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On 2 May 2024, Chariot Limited commenced drilling operations at the Loukos Onshore licence in Morocco, spudding the RZK-1 well on the Gaufrette prospect. Chariot operates the licence with a 75% interest alongside ONHYM's 25%. The Gaufrette Main target has Best Estimate recoverable prospective resources of 10 Bcf, with other geologically linked prospects in the Gaufrette area having combined Best Estimate recoverable prospective resources of 26 Bcf.
| Date | 2 May 2024 |
| Time | 11:00:00 |
| Category | Corporate updates |
| ID | 0166N |
2 May 2024
Chariot Limited
("Chariot", the "Company")
Commencement of Drilling Operations Onshore Morocco
Chariot Limited (AIM: CHAR), the Africa focused transitional energy group, is pleased to announce that drilling operations have commenced at the Loukos Onshore licence ("Loukos") onshore Morocco (Chariot, Operator 75%, ONHYM, 25%) with the spud of the RZK-1 well on the Gaufrette prospect.
· Gaufrette Main target has Best Estimate recoverable prospective resources of 10 Bcf
· Option to penetrate a deeper target identified on newly reprocessed 3D seismic data
· Strong read through for other geologically linked prospects in the Gaufrette area with success potentially unlocking combined Best Estimate recoverable prospective resources of 26 Bcf
· Results will be announced on completion of drilling
Duncan Wallace, Technical Director of Chariot commented:
"We are very pleased to commence this onshore campaign, kicking off the first of our exciting drilling operations for Chariot this year. We also continue to work up the prospectivity across this acreage as we see significant upside both in the vicinity of our high graded well locations and beyond. I would like to thank our operational team for their hard work and efforts in getting this drilling underway within ten months of licence award and ONHYM for their ongoing support and partnership. We look forward to providing an update on the results in due course."
Enquiries
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Chariot Limited Adonis Pouroulis, CEO Julian Maurice-Williams, CFO |
+44 (0)20 7318 0450
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Cavendish Capital Markets Limited (Nomad and Joint Broker) Derrick Lee, Adam Rae
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+44 (0)131 220 9778 |
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Stifel Nicolaus Europe Limited (Joint Broker) Callum Stewart, Ashton Clanfield |
+44 (0) 20 7710 7760 |
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Celicourt Communications (Financial PR) Mark Antelme, Jimmy Lea |
+44 (0) 20 7770 6424 |
NOTES FOR EDITORS:
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, low risk 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