Chariot Limited Moroccan Gas Sales Principles Agreed (2915J)
December 12 2022 - 2:00AM
UK Regulatory
TIDMCHAR
RNS Number : 2915J
Chariot Limited
12 December 2022
12 December 2022
Chariot Limited
("Chariot" or the "Company")
Moroccan Gas Sales Principles Agreed
Long-term offtake underpins offshore gas development
Chariot Limited, the Africa focused transitional energy group
("Chariot"), is pleased to announce that along with its partner the
Office National des Hydrocarbures et des Mines ("ONHYM"), it has
agreed key principles for long term gas sales from the Anchois Gas
Project ("Anchois") with the Office National de l'Electricité et de
l'Eau Potable ("ONEE") (together the "Parties"). Anchois is located
within the Lixus Offshore licence ("Lixus"), offshore Morocco in
which Chariot holds a 75% interest and operatorship, alongside
ONHYM which holds a 25% interest.
Key principles include:
-- Sales of up to 0.6 BCM per year (c. 60 mmscf per day) on a
take or pay basis for a minimum of 10 years with gas to be
delivered via the Maghreb-Europe Gas Pipeline.
-- Secures direct, domestic supply for Morocco's existing and
potential longer term gas power plant infrastructure.
-- Framework and timetable in place to conclude the gas sales agreement ("GSA").
With the preliminary key principles now agreed, the Parties will
continue discussions regarding Anchois with a view of concluding
the binding gas sales agreement. Whilst there is no guarantee that
these principles will be turned into a fully termed GSA, the
parties are progressing with the next stage of documentation. The
Company will provide further updates as required.
Mrs Amina Benkhadra, General Director Office National des
Hydrocarbures et des Mines: commented :
" Agreeing these key principles is indicative of our commitment
to the development of the Anchois gas field. We are pleased to be
working in partnership with Chariot on this asset which has the
potential to deliver a range of benefits to the country."
Mr Abderrahim El Hafidi, General Director, Office National de
l'Electricité et de l'Eau Potable commented:
"The Anchois gas project will be an important source of domestic
natural gas that will initially feed directly into ONEE's power
plants via the Maghreb-Europe Gas Pipeline. We are interested to
conclude this sales agreement and for Anchois to continue to
progress towards production."
Adonis Pouroulis, CEO of Chariot Limited added:
"This is a notable step forward for us in our journey towards
gas production and underpins the project development plan and
financing. I would like to thank ONEE and ONYHM for their ongoing
support, and we look forward to continuing to work together to
bring this important natural gas supply onstream and into the
Moroccan market 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 African 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 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 for mining operations in Africa, by providing a giant
largely untapped market with cleaner, sustainable, and more
reliable power.
Chariot Green Hydrogen is working on feasibility studies focused
on the potential development of a 10GW project in Mauritania,
Project Nour, in partnership with the Government of Mauritania and
Total Eren. 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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END
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