Sep 28, 2021

Chariot says on-track to start drilling at Anchois well in December The company continues to advance its gas project offshore Morocco and, separately, its pipeline of renewable energy opportunities in Africa Chariot Ltd ( AIM:CHAR , OTC:OIGLF , FRA:C62 ) said it is on-track to start drilling at the Anchois project, offshore Morocco, in December. This is a key step in monetising the Anchois gas development project, the African focused transitional energy group said as it released interim results for 2021. The Stena Don rig is contracted to the project and last week the company signed up Halliburton for well services. Anchois is one of two diversified streams of work for the company, the other being the recently acquired Africa Energy Management Platform (AEMP) which brings a pipeline of renewable energy projects that support mining projects. "We have achieved significant progress in the first half of the year as we aim to deliver on the strategy in place across our two business streams,” said acting chief executive Adonis Pouroulis. “The acquisition of AEMP has brought a pipeline of high-value accretive clean energy investment opportunities and we are making great strides in our relationship with Total Eren to bring these projects to investment stage. “We are on track for drilling operations to commence in December 2021 and look forward to an exciting period of newsflow from our Moroccan operations and across the wider group with the progression of our exciting new power business stream." Chariot said the AEMP acquisition met Chariot’s key environmental, social and corporate governance (ESG) values of positively impacting the environment, countries, and communities. AEMP has agreements in place to take up to 15% project equity in projects developed in strategic partnership with Total Eren and has a pipeline comprising 500 megawatts of power projects supporting mining operations. The first venture is at IAMGOLD’s Essakane mine in Burkina Faso and it is set to be the largest hybrid solar plant in Africa, providing revenues and proof of concept to the business. Separately, the company has exclusivity over an onshore and offshore area in Mauritania for which it will pursue pre-feasibility and feasibility studies for solar and wind, to power an electrolysis plant to yield green hydrogen and oxygen. The team continues to evaluate new opportunities that play to its strengths as energy professionals with long-standing presence and experience across Africa, the company highlighted. In terms of financials, the company confirmed it ended June with a healthy cash balance of US$18mln and it is free of debt. The junior energy company reported a US$2.01mln loss for the six month period, including US$1.65mln of administrative expenses. Quick facts: Chariot Ltd