The British energy transition company focused on Africa, Chariot, has just announced its final audited results for the financial year ending December 31, 2023. In Morocco, the company is delighted with the multiple achievements brilliantly accomplished. Details.
“ Since our last results, we have made progress across all assets across our natural gas, renewables and green hydrogen pillars and, importantly, we have further de-risked every division of the business. In Morocco, we have secured a highly experienced partner for our Anchois offshore gas project, acquired new land and successfully drilled in the contiguous Loukos onshore license“, underlined Adonis Pouroulis, CEO of Chariot.
And to add: “ We have significantly increased our exposure to renewable energy generation and electricity trading in South Africa, advanced our financing and development plans for our energy business and advanced our green hydrogen projects in Mauritania and Morocco“.
Several major events have marked gas projects both offshore and onshore in Morocco in 2023, the company indicated. Regarding transitional offshore gas, various essential steps have been accomplished. This includes finalizing the engineering design for the Anchois project in the Lixus license, as well as establishing a partnership with Vivo Energy for the development of an industrial gas market.
The approval of the environmental impact assessment for the Anchois project, the partnerships concluded with Energean plc regarding the Lixus and Rissana licenses, and the conclusion of drilling contracts with Stena Drilling for the vessel Stena Forth, were milestones significant, according to the Chariot press release.
On the Onshore side, 2023 saw the award of the Loukos license, followed by the approval of the environmental impact assessment for drilling and construction activities on Loukos. An initial drilling campaign was successfully undertaken in May 2024, confirming the quality of the reservoir during the drilling of the RZK-1 well on the Gaufrette prospect and the discovery of gas during the drilling of the OBA-1 well on the Dartois prospect .
In terms of green hydrogen, Chariot mentioned the extended partnership agreements with Mohammed Vi Polytechnic University (UM6P) and Oort Energy for proof of concept projects in Morocco.
As for the financial plan, the successful financial placement and high-demand public offering successfully raised 19.1 million US dollars in June 2023, the company said. Additionally, the cash position stood at US$6.0 million at the close of the financial year, while in April 2024 an amount of US$10 million was collected upon conclusion of the agreement with Energean.
“ We are excited about the ongoing activities and upcoming catalysts with our future plans for Loukos, drilling at Anchois in August and moving into the next phases of evolution for energy and hydrogen. Going forward, we are focused on generating short-term cash flow from our gas business with our primary ambition to return capital to shareholders from these revenues.“, concluded the boss of Chariot.
