Chariot announces 2022 Final Results
(Oilandgaspress) Chariot (AIM: CHAR), the Africa focused transitional energy company, today announces its audited final results for the year ended 31 December 2022.
Adonis Pouroulis, CEO commented:
“As the importance of a successful energy transition builds across the world, Chariot continues to develop a business that spans key elements of the spectrum – natural gas, renewables and green hydrogen – each of which is likely to be a critical energy source of the future. Over the past year we have delivered on a number of the core
objectives we set for ourselves across our three pillars, bringing new, exciting and value accretive opportunities into the business. Each of our projects are scalable, focused on delivering accessible, reliable and sustainable sources of power and each has the potential to become an important part of the supply chain within the countries
in which we operate. We are proud of our unique position within this sector and the part we are playing in the global energy revolution.”
Key Highlights Throughout 2022 and Post Period End.
Transitional Gas – fast tracking the Anchois development project and unlocking a new gas province in Morocco
• Significant gas discovery and drilling operations successfully completed on the Anchois Gas Development (“Anchois”) project, located in the Lixus licence, (“Lixus”) offshore Morocco.
• Post-well analysis confirmed excellent, consistent gas, delivered a material increase in resources totalling 1.4Tcf in total remaining recoverable resources (2C and 2U) and de-risked a number of high potential future targets.
• Award of Rissana Offshore licence (“Rissana”) located around Lixus captured basin scale opportunity with 2U prospective resource estimates of 7Tcf.
• Front end engineering design (“FEED”) initiated on Anchois alongside Subsea Integration Alliance (“SIA”) in June 2022 and materially completed post period end.
• Societe Generale appointed as financial advisor to project – keen interest received from a number of Moroccan, African and European banks in providing future project finance.
• Gas sales principles agreed with ONEE for up to 0.6 BCM per year (c. 60 mmscf per day) on a take or pay basis for a minimum of 10 years – discussions are ongoing with other offtake parties and negotiations progressing well.
• Pipeline tie-in agreement for the Maghreb-Europe Gas Pipeline (“GME”) signed, underlining strategic proximity of Anchois to domestic and international market.
• Partnership agreed with Vivo Energy to develop a gas-to-industry market in Morocco – further commercialises future production.
• Competitive partnering process well advanced on Anchois. Transitional Power – providing reliable renewable energy solutions across Africa
• Partnership with Total Eren extended from January 2022 with Chariot having the right to invest up to 49% into the co-developed mining projects.
• Over 500 MW added to the mining pipeline over the past year in partnership with Total Eren: o Development of a 40 MW photovoltaic solar project at the Tharisa platinum mine in South Africa, o Partnership with First Quantum to develop a 430 MW solar and wind project in Zambia.
o Development of a 30 MW solar plant at Karo Mining’s platinum mine in Zimbabwe.
• Diversification through shareholding in Etana Energy (Pty) Ltd (“Etana”) – an active joint venture company (“JV”) which holds one of only three electricity trading licences in South Africa. The JV provides access to transmit, trade and re-trade energy through national grid and unlocks future participation in further renewable projects.
• Acquisition of renewable water production business, owned by ENEO Water PTE Limited (“ENEO”), in response to increasing water scarcity in Africa and as a complementary fit for both the Transitional Power and Green Hydrogen pillars; first project in Djibouti has now been commissioned. Green Hydrogen – developing a critical energy source of the future
• Pre-Feasibility study completed on Project Nour in Mauritania confirms project’s world class potential.
• Total Eren announced as partner to co-develop Nour and progress offtake and feasibility studies.
• Memorandum of understanding signed with the Port of Rotterdam to establish early import supply chains into the European market.
• Pilot projects signed in Morocco with Mohammed VI Polytechnic (“UM6P”) and Oort Energy to evaluate large scale green hydrogen production in country.
• Other green hydrogen projects under evaluation with plans to further expand portfolio in Africa. Corporate
• Placing and oversubscribed open offer successfully raised $29.5m in June 2022.
• Cash of $12.1 million as at 31 December 2022 with no debt and minimal remaining work commitments.
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.
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