Chariot Limited Commencement of Drilling Operations (6585V)
December 15 2021 - 1:59AM
UK Regulatory
TIDMCHAR
RNS Number : 6585V
Chariot Limited
15 December 2021
15 December 2021
Chariot Limited
("Chariot", the "Company" or the "Group")
Commencement of Drilling Operations
Fast-tracking Moroccan offshore gas development
Chariot (AIM: CHAR), the Africa focused transitional energy
company, is pleased to announce that the Stena Don drilling rig has
now arrived on location in the Lixus licence ("Lixus"), 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 ("ONHYM") 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.
-- 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."
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 +44 (0)20 7318 0450
finnCap (Nominated Adviser and Joint Broker)
Christopher Raggett, Simon Hicks, Edward
Whiley +44 (0)20 7220 0500
Peel Hunt (Joint Broker)
Richard Crichton, David McKeown +44 (0)20 7418 8900
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 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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END
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