TIDMCHAR
RNS Number : 3859P
Chariot Limited
20 June 2022
20 June 2022
Chariot Limited
("Chariot" or the "Company")
Chariot Awards Front-End Engineering and Design Contract
for the Development of Anchois Gas Project
Fast-tracking gas development offshore Morocco
Chariot (AIM: CHAR), the African focused transitional energy
company, is pleased to announce that it has signed a front-end
engineering and design ("FEED") agreement ("Agreement") with
Schlumberger and Subsea 7, as part of a consortium, for the Anchois
gas development project in Morocco. Chariot, Schlumberger, and
Subsea 7 will continue to adopt a "one-team" integrated and
collaborative approach to safely fast-track first gas to maximise
the return on investment.
The scope of the Agreement covers:
-- Front-end engineering support and design work for the Anchois
gas development, incorporating:
o offshore components including well completions, subsea
production systems ("SPS"), and subsea umbilicals, risers, and
flowlines ("SURF") that will be delivered by Subsea Integration
Alliance, and
o onshore components including a central processing facility
("CPF") and flowlines and controls from the CPF to the shore
crossing that will be delivered by Schlumberger.
-- Generation of deliverables, such as engineering, procurement,
construction, installation, and commissioning ("EPCIC") costs and
schedules, required prior to final investment decisions
("FID").
-- Opportunity for Chariot to directly-source EPCIC services
with Schlumberger and Subsea 7 for the field development and
operations and maintenance ("O&M") of the facilities during
commissioning and the early production phase.
-- Commitment to environmental, social, and governance ("ESG"),
minimising emissions and contributing to social development through
the creation of direct and indirect jobs in Morocco.
Beyond this Agreement, Chariot is managing the additional FEED
scopes required for the development, including well construction
and onshore infrastructure, including fixed pipelines, to deliver
gas to customers.
Olivier Blaringhem, CEO, Subsea Integration Alliance,
commented:
"We are delighted to work with Chariot on this FEED project. We
remain fully aligned with their objectives and will build upon the
work undertaken to date to optimise the design and development of
the Anchois Gas Project. We look forward to playing a key role in
bringing this project to fruition."
Adonis Pouroulis, Acting CEO, Chariot Limited, commented:
"Signing this agreement with Schlumberger and Subsea 7 is
further evidence that we have accelerated development plans for the
Anchois Gas Project, a key tenet of our recent fundraising. It is a
pleasure to work closely with both companies on this integrated
design phase, to benefit from their experience in working on
several similar projects globally, and to leverage their
standardised technology which is directly applicable to the Anchois
development.
We look forward to building on this relationship and to realise
the benefits of an integrated project execution. Reduced
interfaces, fewer contingencies, and strong leverage over
procurement and the offshore construction schedule will help
shorten time to first gas. This streamlined approach will benefit
all stakeholders which is a key objective of fast-tracking the
project towards cashflow."
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, Acting CEO +44 (0)20 7318
Julian Maurice-Williams, CFO 0450
Cenkos Securities Plc (Nomad and Joint Broker) +44 (0)20 7397
Derrick Lee, Adam Rae (Corporate Finance) 8900
Peel Hunt (Joint Broker) +44 (0) 20 7894
Richard Crichton, David McKeown 7000
Celicourt Communications (Financial PR) +44 (0)20 8434
Mark Antelme, Jimmy Lea 2754
About Chariot
Chariot is an African focused transitional energy group with two
business streams, Transitional Gas and Transitional Power.
Chariot Transitional Gas is focussed 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, looking to
transform the energy market for mining operations in Africa,
providing a giant largely untapped market with cleaner,
sustainable, and more reliable power. Chariot is also partnering
with the Government of Mauritania on the potential development of a
10GW green hydrogen project, Project Nour.
The ordinary shares of Chariot Limited are admitted to trading
on the AIM under the symbol 'CHAR'.
About Subsea Integration Alliance
Subsea Integration Alliance is a non-incorporated strategic
global alliance between Subsea 7 and OneSubsea(R), the subsea
technologies, production, and processing systems business of
Schlumberger, bringing together field development planning, project
delivery and total lifecycle solutions under an extensive
technology and services portfolio. As one team, Subsea Integration
Alliance amplifies subsea performance by helping customers to
select, design, deliver and operate the smartest subsea projects.
This eliminates costly revisions, avoids delays and reduces risk
across the life of field. For more information, visit
www.subseaintegrationalliance.com.
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