Chariot Limited recently announced its financial results for the year 2023. On this occasion, Adonis Pouroulis, its CEO, shared detailed information on the progress made and future plans of the company, with a focus on the activities at Morocco.
Chariot has made notable advances in the natural gas sector in Morocco. The company has entered into a strategic partnership with Energean plc for the development of the Lixus and Rissana offshore licenses. This agreement allows Chariot to benefit from substantial financial support and valuable technical expertise to carry out its projects. “The completion of this agreement marks an important milestone for Chariot, and we are delighted to have Energean as a partner. This partnership will allow us to maximize the potential of our gas discoveries and progress towards production,” said Adonis Pouroulis.
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At the same time, Chariot obtained an additional permit for the Loukos Onshore license and carried out an initial drilling campaign which concluded successfully in May 2024. The discovery of gas on the Dartois prospect, thanks to the OBA-1 well, constitutes a key step for the company. “This discovery confirms our confidence in the potential of the Loukos license and paves the way for rapid commercialization of the gas, which is crucial for generating revenues,” underlined the CEO.
Focus on rapid income generation
Pouroulis emphasized the importance of rapid revenue generation through Chariot’s gas activities. “Our priority is to bring our assets into production as quickly as possible to generate cash flow and redistribute capital to our shareholders. Morocco, with its rapidly growing economy and increasing energy demand, provides an environment conducive to the rapid commercialization of gas,” he explained.
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Chariot plans to drill an appraisal and development well on the Anchois field in the third quarter of 2024. This step is crucial to increasing gas resources and moving towards a final investment decision. “The planned drilling at the Anchois field is essential to strengthen our position in Morocco and accelerate our entry into production,” added Pouroulis.
Expansion into renewable energy and green hydrogen
In addition to natural gas, Chariot has also made progress in renewable energy and green hydrogen. In South Africa, the company has increased its participation in electricity trading through Etana Energy and is continuing to develop solar and wind power generation projects. In Mauritania, Chariot is moving forward on the Nour project, a 10 GW green hydrogen project, in partnership with TEH2. “We see immense potential in green hydrogen, and the Nour project could play a crucial role in Mauritania’s energy transition,” said Pouroulis.
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In Morocco, Chariot is collaborating with Mohammed VI Polytechnic University and Oort Energy on green hydrogen pilot projects. “Morocco is a key country for our green hydrogen strategy, and we are working closely with our local partners to develop this sector,” he said.
