2024-01-29 12:18:21
(Alliance News) – Chariot Ltd said on Monday it expects to receive several regulatory approvals soon, while expressing enthusiasm for the opportunities ahead in its energy-related businesses and hydrogen.
The Africa-focused transitional energy company said it was awaiting imminent approval on the Loukos license in Morocco for an environmental permit for up to 20 onshore well operations that would enable “effective planning for future campaigns”.
It plans to begin drilling towards the end of the first quarter of 2024.
Additionally, offshore Morocco, it anticipates regulatory approval of the partnership transaction with Energean PLC, under which Chariot would receive USD 10 million.
Last month, Energean announced an operating agreement with Chariot, which marked Energean’s first foray into Morocco.
At the time, Energean, a hydrocarbon exploration and production company focused on the Mediterranean, said the association with Chariot would involve the development and exploration of Moroccan offshore gas.
The company’s focal point is the Anchois gas field, which has gross gas resources of 18 billion cubic meters.
Adonis Pouroulis, managing director of Chariot, said on Monday: “We enter the new year with several important catalysts for the group over the coming months. By launching the drilling campaign on the Loukos license, we are focusing on exploitation of a neglected onshore basin that has near-term production potential with immediate access to industrial markets. Importantly, this asset also has a growing portfolio of follow-on opportunities that give the project scale and a significant value, at a time when the demand for industrial gas and the price of associated gas are reaching an unprecedented level.
Chariot shares rose 3.3% to 8.51 pence each on Monday followingnoon in London.
By Tom Budszus, Alliance News Editor
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