TIDMCHAR
RNS Number : 7439Q
Chariot Oil & Gas Ld
02 March 2021
2 March 2021
Chariot Oil & Gas Limited
("Chariot", the "Company" or the "Group")
Gas Market Memorandum of Understanding Signed in Morocco
Moroccan Government Support for Value Accretive Gas
Development
Chariot Oil & Gas Limited (AIM: CHAR), the Africa focused
transition energy company, is pleased to announce that it has
signed a Memorandum of Understanding ("MOU") along with its partner
the Office National des Hydrocarbures et des Mines ("ONHYM") with
the Ministry of Industry, Trade and Green and Digital Economy
("Ministry") in Morocco (the "Parties"). The MOU relates to the
Ministry's support of Chariot and ONHYM's Anchois Gas Development
project as a potential provider of significant gas to the Moroccan
gas market.
The MOU states that the Ministry will support the Anchois Gas
Development to enhance job creation, regional integration through
the development of strategic infrastructure and the promotion of
clean and competitive energy for consumption by the Moroccan
industrial sector. This reflects the Ministry's active promotion of
the use of natural gas extracted in Morocco to help the Kingdom of
Morocco meet its key national strategy of industrial development,
the decarbonisation of its economy, diversification of the energy
mix and the reduction of its dependence on imported fuels.
The Parties will forthwith progress discussions with the view to
signing further agreements with the Ministry or other Moroccan
authorities to implement the Anchois Gas Development.
Mr Moulay Hafid Elalamy, Minister of Industry, Trade and Green
and Digital Economy, commented:
"We continue to support the development of domestic gas
prospects to accompany the fast-growing industrial sector in
Morocco and contribute to its global competitiveness by providing a
cheap, clean and reliable source of energy."
Mrs Amina Benkhadra, General Director Office National des
Hydrocarbures et des Mines, commented:
"We are pleased to have signed this MOU with the Ministry of
Industry and Chariot in line with ONHYM's Mission and Strategy
where we look to attract investment from the private sector to
accelerate the development of resources in Morocco. We look forward
to working further with our partner Chariot and assisting them with
the advancement of the Lixus Offshore Licence."
Adonis Pouroulis, Acting CEO, commented:
"I am delighted to announce this MOU with the Ministry of
Industry in Morocco. The Kingdom of Morocco is firmly focused on
decarbonising its economy and diversifying its power sources and
the development of the Anchois gas project will enable them to
achieve this. Anchois has very strong ESG credentials and, once
developed, it also has the potential to deliver considerable value
for all stakeholders for decades to come.
The signing of this MOU is a significant step in our efforts to
access the Moroccan gas markets. With the Kingdom of Morocco's
support we intend to build on the positive conversations we are
already having with entities involved in the Moroccan gas market,
giving us greater confidence that we will sign the necessary
agreements to expedite the development of this value accretive gas
project, for the benefit of the Kingdom and Chariot's
investors."
Further Information
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 discove
ry with audited total contingent and prospective resource (2C &
2U) 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 February 2021, a Collaboration Agreement was signed with
Subsea Integration Alliance, the world-leading developer of
offshore gas projects, to work together to enable the front-end
design, engineering, procurement, construction, installation and
operation of the Anchois Gas Development.
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
ABOUT CHARIOT
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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