Chariot Limited

Chariot announces that Andrew Hockey, current NED, has been appointed to the role of Non-Executive Chairman. Andrew succeeds George Canjar, who has retired from the Board, with both changes taking effect immediately. The full announcement can be found here: https://lnkd.in/ehYxVrVk   Adonis Pouroulis, CEO of Chariot, commented: “I would like to thank George for all his wise counsel and support during his time on the Board. As Chairman he helped steer the Company through some critical times and we very much appreciate the significant contributions he made throughout his tenure. He will be a missed member of the team and we wish him well with his retirement.   We continue to make good progress with our Transitional Power financing, our new venture opportunity and we are pursuing various funding avenues for our Green Hydrogen business. We are also working alongside our partners to determine the next steps for Chariot’s gas business and we will provide further updates on this in due course. As we set out in our interim results, we are looking to preserve capital and have already taken steps to reduce costs where appropriate whilst we consider our forward work programmes.”

Chariot today announces its unaudited interim results for the six-month period ended 30 June 2024. The full announcement can be found here: https://lnkd.in/eHwfnpEG Adonis Pouroulis, CEO of Chariot commented: "We are providing an update on our Interim results today, but the main news recently has been around the drilling campaign offshore Morocco. As reported, the preliminary results of the Anchois-3 well did not deliver as expected. Post-well analysis is now underway and we will collaborate with our joint venture partners to determine the forward plan for the project. We still see a lot of potential within the Anchois field and the wider licence area, across Lixus and Rissana, and these drilling results need to be further analysed and incorporated into our understanding of the area.   Alongside this work, we continue to unlock the value of the other projects in our portfolio. We are making good progress on the financing of the Transitional Power business in South Africa, we have the onshore Loukos licence in Morocco, Project Nour and the electrolyser project in our Green Hydrogen pillar as well as the new venture opportunity.   The unexpected Anchois-3 well results have clearly had a significant impact on our share price therefore we have decided to take stock and consider our next steps with the project. We will provide further updates on forward plans across the business as soon as we are able to."

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Chariot was pleased to host its AGM today in London. All resolutions were duly passed and the presentation used will be available on the Company’s website shortly.

Chariot announces that the Stena Forth drillship has arrived on location & drilling operations have commenced on the Anchois East well (now named “Anchois-3”).   Adonis Pouroulis, CEO of Chariot, commented: “We are very pleased to commence this highly anticipated well at the Anchois gas field. We see significant upside potential and value from the prospective resources in the pilot hole and main hole targets which could increase the resource base to over 1Tcf and we look forward, on success, to moving towards a Final Investment Decision as quickly as possible. I’d like to thank the team for all their hard work across the planning, logistics and well design requirements to date and we look forward to providing further updates as we progress through the operational phases of this campaign.”   The full announcement can be found here: https://lnkd.in/eyhMYWb7 #CHAR #ChariotEnergy #Morocco

Chariot announces that it has received a take-up of 197% of the Open Offer Shares available, resulting in a significantly oversubscribed Open Offer, which has conditionally raised total gross proceeds of ca.$2m.   Julian Maurice-Williams, CFO of Chariot, commented: “We are grateful to our shareholders for their considerable support, which has enabled Chariot to deliver a further $2 million via this significantly oversubscribed Open Offer, bringing the total fundraise to $9 million gross. This is an exciting period for the Company, and we look forward to updating all our stakeholders on the imminent drilling campaign at Anchois, alongside progress across the wider Group, over the coming months.”   The full announcement can be found here: https://lnkd.in/e_KtSjte

#CHAR is pleased to share that Etana Energy has secured a deal with Tharisa which will see its mine, situated in the Bushveld Complex, South Africa, provided with wheeled #renewableenergy. 44% of Tharisa Mine's electricity energy demand will be met via energy from #wind and #solar farms using the existing transmission grid. This will supplement the energy produced by the mine's 40MW solar power plant being developed by TotalEnergies and Chariot's Transitional Power business.

Chariot’s Management will conduct an investor presentation via Investor Meet Company at 11am UK on 24 July. The presentation is open to all existing and potential shareholders & questions can be submitted during the presentation. Sign up and register here: https://lnkd.in/d2F5HAh

Chariot is pleased to announce that it has successfully raised net proceeds of $6.4m by way of an oversubscribed Placing and Subscription. Chariot plans to raise up to a further $2m via an Open Offer, the details of which can be found here: https://lnkd.in/eh-VrJWG

Pierre Raillard, Morocco MD, spoke with Proactive about the Heads of Terms agreement Chariot has signed with Vivo Energy. https://lnkd.in/e3E7wmPx