Chariot (CHAR), the Africa focused transitional energy company, announces its unaudited interim
results for the six-month period
ended 30 June 2022.
- Significant gas discovery at the Anchois-2 well offshore Morocco
- Material increase in gas resources within a basin scale opportunity
- Rissana Offshore exploration licence awarded in Morocco
- Two new renewable energy projects in development in South Africa and Zambia
- Pre-Feasibility Study (‘PFS’) completed on Project Nour in Mauritania confirming world class green hydrogen potential
- Partnership signed with Total Eren to co-develop Project Nour
- Oversubscribed Placing and Open Offer raised gross US$29.5m
Adonis Pouroulis, CEO of Chariot commented: “It is a pleasure to report on our activities in the first half of
2022, as we delivered significant progress across all areas of our business. It has been a busy time but our
focus remains on securing and developing large-scale, scalable, first-mover positions in projects that can
diversify the energy mix, potentially reduce carbon emissions, support greener industrial development and
facilitate access to affordable, accessible energy for all. In delivering this strategy, we are looking to play a
material role in the energy transition whilst creating value and generating a wide range of positive impacts for
all stakeholders. As we advance our three pillar strategy across our gas, power and hydrogen businesses, we
are building a unique position within the transitional energy space and look forward to updating all our
stakeholders on the next phases of our journey.”
Highlights during and post period
Transitional Gas: Anchois Gas Development Project
- Successful drilling campaign completed safely and on budget in January 2022.
- The Anchois-2 well reported a significant gas discovery, with
- 150m net pay confirmed across seven reservoirs
- confirmation of consistent and excellent quality dry gas composition across all reservoirs, which
should enable a conventional and common development.
- Independent assessment confirmed a significant upgrade in gas resources – increased to 1.4 Tcf in
total remaining recoverable (2C plus 2U) at the Anchois Project.
- Societe Generale appointed as financial advisor to lead the project financing.
- Front end engineering design (“FEED”) awarded to Schlumberger and Subsea7 (“Subsea Integration
Alliance”)
- Agreement with ONHYM to tie-in to the Maghreb-Europe Gas Pipeline (“GME”)
Material Upside Potential
- Anchois-2 drilling success directly de-risked a material portfolio of prospects within the Lixus licence
area.
- Rissana Offshore Licence signed in February 2022 capturing gas play extensions from the Lixus licence
and prospects from our legacy Mohammedia licence area.
- Early assessment of areas covered by 3D seismic, estimates a total 2U prospective resource in
Rissana of over 7Tcf.
Transitional Power: Renewable Energy for Mining Projects
- Partnership with Total Eren extended from January 2022 with Chariot having the right to invest up to 49%
into the co-developed mining projects.
- Two projects signed during the period and in development:
- 40MW solar PV project with Tharisa Plc to provide power to its chrome and PGM operations in
South Africa.
- Partnership with First Quantum Minerals to advance the development of a 430 MW solar and
wind power project for its copper mining operations in Zambia - one of the largest renewable
private sector energy projects in Africa.
- Building up a pipeline of African mining power projects and looking to collaborate on other renewable
transactions across the continent.
Green Hydrogen – Project Nour
- Pre-Feasibility Study (“PFS”) confirmed Mauritania is exceptionally well-placed for green hydrogen
production due to its solar and wind resources.
- Project Nour could produce some of the cheapest green hydrogen in the world.
- 50%/50% Partnership agreement signed with Total Eren to co-develop the project, progressing the indepth feasibility study and offtake options.
- Wide ranging potential benefits for domestic, infrastructure and energy industries within Mauritania.
- MoU signed with the Port of Rotterdam International, a global energy hub and Europe’s largest seaport
which represents a first step towards establishing supply chains.
- Ongoing initiatives to expand the portfolio and evaluate further green hydrogen opportunities.
Corporate
- Well capitalised business – further reinforced following a successful fundraise in June 2022.
- Cash position as at 30 June 2022 – $23.4million with no debt with minimal licence commitments.
