TIDMCHAR
RNS Number : 8032P
Chariot Oil & Gas Ld
22 February 2021
22 February 2021
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Collaboration Agreement with Subsea Integration Alliance
Fast-Tracking Development of Value Accretive Anchois Gas
Project
Chariot Oil & Gas Limited (AIM: CHAR), the Africa focused
transition energy company, is pleased to announce that it has
signed a Collaboration Agreement ("Agreement") with Subsea
Integration Alliance to work together to enable the front-end
design, engineering, procurement, construction, installation and
operation of the Anchois Gas Development project in Morocco. Subsea
Integration Alliance is a nonincorporated strategic global alliance
between Subsea 7 and OneSubsea(R) , the subsea technologies,
production, and processing systems division of Schlumberger.
Chariot and Subsea Integration Alliance will adopt a "One-team",
integrated and collaborative approach to safely fast-track first
gas to maximise the return on investment.
The scope of the Agreement covers:
-- Front-end engineering support and engineering design work.
-- Engineering, procurement, construction, installation,
pre-commissioning and commissioning work.
-- Operations and maintenance of the facilities.
-- Commitment to ESG and the importance of contributing to
social development through the creation of direct and indirect jobs
in Morocco.
Stuart Fitzgerald, CEO, Subsea Integration Alliance
commented:
"We are pleased to be starting a journey with Chariot on the
exciting Anchois gas development in Morocco. We believe the Subsea
Integration Alliance "One-team" collaboration with Chariot will
help unlock the planning and execution of the development and
uncover the true value of the project for all stakeholders."
Adonis Pouroulis, Acting CEO, Chariot Oil & Gas Limited
commented:
"This Collaboration Agreement with Subsea Integration Alliance
further endorses our view that the Anchois development is a high
value project. With the recent announcement on potential project
finance, Chariot is clearly showing that it is delivering on what
it said it would do, namely, advancing the commerciality of the
Lixus asset and generating value to shareholders in the
process.
We believe that 2021 will be an exciting year for the business,
as we look to commence with our operational plans at Anchois and
further enhance our portfolio to include other commercial
opportunities along the theme of energy transition . We look
forward to keeping our investors updated on progress with these
initiatives over the coming months ."
Further Information About Chariot
Chariot, through its wholly owned subsidiary, Chariot Oil &
Gas Holdings (Morocco) Limited, has a 75% interest and operatorship
of the Lixus Offshore Licence, Morocco ("Lixus"), in partnership
with ONHYM which holds a 25% interest.
The Lixus licence, which is on the Atlantic coast of Morocco,
just south of Spain, contains the significant Anchois gas discovery
with audited total remaining recoverable resource (2C & 2U) of
in excess of 1 Tcf. The sampled gas is 97% methane, without
impurities, and is held in high quality porous and permeable
sandstone reservoirs.
The development plan from a Pre-FEED study consists of two
subsea wells tied into a subsea manifold with a 40km offshore
flowline connected to an onshore gas processing facility, from
which a short 40km pipeline connects to the trunk pipeline to
Europe allowing access not only to the growing Moroccan energy
market but also to the European gas market.
In Q4 2020 Expression of Interest Letters to debt finance the
development were received from the African Finance Corporation
("AFC"), a pan-African Multilateral Development Financial
Institution with over US$6 billion in assets, and a major
Multinational Investment Bank.
In December 2020, the key terms of a new Moroccan licence were
negotiated which is approximately 3.5 times the area of the Lixus
licence. The Rissana Offshore licence completely surrounds the
offshore boundaries of the Lixus licence providing material
potential running room in various gas plays on-trend with the
Anchois gas discovery.
This announcement contains inside information for the purposes
of Article 7 of Regulation 596/2014.
For further information please contact:
Chariot Oil & Gas Limited
Adonis Pouroulis, Acting CEO
Julian Maurice-Williams, CFO +44 (0)20 7318 0450
finnCap (Nominated Adviser and Broker)
Christopher Raggett (Corporate Finance)
Andrew Burdis (ECM) +44 (0)20 7220 0500
Celicourt Communications (Financial PR)
Mark Antelme
Jimmy Lea +44 (0)20 8434 2754
NOTES TO EDITORS
Chariot Oil & Gas Limited is an African focused transition
energy company which holds 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. The ordinary shares of
Chariot Oil & Gas Limited are admitted to trading on the AIM
Market of the London Stock Exchange under the symbol 'CHAR' .
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