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Chariot Oil Signs Collaboration Agreement with Subsea Integration Alliance

Source: www.gulfoilandgas.com 2/22/2021, Location: Africa

Chariot Oil & Gas Limited (CHAR), the Africa focused transition energy company, is pleased to announce that it has signed a Collaboration Agreement with Subsea Integration Alliance to work together to enable the front-end design, engineering, procurement, construction, installation and operation of the Anchois Gas Development project in Morocco. Subsea Integration Alliance is a nonincorporated strategic global alliance between Subsea 7 and OneSubsea®, the subsea technologies, production, and processing systems division of Schlumberger.

Chariot and Subsea Integration Alliance will adopt a “One-team”, integrated and collaborative approach to safely fast-track first gas to maximize the return on investment.

The scope of the Agreement covers:
- Front-end engineering support and engineering design work.
- Engineering, procurement, construction, installation, pre-commissioning and commissioning work.
- Operations and maintenance of the facilities.
- Commitment to ESG and the importance of contributing to social development through the creation of direct and indirect jobs in Morocco.

Stuart Fitzgerald, CEO, Subsea Integration Alliance commented:
"We are pleased to be starting a journey with Chariot on the exciting Anchois gas development in Morocco. We believe the Subsea Integration Alliance “One-team” collaboration with Chariot will help unlock the planning and execution of the development and uncover the true value of the project for all stakeholders.”

Adonis Pouroulis, Acting CEO, Chariot Oil & Gas Limited commented:
"This Collaboration Agreement with Subsea Integration Alliance further endorses our view that the Anchois development is a high value project. With the recent announcement on potential project finance, Chariot is clearly showing that it is delivering on what it said it would do, namely, advancing the commerciality of the Lixus asset and generating value to shareholders in the process.

We believe that 2021 will be an exciting year for the business, as we look to commence with our operational plans at Anchois and further enhance our portfolio to include other commercial opportunities along the theme of energy transition. We look forward to keeping our investors updated on progress with these initiatives over the coming months.”

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