Development on the Anchois gas development project offshore Morocco.

· The EIA process for Anchois was conducted over a 12 month period and was informed by:

o onshore and offshore environmental and social baseline surveys

o an open and transparent stakeholder engagement programme held in conjunction with relevant parties

o a public enquiry process which spanned four local provinces

· The final report sets out the requisite planning, mitigation and monitoring measures to follow during construction and production

· The EIA integrates recommendations from the National Environmental Committee, is valid for five years and covers all aspects of the development including future wells and offshore infrastructure, the onshore Central Process Facility and link to the GME pipeline.

Pierre Raillard, Head of Gas Business and Morocco Country Director at Chariot commented:

“Securing approval of this EIA is a major milestone for Anchois and is the culmination of extensive time and teamwork that has gone into this critical process. This is a key building block for sanctioning the project’s development, alongside other activities such as our partnering process which is close to conclusion. On behalf of Chariot, I would like to thank the National Environmental Committee and the Ministry for their endorsement and support. I would also like to thank the Chariot team, our partner ONHYM and our consultants who collaborated so closely across all workstreams. We are fully committed to ensuring that Anchois is developed in line with best practice as set out in the report.“

EIA approval for the Anchois project is indeed massively important for Chariot as it provides the vital permission to go ahead with this key project and perhaps more importantly further de-risks the ongoing development. Indeed, on this front the partnering discussions are continuing but there is a heavy nod here in the words ‘close to conclusion’.

We know from presentations at the Morocco Summit last week that activity in country is moving on at a good pace across the board, see my blog from Friday where I comment on the onshore drilling programme which is on schedule. Indeed on the fact that Eni are drilling the Cinnamon-1 well offshore which in the event of success provide another spotlight on the country.

Chariot



Thanks to Malcy's blog

With so much going on in Morocco and as a sponsor of the Summit it was not surprising that Chariot was well represented this week. The keynote presentation: Morocco’s Unique position in Africa as an emerging hydrocarbon province was given by Duncan Wallace, Chariot’s Technical Director.

In addition Pierre Raillard, Chariot’s Head of Gas business and Morocco Country Director, gave an address entitled ‘Building a sustainable gas value chain in West Africa’.

Clearly the Anchois Development Project has been the key to recent excitement at Chariot as it will have the ability to deliver substantial quantities of gas primarily into the Moroccan domestic market with significant upside. This is because whilst there are obvious export opportunities, the country are committed to the long term plan to move the needs of the country away from coal and to gas as a transition fuel for power generation.

Chariot are planning to supply Morocco’s key Atlantic industrial zones and they have a partnership with Vivo Energy in terms of energy distribution and of course this will hopefully be added to when the Loukos Project gets underway. This project has been put together alongside Anchois as it’s onshore location should mean that wells can be drilled more quickly and get to production sooner, it is very true that it will involve exploration wells but Duncan Wallace said to me today that ‘there seems no reason why they shouldn’t work, after comparing all the similar geological and geophysical similarities the prospects have with our success at Anchois and taking into account the offset wells which demonstrate reservoir and gas presence’

It would be wrong not to mention Eni who are drilling the Cinnamon-1 offshore exploration well and of course whilst likely to be targeting oil in the Jurassic, would on any success have an immediate effect on local industry in such areas as service providers.

Chariot were also highly complimentary about the relationship with ONHYM who have been not only giving help to upstream but also to those in midstream which will be important for Chariot as it highlights the infrastructure opportunities presented.

Thanks to Malcy's Blog

9/19/23

Chariot has announced its unaudited interim results for the six-month period ended 30 June 2023.

Adonis Pouroulis, CEO of Chariot commented:

“We continued to progress all workstreams across the business throughout the period and further enhanced our portfolio with the award of the Loukos licence onshore Morocco and the acquisition of our water desalination business. In each pillar of transitional gas, renewable power and green hydrogen, we have the opportunity to deliver a range of tangible benefits and drive real value. Long term scalability is a shared theme across all of our projects, but we are fully focused on executing our core objectives to de-risk the business, enable further growth and deliver near term production.”

Anchois is making good progress and with the FEED Design phase completed and the ESIA and other documentation seemingly in the approval process are going well. The farm-out also appears to be nicely up with events, we might hear something quite soon on that front.

The Loukos onshore drilling project is moving fast and will start drilling next year and maybe production if successful could even be within the year. Finally the renewables side is making slower but meaningful progress and has an enviable roll-out programme.

I remain fully committed to Chariot where I see substantial and profitable developments over the short, medium and long term and stays in the Bucket List.



Highlights during and post period

Transitional Gas: Developing a New Gas Province in Morocco

· Front End Engineering and Design phase completed for the Anchois gas development project

· Progress made across all Anchois development workstreams, including the project Environmental Social Impact Assessment (“ESIA”) and submission of the necessary documentation into the approval process in Morocco

· Negotiations on partnering for Anchois and the wider Lixus and Rissana Offshore licences in final stages

· Partnership agreed with Vivo Energy to develop the Moroccan domestic gas-to-industry market

· Award of the Loukos Onshore licence (“Loukos”) in Morocco – fast-track drilling project initiated with opportunity for near-term production

Transitional Power: Building a Substantial Renewable Energy pipeline across Africa

· In partnership with TotalEnergies progressing developments at three key projects in Africa:

o Tharisa – 40MW solar project in South Africa

o Karo – 30MW solar project in Zimbabwe

o First Quantum Minerals – 430MW solar and wind projects in Zambia

· Operational Essakane 15MW solar project at IAMGOLD’s gold mine in Burkina Faso continues to perform well

· Acquisition of water desalination business a strategic fit for both the power and hydrogen pillars – first project in Djibouti commissioned

· Shareholding in Etana Energy opening up route to develop further large-scale renewable energy projects and trading through South Africa’s national grid

Green Hydrogen – Focused on early stage production and future scale up

· Feasibility studies in Mauritania progressing well with partner TEH2 (80% owned by TotalEnergies and 20% owned by the EREN Group) and their in-house ‘OneTech’ engineering unit

· Extended collaboration with Oort Energy and University Mohammed VI Polytechnic (“UM6P”) on green hydrogen proof of concept projects in Morocco

· Ongoing evaluation of further opportunities

Corporate and Financial

· Well capitalized business, with cash position as at 30 June 2023 – $2.7million, supplemented by a successful and oversubscribed fundraise completed in July 2023 raising circa US$19 million

· No debt with minimal licence commitments

From Malcy's Blog

August 2, 2023

Chariot

Chariot Green Hydrogen Limited, a subsidiary of Chariot Limited, the Africa-focused transitional energy group, Mohammed VI Polytechnic University (UM6P) and Oort Energy Limited (Oort), are pleased to have signed further Partnership Agreements to extend their collaboration, as previously announced in November 2022, to test the production of green hydrogen in Morocco. The agreements are focused on the construction, commissioning and operating of an electrolyser pilot project as well as further development of skills and training within the sector.

The pilot ‘proof of concept’ project will utilise a 1MW polymer electrolyte membrane (“PEM”) electrolyser system, patented by Oort and it is intended that this project will be hosted at UM6P’s Research and Development facility in OCP Jorf Lasfar, Morocco, the largest fertilizer complex in the world.

The partnership will concurrently develop education and capacity building at UM6P to support the growth of a green hydrogen economy alongside evaluating the feasibility of the implementation of large-scale green hydrogen and ammonia production, consistent with the timetable initially envisaged.

“The signing of these two agreements is key for UM6P, indeed the first one concerns the test of a new electrolyser technology with a better performance to be more competitive in green hydrogen production and second one concerns collaboration in education to prepare skilled people for the need of this new activity in green hydrogen and ammonia,” stated Mohamed Bousseta, Director of Innovate for Industry at UM6P.

“Testing the capacity of our electrolyser in an industrial setting is a crucial part of our development planning. The efficiency and durability of electrolysers will be integral in ensuring that green hydrogen can be produced economically and on a scalable basis. We are excited about this phase which will help inform our future growth strategies.” said Nick van Dijk, CEO of Oort.

“This partnership pools key resources as we are looking to develop our knowledge and expertise in this sector for the benefit of all involved. This endeavour is another step forward in Chariot becoming a green hydrogen producer and will be of real value to our project developments in Morocco and Mauritania as we confirm electrolyser performances.” added Laurent Coche, CEO of Chariot Green Hydrogen.

Further interesting news from Chariot where they have signed further partnerships for green hydrogen projects. Success here would lead to upsizing and be applied to Chariots projects across Africa.

From Malcy's Blog

August 1, 2023

Chariot

Chariot Limited announce that it has signed a Petroleum Agreement for a new exploration licence, Loukos Onshore, 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 km2 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 km2 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 is confirmation of the news we received last month along with the raise to drill it out so will come as no surprise to the market. Adjacent to Lixus and being onshore brings clear economic advantages along with a higher exposure to the very attractive Moroccan domestic market. As always more if I chat to the company.

From Malcy's blog-July 20

Chariot
Material Increase in Gas Resources Offshore MoroccoIncrease to 1.4 Tcf in total remaining recoverable resources (2C plus 2U) at the Anchois Project
Range of targets de-risked in a basin-scale exploration portfolio with multi TCF potential

Chariot has announced the results of Independent Assessments on its gas resources offshore Morocco, incorporating the results of the recent successfully drilled Anchois-2 appraisal and exploration well. The Independent Assessments have been made by Netherland Sewell & Associates Inc. on the Anchois Gas Field and further selected exploration prospects in the Lixus Offshore licence and the adjacent Rissana Offshore licence with material resource upgrades reported across the portfolio.

These resource upgrades underpin:

· the Company’s decision to fast-track its field development plans;

· the associated exploration programmes to deliver further growth from the portfolio; and

· Chariot’s focus on developing a significant energy resource, prioritising the growing demand within Morocco’s domestic market, and potentially supplying surplus gas to Europe.

Anchois Gas Field:

• 82% increase in 1C contingent resources from 201 Bcf to 365 Bcf

• 76% increase in 2C contingent resources from 361 Bcf to 637 Bcf

• 49% increase in 2U prospective resources to 754 Bcf in three undrilled targets with an improvement in the probability of geological success, now ranging from 49 to 61 %

• Total remaining recoverable resource at Anchois (2C plus 2U) now stands at 1.4 Tcf

Additional Lixus Prospects:

• Updated assessments on two key undrilled prospects (Maquereau, and Anchois West) with improvements in both prospective resource potential and probability of geological success and the newly identified Anguille prospect, which are all part of the same tertiary gas play as the Anchois gas field

• Combined, 2U prospective resources of 838 Bcf with an estimated probability of geological success ranging from 30-52%, with closely related additional targets in the areas surrounding the prospects

• The total remaining recoverable resources (2C plus 2U, comprising audited and internal Chariot estimates) in the entire Lixus portfolio stands at approximately 4.6 Tcf

Rissana Offshore:

• Early assessment of the areas covered by 3D seismic, provides a total 2U prospective resource of over 7 Tcf, combining a high-graded prospect ‘Emissole’ within the lower risk Anchois tertiary gas play and multi Tcf prospects in a higher-risk Mesozoic play, inherited from Chariot’s legacy Mohammedia Offshore licence area.

Duncan Wallace, Technical Director of Chariot Limited, commented:

“This independent assessment report confirms that following the drilling of Anchois-2, we have a growing resource base from which we can fast track our gas development towards material cashflows and provide gas to meet Morocco’s growing energy demand.

These resource upgrades across our Moroccan portfolio are a significant step forward. As well as confirming the increased scale of our discovery at Anchois, this independent assessment has also corroborated the multi Tcf opportunity that sits within the basin in our Moroccan licences and served to de-risk a number of high potential future targets in Lixus.

We remain fully focused on bringing Anchois into production as quickly as possible and are working hard across all aspects of the development plan required to reach FID. We are committed to realising the value of this gas field as well as continuing to prove up the significant scope of our wider resource base from the Moroccan portfolio.”

This is an incredible announcement with a new report on Lixus showing that the whole area continues to grow and provide the opportunity for Chariot to fast-track the development and move to cash flow and revenues sooner than expected.

I am not going to repeat the numbers in the RNS above, save to say that they are material across the board. No one needs reminding that this is about as valuable a gas project as it is possible to have in the portfolio, it will be a company maker for Chariot who it should be remembered also have a substantial business in assisting mining companies in Africa transition to renewable energy sources for their operations.

Indeed for Morocco, who are encouraging the development of much needed domestic natural gas, the terms of business are second to none. Indeed seeing that Algeria has committed to increasing its natural gas to Italy, Chariot’s prolific find is as valuable as it gets.

Chariot shares are a steal, they have come some way from a year ago but have drifted lately along with other sector favourites but this stock was always going to be a multiple bagger, I would suggest at 20p today a multiple of at least 5, more likely a good deal more.

futr

https://www.proactiveinvestors.co.uk/companies/news/1008405/chariot-to-continue-looking-for-upside-after-completing-feed-stage-at-anchois-1008405.html

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https://www.chariotenergygroup.com/wp-content/uploads/2023/03/2023.03.08-Anchois-Engineering-Update-Final.pdf

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OORTenergy...our hydrogen electrolyzer supplier-

https://oortenergy.com/about-us

futr

Excellent updated Corporate Presentation

https://www.chariotenergygroup.com/wp-content/uploads/2022/12/2022.12.12-Chariot-Webcast-png.pdf

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Gas sales contract progress-

https://www.moroccoworldnews.com/2022/12/352979/british-company-chariot-reaches-agreement-on-moroccan-gas-sales

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https://newsdirect.com/news/chariot-ltd-sees-new-south-africa-jv-as-very-exciting-124856021

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ZIMBABWE: TOTAL EREN AND CHARIOT TO DELIVER SOLAR PV PROJECT FOR KARO MINING'S PLATINUM MINE



Harare/London/Paris - December 7th, 2022 - Total Eren, a leading renewable energy Independent Power Producer (IPP) based in France and Chariot (AIM: CHAR), the Africa focused transitional energy company (together the "Partners"), are pleased to announce that, pursuant to the partnership entered into in November 2021, Total Eren and Chariot have agreed to work together on the development, financing, construction, and operation of a solar photovoltaic (PV) project that will provide competitive electricity for the Karo Platinum Project, in Zimbabwe.



The solar PV project is expected to have an initial installed capacity of 30 MWp with a potential extension of up to 300 MWp. Construction of the Karo Platinum Mine has commenced, as marked today during an official ceremony in the presence of the Minister of Mines and Mining Development, Hon. W. Chitando.



Total Eren and Karo Mining Holdings ("Karo") have previously signed a Memorandum of Understanding (MoU) as the first step towards implementation and signing of a long-term Power Purchase Agreement (PPA) for the supply of electricity. Karo and the Partners will now pursue the next steps of development of the PV project.



Fabienne Demol, Executive Vice-President & Global Head of Business Development of Total Eren, commented: "We are very pleased to partner again with Chariot on a new renewable energy project dedicated to the mining sector. Our solar project will enable the Karo Platinum Mine to be supplied in low carbon electricity during its operating life, therefore reducing its carbon footprint and generating a competitive source of electricity supply in Zimbabwe. I look forward to delivering this solar project and wish to start even more renewable energy projects in this country where our strategic shareholder, TotalEnergies, holds a strong footprint."



Benoit Garrivier, Chariot Transitional Power CEO, added: "In partnering with Total Eren on this project, we advance towards our objective of delivering a 1 GW renewable energy pipeline and developing some of the largest sustainable power projects in Africa. We wish Karo all the best with their construction phase and look forward to implementing the solar plant build in due course."



Bernard Pryor, MD of Karo Mining Holdings, declared: "As part of our sustainable development plan, green power was always placed at the forefront of our energy strategy. Land designated to develop this type of power strategy has been allocated, close to the Karo Mine but also being mindful of a broader power strategy that we will develop with our partners and the government of Zimbabwe, to ensure stable and lasting green energy benefitting all our stakeholders and beyond."







About Karo Mining Holdings Limited

Tharisa, the platinum group metals ("PGMs") and chrome co-producer dual-listed on the Johannesburg and London stock exchanges, is a 70% shareholder in Karo Mining Holdings ("Karo") which in turn indirectly owns 85% of the Karo Platinum Project ('Karo Project'), with the Government of Zimbabwe holding the remaining 15%, on a free carry basis.

The Mining Lease area for the Karo Project covers an area of 23 903 ha and is located within the Great Dyke in the Mashonaland West District of Zimbabwe, approximately 80 km southwest of Harare and 35 km southeast of Chegutu.

The Karo Project has a 24-month design and construction schedule - starting 1 July 2022, with the first ore in the mill (FOIM) planned for July 2024. The cost to FOIM is set at US$391 million.

Adonis Pouroulis, CEO of Chariot, beneficially owns directly or indirectly 58.88 per cent of the total voting rights in Karo Mining Holdings Limited.





About Total Eren



Founded in 2012 by Pâris Mouratoglou and David Corchia, Total Eren develops, finances, builds and operates renewable energy power plants (solar, wind, hydro) representing a gross capacity of more than 3,700 MW in operation or under construction worldwide. Through partnerships with local developers, Total Eren is currently developing numerous energy projects in countries and regions where renewable energy represents an economically viable response to growing energy demand such as in Europe, in Central and South Asia, in Asia Pacific, in Latin America and in Africa. Since December 2017, TotalEnergies, the major energy company, has been participating as a shareholder of Total Eren.



Visit us at www.total-eren.com.



About Chariot



Chariot is an Africa focused transitional energy group with three business streams, Transitional Gas and Transitional Power and Green Hydrogen. Chariot Transitional Gas is a high value, low risk gas development project offshore Morocco 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 is looking to transform the energy market in Southern Africa, providing a giant largely untapped market with cleaner, sustainable, and more reliable power. Chariot Green Hydrogen is partnering with Total Eren and the Government of Mauritania on the potential development of a 10 GW green hydrogen project, Project Nour. Further large-scale green hydrogen opportunities are also being evaluated.



The ordinary shares of Chariot Limited are admitted to trading on the AIM under the symbol 'CHAR'.

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Webcast of End of Year Summary-12-12-22

link https://twitter.com/Chariot_Energy/status/1599660799059906560

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Big Picture

https://www.chariotenergygroup.com/wp-content/uploads/2022/09/Presentation_AGM_080922_website.pdf

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Posting of Annual Report and Notice of Annual General Meeting
Chariot (AIM: CHAR), the Africa focused transitional energy company, announces that its Annual Report and
Accounts for the year to 31 December 2021 has been posted to shareholders.
The Annual General Meeting (“AGM”) will be held on 8 September 2022 at 11.00 am at the May Fair Hotel,
Stratton Street, London, W1J 8LT. Please can shareholders attending in person arrive at 10.30 am for a
11.00 am start. Once the formal business of the AGM has concluded, management will go through the latest
version of the corporate presentation which will be followed by a Q&A session and refreshments.
A notice of AGM ("Notice”) has also been posted to shareholders and copies of this and the Annual Report
are available on the Company's website.
All shareholders are encouraged to submit their vote using the proxy form enclosed with the Notice. Details
of how to do this are contained in the document. All valid proxy votes will be included in the poll to be taken
at the meeting.
The result of the AGM will be announced shortly after its conclusion and published on the Company's website.

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Chariot

[[ Thanks to Malcy's Blog
https://www.malcysblog.com/2022/07/oil-price-chariot-san-leon-pharos-serica-and-finally/
]]

Jul 21, 2022

Material Increase in Gas Resources Offshore Morocco

Increase to 1.4 Tcf in total remaining recoverable resources (2C plus 2U) at the Anchois Project

Range of targets de-risked in a basin-scale exploration portfolio with multi TCF potential

Chariot has announced the results of Independent Assessments on its gas resources offshore Morocco, incorporating the results of the recent successfully drilled Anchois-2 appraisal and exploration well. The Independent Assessments have been made by Netherland Sewell & Associates Inc. on the Anchois Gas Field and further selected exploration prospects in the Lixus Offshore licence and the adjacent Rissana Offshore licence with material resource upgrades reported across the portfolio.

These resource upgrades underpin:

· the Company’s decision to fast-track its field development plans;

· the associated exploration programmes to deliver further growth from the portfolio; and

· Chariot’s focus on developing a significant energy resource, prioritising the growing demand within Morocco’s domestic market, and potentially supplying surplus gas to Europe.

Anchois Gas Field:

• 82% increase in 1C contingent resources from 201 Bcf to 365 Bcf

• 76% increase in 2C contingent resources from 361 Bcf to 637 Bcf

• 49% increase in 2U prospective resources to 754 Bcf in three undrilled targets with an improvement in the probability of geological success, now ranging from 49 to 61 %

• Total remaining recoverable resource at Anchois (2C plus 2U) now stands at 1.4 Tcf

Additional Lixus Prospects:

• Updated assessments on two key undrilled prospects (Maquereau, and Anchois West) with improvements in both prospective resource potential and probability of geological success and the newly identified Anguille prospect, which are all part of the same tertiary gas play as the Anchois gas field

• Combined, 2U prospective resources of 838 Bcf with an estimated probability of geological success ranging from 30-52%, with closely related additional targets in the areas surrounding the prospects

• The total remaining recoverable resources (2C plus 2U, comprising audited and internal Chariot estimates) in the entire Lixus portfolio stands at approximately 4.6 Tcf

Rissana Offshore:

• Early assessment of the areas covered by 3D seismic, provides a total 2U prospective resource of over 7 Tcf, combining a high-graded prospect ‘Emissole’ within the lower risk Anchois tertiary gas play and multi Tcf prospects in a higher-risk Mesozoic play, inherited from Chariot’s legacy Mohammedia Offshore licence area.

Duncan Wallace, Technical Director of Chariot Limited, commented:

“This independent assessment report confirms that following the drilling of Anchois-2, we have a growing resource base from which we can fast track our gas development towards material cashflows and provide gas to meet Morocco’s growing energy demand.

These resource upgrades across our Moroccan portfolio are a significant step forward. As well as confirming the increased scale of our discovery at Anchois, this independent assessment has also corroborated the multi Tcf opportunity that sits within the basin in our Moroccan licences and served to de-risk a number of high potential future targets in Lixus.

We remain fully focused on bringing Anchois into production as quickly as possible and are working hard across all aspects of the development plan required to reach FID. We are committed to realising the value of this gas field as well as continuing to prove up the significant scope of our wider resource base from the Moroccan portfolio.”

This is an incredible announcement with a new report on Lixus showing that the whole area continues to grow and provide the opportunity for Chariot to fast-track the development and move to cash flow and revenues sooner than expected.

I am not going to repeat the numbers in the RNS above, save to say that they are material across the board. No one needs reminding that this is about as valuable a gas project as it is possible to have in the portfolio, it will be a company maker for Chariot who it should be remembered also have a substantial business in assisting mining companies in Africa transition to renewable energy sources for their operations.

Indeed for Morocco, who are encouraging the development of much needed domestic natural gas, the terms of business are second to none. Indeed seeing that Algeria has committed to increasing its natural gas to Italy, Chariot’s prolific find is as valuable as it gets.

Chariot shares are a steal, they have come some way from a year ago but have drifted lately along with other sector favourites but this stock was always going to be a multiple bagger, I would suggest at 20p today a multiple of at least 5, more likely a good deal more.

Annual Report

https://www.chariotenergygroup.com/wp-content/uploads/2022/06/Chariot-2021-Final-Results-Final-22.06.22.pdf

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20 June 2022

Chariot Limited
("Chariot" or the "Company")



Chariot Awards Front-End Engineering and Design Contract
for the Development of Anchois Gas Project


Fast-tracking gas development offshore Morocco



Chariot (AIM: CHAR), the African focused transitional energy company, is pleased to announce that it has signed a front-end engineering and design ("FEED") agreement ("Agreement") with Schlumberger and Subsea 7, as part of a consortium, for the Anchois gas development project in Morocco. Chariot, Schlumberger, and Subsea 7 will continue to adopt a "one-team" integrated and collaborative approach to safely fast-track first gas to maximise the return on investment.



The scope of the Agreement covers:

• Front-end engineering support and design work for the Anchois gas development, incorporating:

o offshore components including well completions, subsea production systems ("SPS"), and subsea umbilicals, risers, and flowlines ("SURF") that will be delivered by Subsea Integration Alliance, and

o onshore components including a central processing facility ("CPF") and flowlines and controls from the CPF to the shore crossing that will be delivered by Schlumberger.

• Generation of deliverables, such as engineering, procurement, construction, installation, and commissioning ("EPCIC") costs and schedules, required prior to final investment decisions ("FID").

• Opportunity for Chariot to directly-source EPCIC services with Schlumberger and Subsea 7 for the field development and operations and maintenance ("O&M") of the facilities during commissioning and the early production phase.

• Commitment to environmental, social, and governance ("ESG"), minimising emissions and contributing to social development through the creation of direct and indirect jobs in Morocco.



Beyond this Agreement, Chariot is managing the additional FEED scopes required for the development, including well construction and onshore infrastructure, including fixed pipelines, to deliver gas to customers.



Olivier Blaringhem, CEO, Subsea Integration Alliance, commented:



"We are delighted to work with Chariot on this FEED project. We remain fully aligned with their objectives and will build upon the work undertaken to date to optimise the design and development of the Anchois Gas Project. We look forward to playing a key role in bringing this project to fruition."



Adonis Pouroulis, Acting CEO, Chariot Limited, commented:



"Signing this agreement with Schlumberger and Subsea 7 is further evidence that we have accelerated development plans for the Anchois Gas Project, a key tenet of our recent fundraising. It is a pleasure to work closely with both companies on this integrated design phase, to benefit from their experience in working on several similar projects globally, and to leverage their standardised technology which is directly applicable to the Anchois development.



We look forward to building on this relationship and to realise the benefits of an integrated project execution. Reduced interfaces, fewer contingencies, and strong leverage over procurement and the offshore construction schedule will help shorten time to first gas. This streamlined approach will benefit all stakeholders which is a key objective of fast-tracking the project towards cashflow."



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

Adonis Pouroulis, Acting CEO

Julian Maurice-Williams, CFO

+44 (0)20 7318 0450

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Chariot

[[ Thanks to Malcy's blog
https://www.malcysblog.com/2022/06/flash-blog-wentworth-chariot-savannah-eco-atlantic/
]]

June 22, 2022



Chariot has announced its audited final results for the year ended 31 December 2021.

Transitional Gas:

Anchois Gas Development Project

· Successful drilling campaign of the Anchois-2 well, completed safely, on time and on budget delivering a significant gas discovery.

· An accelerated field development plan underway as the Company looks to progress the front end engineering design (“FEED”), ahead of the final investment decision (“FID”).

· Discovery exceeded expectations: 150m net pay confirmed across seven reservoirs, excellent quality and consistent dry gas composition which should enable a simple development.

· MoU on gas offtake and partnering signed with a leading international energy group

· Societe Generale appointed as financial advisor to lead the project financing.

· Collaboration / FEED agreement in place with Subsea Integration Alliance to progress the front-end design, engineering, procurement, construction, installation and operation of the development project.

· Management focussed on progressing towards material cashflows as quickly as possible.

Material upside potential:

· The drilling campaign also directly de-risked a material portfolio of prospects within the Lixus licence area.

· The Rissana Offshore Licence, Morocco was signed in February 2022 which surrounds the Lixus acreage and captures gas play extensions from the Anchois wells.

· Potential for multi Trillion Cubic Feet (“TCF”) volumes in deeper plays.

Transitional Power

Renewable Energy for Mining Projects

· Acquisition of AEMP completed in Q2 2021 with the AEMP team now fully integrated within Chariot’s Transitional Power business.

· Projects are developed in strategic partnership with Total Eren, a global renewable IPP focused on low-risk mining power projects in Africa.

· The partnership was extended in January 2022 to cover a three year period, with an option to extend for a further two years thereafter. Chariot has the right to invest between 15-49% into the co-developed projects.

· This partnership is building up a pipeline of African mining power projects and looking to collaborate on other non-mining energy projects and transactions across the continent.

· First project in operation, a 15MW solar project, at the Essakane gold mine in Burkina Faso, successfully generating material returns.

· Two more projects signed in the post-period and in development:

o An MoU signed for a 40MW solar PV project with Tharisa Plc, to provide power to its chrome and PGM operations in South Africa.

o Partnership in place with First Quantum Minerals to advance the development of a 430 MW solar and wind power project for its copper mining operations in Zambia – one of the largest renewable private sector energy projects in Africa.

Green Hydrogen – Project Nour

· Exclusivity awarded over licences to develop a large scale green hydrogen project utilising renewable power to split water through electrolysis.

· Recent Pre-Feasibility Study confirms that Mauritania is exceptionally well-placed for green hydrogen production due to its unique solar and wind resources and the project has the potential to produce some of the cheapest hydrogen in the world.

· Domestic benefits for Mauritania include providing baseload power to the national grid, diversifying industrial activities (e.g. green steel), promoting job creation and developing local infrastructure with the potential to have a significant impact on GDP.

· Framework Agreement in place which defines the terms and guiding principles to pave the way for the in-depth feasibility study that will be undertaken over the next 24 months.

· Optimising project fundamentals through reducing acreage position to 5,000km² therefore allowing for a more focused scope

· MoU signed with the Port of Rotterdam International, a global energy hub and Europe’s largest seaport which represents a first step towards establishing supply chains.

· Partnering process underway with the objective to form a world class consortium.

Other licences

· Whilst fully written down, Chariot has retained its interest in its licences in Brazil with no work commitments going forward and will host datarooms for interested parties as required.

· The Central Blocks in Namibia have expired but Chariot retains a 10% back in right in the Southern Blocks as a low risk future option.

Corporate

· Further to the successful equity fundraising of US$25.5m and $4 million Open Offer announced in June 2022, the Company is well financed to take the Anchois Gas Project through to FEED and FID, in addition to progressing the Company’s wider asset portfolio.

· Oversubscribed equity fundraising completed in December 2021.

o Year end cash position as at 31 December 2021 of $19.4 million with no debt and minimal remaining work commitments.

· Senior leadership team fully aligned with shareholders, with the Board owning 9.57% of the shares in issue following June 2022 fundraising.

Outlook

Chariot is focused on:

· Delivering prompt FID on the Anchois gas development

· Progressing towards production and material cashflows from Anchois as quickly as possible.

· Strategic partnering in Morocco to accelerate growth from a portfolio of high value, low risk upsides

· Further development of the pipeline of Transitional Power projects.

· Evaluation of further value-accretive new ventures in line with the Company’s focus on the theme of energy transition.

Adonis Pouroulis, Acting CEO of Chariot commented:

“During what has been a turbulent macro environment since the onset of the COVID-19 pandemic, I am very proud of the progress we have made across the business over the past year, as we continue to establish our transitional energy platform within Africa. Our mission is to create value and deliver positive change by investing in projects that are driving the energy revolution and we are fully committed to executing our plan. Through progressing and accelerating our gas development offshore Morocco we are looking to provide a gas hungry market with domestic supply; through our renewable power projects we are materially reducing the carbon emissions of mining operations in Africa and with our acreage in Mauritania, we are progressing what has the potential to be one of the world’s largest green hydrogen projects and a key source of green energy in the future.

As a nimble and entrepreneurial team, we will also continue to leverage our network and utilise our expertise to seek out new ventures where we can play a key role and that fit within our ethos and strategy. We are excited about the potential that sits within our current portfolio, as well as opportunities that the future holds. We look forward to our ongoing progression and evolution as a company and we thank our shareholders for their ongoing support.”

A very much in line with expectations set of results today with nothing that wasn’t already in the market. CEO Adonis Pouroulis is very confident and so he should be.

https://www.chariotenergygroup.com/wp-content/uploads/2022/05/2022.05.24-Press-release-Project-Nour-PFS-and-FA-Final-.pdf

24 May 2022
Chariot Limited
(“Chariot” or the “Company”)
Completion of Pre-Feasibility Study and Framework Agreement Signed for Large-Scale Green Hydrogen
Project
Confirms Mauritania’s potential as world-class green hydrogen producer and exporter
The Government of Mauritania through the Ministry of Petroleum, Mines & Energy and Chariot, the Africafocused transitional energy group, are pleased to announce that the Pre-Feasibility Study (“PFS”) for the
large green hydrogen project “Project Nour” in Mauritania has been completed and a Framework
Agreement has been signed, mapping out the next phases of development.
• PFS confirms that Mauritania is exceptionally well-placed for green hydrogen production due to its
world class solar and wind resources and the project has the potential to produce some of the
cheapest green hydrogen in the world.
• With up to 10 GW of electrolysis installed, Project Nour could become one of the largest green
hydrogen projects globally by 2030.
• Mauritania has unique and complementary wind and solar conditions, underpinning attractive
project economics.
• Benefits from proximity to large European markets, potentially making Mauritania one of the
world's main producers and exporters of green hydrogen and its by-products. Chariot recently
signed a partnership agreement with the Port of Rotterdam for sales of green hydrogen and its
derivative products into Europe.
• In-country value creation is designed to be core to Project Nour and across the value chain.
• Domestic benefits for Mauritania include providing baseload power to the national grid, diversifying
industrial activities (e.g., green steel), promoting job creation and developing local infrastructure
with the potential to have a significant impact on GDP.
• Framework Agreement defines the terms and guiding principles to pave the way for the in-depth
feasibility study that will be undertaken over the next 24 months.
• Partnering process underway with the objective to form a world class consortium.
H.E Minister Abdessalam Ould Mohamed Saleh of Mauritania’s Ministry of Petroleum, Mines & Energy,
commented: “We are very pleased that the PFS has confirmed the world class potential of Project Nour,
both in its unique capacity to generate green hydrogen and for the broader development opportunities
that it could bring to Mauritania. It is exciting to be looking to harness our natural resources in this way and
Chariot has our full support as they progress this through the detailed feasibility studies.”
Adonis Pouroulis, Acting CEO of Chariot, said: “Green hydrogen is a strategic priority for Chariot and will
form a substantial part of the global energy transition going forward. We also believe that progressing this
project will result in significant investment in Mauritania and benefit the region as a whole. The results of
the PFS have underlined our belief in the economics and scale of this asset. Project Nour has the potential
to be one of the key sources of green energy of the future with the opportunity to deliver a wide range of
positive impacts and we are delighted to be partnering with the Government to help realise its ambition to
become a world leader in the production and export of this valuable resource.”
Enquiries:
Chariot Limited
Adonis Pouroulis, Acting CEO
Julian Maurice-Williams, CFO
+44 (0)20 7318 0450

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appointment of Project Finance advisor-

https://otp.tools.investis.com/clients/uk/chariot_ltd/rns/regulatory-story.aspx?cid=351&newsid=1576810

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Chariot

April 6, 2022

[[ Thanks to Malcy's Blog ]]

https://www.malcysblog.com/2022/04/flash-blog-wentworth-chariot-igas-eco-atlantic/

Further to the Company’s announcement on 27 September 2021, relating to the green hydrogen project in Mauritania, Chariot, the Africa focused transitional energy company, is pleased to announce that it has signed a Memorandum of Understanding with the Port of Rotterdam International, a global energy hub and Europe’s largest seaport which handles a significant portion of Europe’s total energy demand.

The MoU represents a first step towards establishing supply chains to import green hydrogen and ammonia to meet expected demand in the Netherlands and other countries in Northwest Europe. The two parties will work together to connect with off-takers and secure contracts for specific volumes.

René van der Plas, Director of Port of Rotterdam International, stated:

“We are excited to be teaming up with Chariot, to help with the distribution element of their green hydrogen project in Mauritania. The project could turn Mauritania into a leading supplier of green hydrogen to Europe, making it one of the largest energy projects of its kind in the world.”

Benoit Garrivier, Chariot Transitional Power CEO, commented:

“This MoU is a considerable step forward for us on our green hydrogen project and we are delighted to be working with the Port of Rotterdam, as they look to continue to cement their position as one of the leading energy hubs in Europe. Our green hydrogen project in Mauritania has the potential to establish the country as one of the cheapest producers of green hydrogen. Our ambition is to help the nation become one of the world’s main producers and exporters of green hydrogen. We look forward to announcing further developments with this project in due course.”

Nothing more to add here save that Chariot are motoring ahead with their green hydrogen projects and I expect much more of the same to come. Even at 21.55p as this morning the upside is really substantial.

Phenomenal Update... This is a multi bagger!

And I fully intend to hold til the entire field is developed

At which time,I'd expect this to be trading well into $dollar land!

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Chariot

[[ Thanks to Malcy's Blog ]]

March 31, 2022

Chariot has provided an update on the post-well analysis of the successful Anchois-2 gas appraisal and exploration well, completed in January 2022, on the Anchois gas project within the Lixus licence, offshore Morocco. Chariot has a 75% interest and operatorship of Lixus in partnership with the Office National des Hydrocarbures et des Mines which holds a 25% interest.

· Net gas pay estimates for Anchois-2 well, based on further interpretation of the well data, have been upgraded to approximately 150m from the previously announced preliminary analysis of greater than 100m, compared to the 55m in the original Anchois-1 discovery well.

· Excellent quality dry gas confirmed, with greater than 96% methane, in all seven discovered gas reservoirs, without detrimental impurities such as H2S or CO2, supporting minimal gas processing required in the development.

· Highly consistent gas composition potentially allows all gas produced from the different reservoirs to be processed through a single gas processing facility, enabling a simple development.

· Further analysis is ongoing on the well data to understand the positive implications on gas resources, and scale and economics of the development.

Adonis Pouroulis, Acting CEO of Chariot, commented:

“I am delighted to announce this very positive update on the analysis of the well data obtained from our successful gas drilling campaign on the Anchois project, offshore Morocco, including a significant increase in net gas pay to approximately 150m. This increase combined with the confirmation of excellent quality dry gas consistently across all the discovered gas reservoirs is extremely encouraging, as it will help enable a simple and standard development.

Our ambition is to bring the Anchois gas development online quickly, to fuel Morocco’s economic growth, but also to deliver near-term cash flows to our shareholders. We will continue to work on an accelerated field development plan, for the benefit of all stakeholders.”

You don’t need me to tell you that this is an exceptional result from Chariot, every which way the news couldn’t be much better and the Anchois gas project goes from strength to strength. With better than expected volumes of better quality gas confirmed, even the treatment of the gas will be minimal and development relatively simple.

It is also good to hear CEO Adonis Pouroulis saying that he wants to bring this development on quickly which will not only satisfy local demand but repay Chariot shareholders. Indeed with current European gas prices and no sign of any demand waning I’m sure that the Moroccan authorities will create perfect conditions for a speedy move to first gas.

As I write the shares are up some 16% at 16.15p which is fine but in no way recognises the potential value being created at Chariot at the moment. I would go so far to say that the Anchois development on its own can be valued at a minimum of three times the current share price. If you add on the transitional power business which assists mining companies in Africa transition to renewable energy sources for their operations, then as already mentioned here before now the upside is a matter of a multiple the current share price.

https://www.chariotenergygroup.com/

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Chariot

[[ Thanks to Malcy's blog ]]

Feb 28,2022


Chariot has announced that it has been formally awarded the Rissana Offshore Licence 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 km2) 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 is clearly very good news for Chariot who are in the process of building a very decent, high percentage stake portfolio in Morocco built on early success which is already exhibiting signs of significant value creation. It is capturing prospective acreage around this significant gas discovery which is one of the highest value hydrocarbon economic models in the industry when you look at the demand and pricing of gas in the region and combined with the attractive fiscal regime should create substantial value.

Of course Morocco is only part of the Chariot model in which it is developing a leading position in the transition to renewables in mining assets all over the African continent. What I can’t understand is why the market is yet to take this on board, the shares had a good run up last year and more than doubled in the second half of the year. Since January the shares have fallen and at a time when both parts of Chariot have been delivering on the promises in a favourable market doing exactly the reverse of what I would expect. I said before that Chariot was a multi-bagger and I havent changed my view, if anything at 8.8p the shares are incredibly cheap.

Chariot

[[ Thanks to Malcy's blog ]]

Total Eren, a leading renewable energy Independent Power Producer based in France and Chariot, the African focused transitional energy company, are pleased to announce the signing of a Memorandum of Understanding with Tharisa plc, the platinum group metals and chrome producer, listed on the Johannesburg and London stock exchanges, to develop, finance, construct, own, operate and maintain a solar photovoltaic (PV) project for the supply of electricity to the Tharisa mine, in the North West Province, South Africa.

The solar PV project is initially anticipated to be 40 MWp with demand expected to increase over the life of the Tharisa Mine. This MoU is the first step towards implementation of the Project and signing of a long-term Power Purchase Agreement for the supply of electricity on a take-or-pay basis.

Fabienne Demol, Executive Vice-President & Global Head of Business Development of Total Eren, commented:

“We are very pleased to be entering into this MoU with Tharisa. Through our partnership with Chariot, we are keen to assist mining companies in Africa to reduce their carbon intensity and energy costs, via implementing renewable power solutions into their operations. We are eager to bring our global expertise in solar generation to Tharisa mine and we look forward to delivering further renewable projects for our mining customers in Africa and worldwide.”

Benoit Garrivier, Chariot Transitional Power CEO, commented:

“This is a great outcome for Chariot’s Transitional Power division and demonstrates the financial and sustainable benefits that our offering can bring to mining companies operating in Africa. The Tharisa team are very forward looking and understand that the addition of a solar PV project at their mine in South Africa will bring significant benefits to the business. Together with Total Eren, we are excited to start working on the financing and development of the project and we will update the market further on this and other opportunities that we are progressing in due course.”

This is more very good news for Chariot as it continues to increase its spread across Africa and in both transitional gas and power. In its partnership with Total Eren, Chariot Transitional Power, looking to transform the energy market for mining operations in Africa and this is another important, substantial step along that road.

What is more, and what I really don’t think that the market has yet to appreciate, is quite what the sheer size of the potential prize is in providing mining operations with power from solar PV projects across the continent of Africa. With its first mover position and partnerships Chariot is in a very strong situation and is also in a strong in its gas business in Morocco where it is poised to be a key player in the country’s power generation capacity. Accordingly I remain convinced that the shares will rise by a factor as this prize is achieved in coming years.

Read at:
https://www.malcysblog.com/2022/02/oil-price-chariot-kistos-angus-far-and-finally/

https://www.proactiveinvestors.co.uk/companies/news/970767/chariot-price-target-doubled-on-new-moroccan-discovery-970767.html

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Sweet! This is the best possible outcome!!



Adonis Pouroulis, Acting CEO of Chariot, commented:

“I am delighted to announce that Chariot, as well as conducting a successful appraisal well operation, has made a significant gas discovery at the Anchois-2 well which materially exceeds our expectations. We continue to conduct further analysis on the data collected from the well, but as it stands, we believe the result is transformational for the Company.

This is a tremendous outcome and I would like to thank ONHYM, our partners on the licence, and everyone involved for their invaluable support, which enabled the well to be drilled safely, successfully and on time during a time of significant operational and logistical challenges posed by the current pandemic.

With the recently announced key terms of gas offtake with a prominent international energy group, interest from two highly regarded institutional lenders to provide debt finance, an ongoing collaboration with a leading constructor of offshore gas projects and now this successful gas well result, the Anchois project is getting closer to helping provide a clean transitional fuel to support Morocco’s industrial and economic growth.

We look forward to providing a further market update once the appraisal campaign has completed.”

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Chariot Oil

[[ Thanks to Malcy's blog
https://www.malcysblog.com/2022/01/oil-price-chariot-iog-eco-igas-and-finally/
]]

Chariot has announced the result of the Anchois-2 appraisal and exploration well on the Anchois gas project within the Lixus licence, offshore Morocco. Chariot has a 75% interest and operatorship of Lixus in partnership with the Office National des Hydrocarbures et des Mines which holds a 25% interest.

· Anchois-2 well has been safely and efficiently drilled to a total measured depth of 2,512m by the Stena Don drilling rig in 381m of water.

· Comprehensive evaluation of the well has been undertaken through wireline logging, including petrophysical evaluation, subsurface formation testing including reservoir pressures and gas sampling, sidewall cores and well bore seismic profiles.

· Preliminary interpretation of the data confirms the presence of significant gas accumulations in the appraisal and exploration objectives of the Anchois-2 well with a calculated net gas pay totalling more than 100m, compared to 55m in the original Anchois-1 discovery well.

Appraisal Target

Gas Sand B has a calculated total net gas pay of more than 50m in two stacked reservoirs of similar thickness. The upper reservoir is a continuation of a reservoir drilled in the original discovery well, Anchois-1, with the lower reservoir being newly identified.

Exploration Targets

Gas Sands C, M & O were successfully encountered with multiple gas-bearing intervals across a gross interval of 250m measured distance with no water-bearing reservoirs identified, materially exceeding pre-drill expectations.

· Previously discovered Gas Sand A was not targeted in the Anchois-2 well, due to the intention of evaluating it in the subsequent Anchois-1 re-entry operations, however, the Anchois-2 well encountered gas bearing sands at this level providing important additional subsurface data.

· High quality reservoirs were encountered in all gas sands.

· Further analysis will be undertaken to fully understand the positive implications on:

o Gas resources within the expanded Anchois field and the scale of the potential gas development.

o De-risking of numerous additional material exploration prospects within the Lixus licence area with similar seismic attributes to the Anchois discovery now considered to be low risk.

· The well will now be suspended for potential future re-entry and completion as a production well in the development of the field.

· The Stena Don rig will then move to the Anchois-1 gas discovery well to perform re-entry operations with the objectives of assessing the integrity of the previously drilled well, and if successful, providing a future potential production well for the development of the field.

Adonis Pouroulis, Acting CEO of Chariot, commented:

“I am delighted to announce that Chariot, as well as conducting a successful appraisal well operation, has made a significant gas discovery at the Anchois-2 well which materially exceeds our expectations. We continue to conduct further analysis on the data collected from the well, but as it stands, we believe the result is transformational for the Company.

This is a tremendous outcome and I would like to thank ONHYM, our partners on the licence, and everyone involved for their invaluable support, which enabled the well to be drilled safely, successfully and on time during a time of significant operational and logistical challenges posed by the current pandemic.

With the recently announced key terms of gas offtake with a prominent international energy group, interest from two highly regarded institutional lenders to provide debt finance, an ongoing collaboration with a leading constructor of offshore gas projects and now this successful gas well result, the Anchois project is getting closer to helping provide a clean transitional fuel to support Morocco’s industrial and economic growth.

We look forward to providing a further market update once the appraisal campaign has completed.”

This is an awesome announcement from Chariot and the 45% rise in the shares as I write is just the start, even back of envelope calculations make me realise why I have been so positive about Anchois let alone the rest of the company’s operations.

Success at the B sands is good with the bonus of one new reservoir but it is the outstandingly good news at the C, M and O exploration sands where ‘multiple gas-bearing intervals’ which ‘materially exceeded’ pre-drill expectations. This drilling de-risks so many prospects with these sands equivalent to a multi TCF block even before the upcoming well is drilled.

The next well is planned to re-enter Anchois-1, see if it is good condition and was originally to check on the A sands which werent expected to be tested in this recent well. However the well clipped them which has provided valuable technical information.

There is much to expect from Chariot and it has laid the groundwork for this well and significant and swift development in the future in recent months. The announcement indicates that there is an international bank lined up to lead the debt financing and with gas sales agreements already in place and the partnering process well under way, the way forward is extremely bright.

But that is not quite all of the Chariot story, we know that there is much going on in the pan-African mining and hydrogen parts of the business as well as at Rissana and of course other new ventures promised within Total Eren. This looks like being just the start for Chariot and the share price should increase very substantially from here.

Chariot [from marcy's blog]
12/15/21
Chariot has announced that the Stena Don drilling rig has now arrived on location in the Lixus licence, offshore Morocco, to carry out drilling operations on the Anchois gas development project. Chariot has a 75% interest and operatorship of Lixus in partnership with the Office National des Hydrocarbures et des Mines which holds a 25% interest.

Operations to drill the Anchois-2 gas appraisal & exploration well and re-enter the previously drilled Anchois-1 gas discovery well are expected to take up to approximately 40 days.

Anchois-2 gas appraisal & exploration well drilling objectives:

o Unlock the development of the discovered sands by confirming the gas resource volumes, reservoir quality and well productivity.

o Provide a future production well for the development of the field.

o Deepen the appraisal well into additional low-risk exploration targets with the aim of establishing a larger resource base for longer term growth.

Whereas Anchois-1 gas discovery well re-entry objectives:

o Assess the integrity of the previously drilled well.

o Evaluate the productivity and gas characteristics of the discovered A Gas Sand.

o Provide a second future production well for the development of the field.

Adonis Pouroulis, Acting CEO of Chariot, commented:

“I am pleased to announce that the Stena Don has now arrived on site, with operations to commence immediately, for a potentially transformational drilling programme for Chariot. Our recently completed oversubscribed fundraise allows us to drill both the Anchois-2 gas appraisal well and re-enter the Anchois-1 gas discovery well and we anticipate updating the market separately after the completion of each operation. On behalf of the Chariot team, I would like to thank the Ministry of Energy Transition and Sustainable Development in Morocco, ONHYM and all our wider stakeholders for their continued support and we look forward to keeping everyone updated on this exciting drilling campaign.”

These are exciting times for Chariot who have high reward projects in different stages right across the portfolio. In Morocco and in remarkably swift time, the work is now starting at Anchois which has the scope to transform the company in its own right, let alone the rest of the energy offering.

Accordingly Chariot has the ability to return significant amounts to shareholders and I still expect a multiple of the current share price as it is now fully funded to take it to the next level. On the funding I note that CEO Adonis Pouroulis now holds some 11.54% of the company, considerable skin in the game and showing confidence others might bear in mind…

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New December 2021 Investor Presentation :

https://www.chariotenergygroup.com/wp-content/uploads/2021/12/Corporate-Presentation_December-2021_Chariot-Limited.pdf

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Broker note - valuation upside...