TIDMCHAR
RNS Number : 8133H
Chariot Limited
01 August 2023
1 August 2023
Chariot Limited
("Chariot", the "Company")
Signing of New Moroccan Onshore Licence
Securing geologically similar gas prospects to the adjacent
Anchois gas discovery
Chariot Limited (AIM: CHAR), the Africa focused transitional
energy company, is pleased to announce that it has signed a
Petroleum Agreement for a new exploration licence, Loukos Onshore
("Loukos"), located onshore Morocco.
-- 75% interest in, and operatorship of the Loukos licence
signed by a wholly owned subsidiary of Chariot Limited in
partnership with the Office National des Hydrocarbures et des Mines
("ONHYM") which will hold a 25% interest.
-- Loukos covers an approximate area of 1,371 km(2) and is
adjacent to Chariot's Lixus and Rissana offshore licences, with the
former containing the significant Anchois gas discovery and
development project ("Anchois").
-- Detailed evaluation has already commenced, based on existing
modern 3D seismic data of 150 km(2) and on-block wells,
identifying:
o overlooked, shallow, conventional gas play, which has already
produced gas in other areas onshore Morocco, and which is
geologically similar to Chariot's offshore projects including the
adjacent Anchois gas discovery.
o multiple low risk gas prospects, supported by characteristic
seismic attributes, with gas and reservoir proven by previously
drilled wells which targeted deeper different prospects.
-- Intention to drill priority targets identified, with drill rigs available in country.
-- Loukos has the potential to deliver early gas sales due to
the proximity to a significant and undersupplied industrial gas
market, with further potential development synergies through the
location of the planned Anchois processing facility and pipelines
being situated on-block.
-- Minimal licence commitments comprise re-processing of
existing 2D and 3D seismic data and desktop studies, which will
help to fully evaluate the potential of the Loukos licence,
including other plays and areas outside of that covered by existing
3D seismic data.
Mrs Amina Benkhadra, General Director Office National des
Hydrocarbures et des Mines, commented:
"We are pleased to have signed this Petroleum Agreement with
Chariot. They have a substantial understanding and knowledge of
this basin from their extensive exploration in the area and we look
forward to their ongoing work and progress with a view to
accelerating the supply of gas to the Moroccan markets."
Duncan Wallace, Technical Director, commented:
"This onshore licence is a natural fit with our existing acreage
in Morocco. Loukos has significant read through from the
prospectivity we see offshore, with a common geological setting
extending from our Lixus licence and the onshore operating
environment offering a significantly lower cost development and an
attractively priced domestic industrial market ready to serve. The
Company has already high-graded a range of targets on the 3D
seismic data set, and further to our recent fundraise we plan to
drill near-term to look to accelerate the supply of gas directly to
domestic industries through various routes, including leveraging
our new partnership with Vivo Energy.
In securing the Loukos licence, we have continued to build on
our unique position within a basin-scale opportunity and we are
committed to developing this asset as quickly as possible."
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014, as retained in the UK
pursuant to S3 of the European Union (Withdrawal) Act 2018.
Enquiries
Chariot Limited
Adonis Pouroulis, CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
Cenkos Securities Plc (Nomad and Joint Broker)
Derrick Lee, Adam Rae + 44 (0)20 7397 8900
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart, Ashton Clanfield +44 (0) 20 7710 7760
Celicourt Communications (Financial PR)
Mark Antelme, Jimmy Lea +44 (0)20 8434 2754
NOTES FOR EDITORS:
About Chariot
Chariot is an Africa focused transitional energy group with
three business streams, Transitional Gas, Transitional Power and
Green Hydrogen.
Chariot Transitional Gas is focused on a high value, low risk
gas development project offshore Morocco in a fast-growing emerging
economy with a clear route to early monetisation, delivery of free
cashflow and material exploration upside.
Chariot Transitional Power is focused on providing competitive,
sustainable and reliable energy and water solutions across the
continent through building, generating and trading renewable
power.
Chariot Green Hydrogen is partnering with Total Eren and the
Government of Mauritania on the potential development of a 10GW
green hydrogen project, named Project Nour.
The ordinary shares of Chariot Limited are admitted to trading
on the AIM under the symbol 'CHAR'.
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END
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