Chariot Oil & Gas Announces Ambitious Operational Update

By Samuel Ouma

Chariot Oil & Gas Limited, an Africa-focused oil and gas exploration company, has provided an operational update on its portfolio and adjusted its future work plan.

The update covers its three pillars: transitional gas, transitional power and green hydrogen.

The company said that the first drilling campaign of two wells will begin around the end of the first quarter of 2024.

It noted that it expects many approvals within a short period.

The company anticipates receiving an environmental permit for up to 20 onshore well operations at the Loukos license in Morocco soon, allowing for more effective campaign planning.

Furthermore, the company anticipates approval for the partnership transaction with Energean PLC, in which Chariot will receive USD 10 million.

 “We enter the new year with multiple important catalysts for the Group over the coming months. In kickstarting the drilling campaign at the Loukos licence we are focused on unlocking an overlooked onshore basin that has near term production potential with immediate access to industrial markets. Importantly this asset also has a growing portfolio of follow-on opportunities which give meaningful scale and value to the project, at a time when industrial gas demand and associated gas pricing is at an unprecedented high,” said Adonis Pouroulis, CEO of Chariot.

Chariot further revealed that it increased its ownership in the South African electricity trading platform Etana Energy (Pty) Limited in December 2023. It currently holds 49% of the business, with H1 Holdings (Pty) Limited as the majority partner with a 51% stake.

Moreover, activities are going smoothly at the 15MW Essakane solar project in Burkina Faso, and the progress of the 40MW solar project at Tharisa is advancing positively.

Under Green Hydrogen, the feasibility study at Project Nour in Mauritania, which was conducted in collaboration with TEH2 (Total Energies 80%, Total Eren 20%), is completed. It will be presented to the Government of Mauritania in the first quarter 2024.

Chariot is also conducting additional research and pilot projects. This includes working with TEH2 and SNIM to reduce carbon emissions in Mauritania's most extensive train system.

Moreover, they are working with Mohammed VI Polytechnic University and Oort Energy on a 1MW electrolyser project in Morocco.

“We are also excited about the opportunities that we see within our Power and Hydrogen businesses. We continue to build on our presence across the transitional energy sector, we remain fully focused on looking to maximise value for all stakeholders and will continue to provide updates on all our further developments,” added CEO Adonis.