Chariot fully focused on executing core objectives, Anchois gas project continues to progress

© Reuters. Chariot fully focused on executing core objectives, Anchois gas project continues to progress

Proactive Investors - Chariot Ltd (LON:CHARC) told investors, in its interim results statement, that it is fully focused on executing its core objectives “to de-risk the business, enable further growth and deliver near-term production”.

The company, today, highlighted progress with the Anchois gas development project in Morocco, where the front-end engineering and design (FEED) phase was recently completed.

It said there’s been ‘progress across all development workstreams, including the project environmental social impact assessment (ESIA) and submission of the necessary documentation into the approval process in Morocco.

Negotiations are meanwhile underway for partnering at Anchois, and, the broader Lixus and Rissana licences. These talks are “in the final stages”, it added.

Besides the field development, the company also noted progress with a Moroccan domestic gas-to-industry venture alongside Vivo Energy, and, that the company had secured the Loukos licence onshore.

Loukos is described as a “fast-track drilling project” with an opportunity for near-term production.

Separately, the company’s transitional power division is advancing key three renewable power projects alongside TotalEnergies (LON:TTEF) in Africa (South Africa, Zimbabwe, and Zambia).

The division is also pushing forward a solar project at IAMGOLD's gold mine in Burkina Faso, which “continues to perform well”.

This business unit was further complemented in the period with the acquisition of a water desalination business in Djibouti.

In Green Hydrogen, Chariot is also partnered with TotalEnergies and is advancing a ‘proof of concept’ project in Morocco.

"We continued to progress all workstreams across the business throughout the period and further enhanced our portfolio with the award of the Loukos licence onshore Morocco and the acquisition of our water desalination business. In each pillar of transitional gas, renewable power and green hydrogen, we have the opportunity to deliver a range of tangible benefits and drive real value,” said chief executive Adonis Pouroulis.

“Long term scalability is a shared theme across all of our projects, but we are fully focused on executing our core objectives to de-risk the business, enable further growth and deliver near term production."

In terms of financials, the company told investors it ended the half year to 30 June with US$2.7 million of cash which was subsequently bolstered with a US$19 million oversubscribed raise in July.

The company noted that it remains debt free.

For the six month period, the growth company reported a US$7.68 million loss.

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