RNS Number : 0166N
Chariot Limited
02 May 2024
 

 

A close-up of a logo Description automatically generated

 

2 May 2024

 

Chariot Limited

 

("Chariot", the "Company")

 

Commencement of Drilling Operations Onshore Morocco

 

Chariot Limited (AIM: CHAR), the Africa focused transitional energy group, is pleased to announce that drilling operations have commenced at the Loukos Onshore licence ("Loukos") 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."

 

Enquiries

 

Chariot Limited

Adonis Pouroulis, CEO

Julian Maurice-Williams, CFO

+44 (0)20 7318 0450

 

 

Cavendish Capital Markets Limited (Nomad and Joint Broker)

Derrick Lee, Adam Rae

 

 

+44 (0)131 220 9778

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 7770 6424

 

NOTES FOR EDITORS:

 

About Chariot

 

Chariot is an Africa focused transitional energy group with three business streams, Transitional Gas, Transitional Power and Green Hydrogen.

 

Chariot Transitional Gas is focused on high value, low risk gas development projects in Morocco, a fast-growing emerging economy, with a clear route to early monetisation, delivery of free cashflow and material exploration upside.

 

Chariot Transitional Power is focused on providing competitive, sustainable and reliable energy and water solutions across the continent through building, generating and trading renewable power.

 

Chariot Green Hydrogen is partnering with TEH2 (80% owned by TotalEnergies, 20% by the EREN Group) and the Government of Mauritania on the potential development of a 10GW green hydrogen project, Project Nour in Mauritania, and are progressing pilot projects in Morocco.

 

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

 

https://chariotenergygroup.com

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
UPDEANSAESALEEA