Drilling Rig Contract Award

RNS Number : 8997K

Chariot Limited

07 September 2021

 

7 September 2021

Chariot Limited  

("Chariot", the "Company")

Drilling Rig Contract Award

Moroccan gas appraisal well planned for December 2021

Chariot (AIM: CHAR), the Africa focused transitional energy company, is pleased to announce that it has signed a contract with Stena Drilling, one of the world's foremost independent drilling contractors, to use its Stena Don drilling rig for the planned Anchois gas appraisal well within the Lixus licence, offshore Morocco.

· Drilling operations anticipated to commence in December 2021 and are expected to take up to approximately 40 days.

· Stena Don is a semi-submersible rig, suitable for drilling, completion, and workover operations. Further information can be found at https://www.stena-drilling.com/our-fleet/stena-don/

· Appraisal drilling objectives:

o  Unlock the development of the discovered sands by confirming the gas resource volumes, reservoir quality and well productivity.

o  Provide a future production well for the development of the field.

o  Potentially deepen the well into additional low-risk prospective sands with the aim of establishing a larger resource base for longer term growth.

Adonis Pouroulis, Acting CEO of Chariot, commented:

"The signing of this contract is an important moment in our planned drilling campaign for the Lixus Licence, offshore Morocco. We anticipate drilling commencing in December, with the well expected to take up to 40 days to drill. As a team, we have been keenly focused on delivering the drilling campaign that we recently raised money for, and we are pleased that this contract award brings us a step closer to achieving this. We look forward to keeping our stakeholders appraised we get closer to the spud date."

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.

For further information please contact:

Chariot Limited Adonis Pouroulis, Acting CEO Julian Maurice-Williams, CFO	[phone]
finnCap  (Nominated Adviser and Joint Broker) Christopher Raggett, Simon Hicks, Edward Whiley	[phone]
Peel Hunt (Joint Broker) Richard Crichton, David McKeown	[phone]
Celicourt Communications  (Financial PR) Mark Antelme, Jimmy Lea	[phone]

NOTES FOR EDITORS:

About Chariot

Chariot is an African focused transitional energy group with two business streams, Transitional Gas and Power.

Chariot Transitional Gas is a high value, low risk gas development project with strong ESG credentials in a fast-growing emerging economy with a clear route to early monetisation, delivery of free cashflow and material exploration upside. Chariot Transitional Power, looking to transform the energy market for mining operations in Africa, providing a giant largely untapped market with cleaner, sustainable, and more reliable power.

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

 

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