Signing of Rissana Offshore Licence, Morocco

RNS Number : 9387C

Chariot Limited

28 February 2022

 

28 February 2022

Chariot Limited  

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

Signing of Rissana Offshore Licence, Morocco

Capturing prospective acreage around significant gas discovery

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

· 75% interest and operatorship of the Rissana licence awarded to a wholly owned subsidiary of Chariot Limited in partnership with the Office National des Hydrocarbures et des Mines ("ONHYM") which will hold a 25% interest.

· Rissana (approximate area 8,489 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 announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014, as retained in the UK pursuant to S3 of the European Union (Withdrawal) Act 2018.

For further information please contact:

Chariot Limited Adonis Pouroulis, Acting CEO Julian Maurice-Williams, CFO	[phone]
Cenkos Securities Plc (Nomad & Joint Broker) Derrick Lee, Adam Rae	[phone]
Peel Hunt (Joint Broker) Richard Crichton, David McKeown	[phone]
Celicourt Communications  (Financial PR) Mark Antelme, Jimmy Lea	[phone]

NOTES FOR EDITORS:

About Chariot

Chariot is an African focused transitional energy group with two business streams, Transitional Gas and Power.

Chariot Transitional Gas is a high value, low risk gas development project with strong ESG credentials in a fast-growing emerging economy with a clear route to early monetisation, delivery of free cashflow and material exploration upside. Chariot Transitional Power, looking to transform the energy market for mining operations in Africa, providing a giant largely untapped market with cleaner, sustainable, and more reliable power. Additionally in September 2021, Chariot announced its partnership with the Government of Mauritania for the potential development of a large-scale green hydrogen project.

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

 

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