TIDMCHAR
RNS Number : 2161S
Chariot Limited
08 March 2023
8 March 2023
Chariot Limited
("Chariot", the "Company")
Completion of Engineering and Design for Morocco Offshore Gas
Development Project
Progressing the Anchois development to deliver first gas
Chariot Limited (AIM: CHAR), the Africa focused transitional
energy company, is pleased to announce that it has now completed
the Front-End Engineering and Design ("FEED") on the key components
of its flagship Anchois gas development project ("Anchois"),
offshore Morocco. The Anchois gas field is located within the Lixus
Offshore licence area ("Lixus"), in which Chariot holds a 75%
interest and operatorship, alongside ONHYM which holds a 25%
interest.
-- The FEED for the Anchois development was initiated in June
2022. In conjunction with the subsurface development studies, this
work confirms the individual components of the initial development,
which includes:
o Three initial subsea producer wells, including the Anchois-2
well drilled by Chariot in 2022, with multi zone completions to
enable gas recovery across multiple stacked sands;
o Subsea infrastructure ("SURF" and "SPS") capable of delivering
produced hydrocarbons from the wells to the onshore facilities via
a subsea flowline and controlling the wells via an umbilical, with
future expansion capabilities to tie-back additional wells;
o Onshore central processing facility ("CPF") to process the
hydrocarbons and to deliver treated gas and condensate to market,
with an initial capacity of 105 mmscfd; and
o Onshore gas pipeline to deliver the gas to the anchor gas
offtakers via the Maghreb Europe Gas Pipeline ("GME"), for which a
tie-in agreement has already been signed.
-- Engineering, Procurement and Construction ("EPC") commercial
proposals have now been requested.
-- In addition to the FEED, other technical work has been
progressing in parallel, in the lead up to development sanction,
including:
o Environmental, Social Impact Assessment ("ESIA"), for which
onshore and offshore environmental baseline surveys ("EBS") have
already been conducted;
o Field Development Plan ("FDP") is being finalised by the Lixus
joint venture partnership to enable the award of the production
concession;
o Development drilling planning is ongoing which can further
evaluate the potential of an additional 754 Bcf of 2U prospective
gas resources for minimal additional cost. The targets identified
have an independently assessed geological chance of success ("Pg")
ranging from 49-61%.
Adonis Pouroulis, Chief Executive Officer, commented:
"We have made excellent progress across all aspects of our
planned development for Anchois and detailed discussions on
partnering, gas sales agreements and project finance continue
concurrently as we move towards Final Investment Decision.
"The conclusion of the FEED stage, largely performed by the
Subsea Integration Alliance ('SIA'), is an important step in
defining the initial development plan to deliver gas to our anchor
customers. In conjunction with the Field Development Plan and
Environmental and Social Impact Assessment work completed to date,
we have further cemented the viability and commercial potential of
the development, founded upon its excellent reservoir and gas
properties, favourable location with regards to existing
infrastructure and the opportunity to leverage off existing,
conventional technology. We remain fully focused on taking the
Anchois project to first gas in a way that can continually grow the
resource and project scale and help unlock the basin scale
potential that we see across our licence area."
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, CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
Cenkos Securities Plc (Nomad and Joint Broker)
Derrick Lee, Adam Rae + 44 (0)20 7397 8900
Stifel Nicolaus Europe Limited (Joint Broker)
Callum Stewart, Ashton Clanfield +44 (0) 20 7710 7760
Celicourt Communications (Financial PR)
Mark Antelme, Jimmy Lea +44 (0)20 8434 2754
NOTES FOR EDITORS:
About Chariot
Chariot is an Africa focused transitional energy group with
three business streams, Transitional Gas, Transitional Power and
Green Hydrogen.
Chariot Transitional Gas is focused on a high value, low risk
gas development project offshore Morocco in a fast-growing emerging
economy with a clear route to early monetisation, delivery of free
cashflow and material exploration upside.
Chariot Transitional Power is focused on providing competitive,
sustainable and reliable energy and water solutions across the
continent through building, generating and trading renewable
power.
Chariot Green Hydrogen is partnering with Total Eren and the
Government of Mauritania on the potential development of a 10GW
green hydrogen project, named Project Nour.
The ordinary shares of Chariot Limited are admitted to trading
on the AIM under the symbol 'CHAR'.
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