Chariot Limited - Return of Moroccan Offshore Interests

14 May 2025

Chariot Limited

("Chariot", the "Company")

Return of Moroccan Offshore Interests

Chariot regains Operatorship of Lixus and Rissana licences

Chariot Limited (AIM: CHAR), the Africa focused transitional energy group today announces that Energean plc ("Energean") has returned its Moroccan offshore interests to Chariot by completing the transfer of their wholly owned subsidiary which holds 45% and 37.5% respectively in the Lixus Offshore and Rissana Offshore licences. Chariot is now Operator and has a 75% working interest in each licence, with ONHYM retaining their 25% stake.

The Anchois gas field is located in the Lixus Offshore licence where three wells have now been drilled. The Anchois-3 well was completed in September 2024 and whilst this well did not deliver the additional volumes required to enable an expansion of the initially planned Anchois development, multiple good quality gas bearing reservoirs were found in the main B sand appraisal interval. With operatorship restored, Chariot remains committed to progressing the licence work programmes and will collaborate with ONHYM to assess and adapt the Anchois development plan based on discovered resources. Chariot will continue to assess the additional potential of the wider Lixus and Rissana licence areas and further updates will be provided in due course.

Adonis Pouroulis, CEO of Chariot, commented:

"We are pleased to have completed the transfer of these licences and regained operatorship as we see material value within our diversified Moroccan position, both offshore and onshore. The Anchois gas discovery still offers the potential for a rescaled development and our next steps are to scope this based on the core resources found in the three wells underpinned by our previous work on engineering design, environmental and regulatory approvals, project financing and gas sales. Gas market fundamentals in Morocco are robust with strong gas demand and excellent fiscal terms and we will look to work with all stakeholders, including our partner ONHYM and the Ministry of Energy Transition and Sustainable Development to advance these important domestic projects."

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.

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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 high value gas development projects in Morocco, 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 TEH2 (80% owned by TotalEnergies, 20% by the EREN Group) and the Government of Mauritania on the potential development of a 10GW green hydrogen project, Project Nour in Mauritania, and are progressing pilot projects in Morocco.

The ordinary shares of Chariot Limited are admitted to trading on the AIM under the symbol 'CHAR'. 

https://chariotenergygroup.com