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Chariot announces H1 2023 results

19 Sep 2023

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AIM-listed Chariot, the Africa focused transitional energy company, has announced its unaudited interim results for the six-month period ended 30 June 2023.

Adonis Pouroulis, CEO of Chariot commented: '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. 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.'' 

Highlights during and post period

Transitional Gas: Developing a New Gas Province in Morocco

  • Front End Engineering and Design ("FEED") phase completed for the Anchois gas development project ("Anchois")
  • Progress made across all Anchois development workstreams, including the project Environmental Social Impact Assessment ("ESIA") and submission of the necessary documentation into the approval process in Morocco
  • Negotiations on partnering for Anchois and the wider Lixus and Rissana Offshore licences in final stages
  • Partnership agreed with Vivo Energy to develop the Moroccan domestic gas-to-industry market
  • Award of the Loukos Onshore licence ("Loukos") in Morocco - fast-track drilling project initiated with opportunity for near-term production

Transitional Power: Building a Substantial Renewable Energy pipeline across Africa

  • In partnership with TotalEnergies progressing developments at three key projects in Africa:
    • Tharisa - 40MW solar project in South Africa
    • Karo - 30MW solar project in Zimbabwe
    • First Quantum Minerals - 430MW solar and wind projects in Zambia
  • Operational Essakane 15MW solar project at IAMGOLD's gold mine in Burkina Faso continues to perform well
  • Acquisition of water desalination business a strategic fit for both the power and hydrogen pillars - first project in Djibouti commissioned
  • Shareholding in Etana Energy opening up route to develop further large-scale renewable energy projects and trading through South Africa's national grid

Green Hydrogen - Focused on early stage production and future scale up

  • Feasibility studies in Mauritania progressing well with partner TEH2 (80% owned by TotalEnergies and 20% owned by the EREN Group) and their in-house 'OneTech' engineering unit
  • Extended collaboration with Oort Energy and University Mohammed VI Polytechnic ("UM6P") on green hydrogen proof of concept projects in Morocco
  • Ongoing evaluation of further opportunities

Corporate and Financial

  • Well capitalized business, with cash position as at 30 June 2023 - $2.7million, supplemented by a successful and oversubscribed fundraise completed in July 2023 raising circa US$19 million
  • No debt with minimal licence commitments

The Company announces that its Joint Broker and Nominated Adviser has changed its name from Cenkos Securities plc to Cavendish Securities plc following completion of its own corporate merger.

Original announcement link

Source: Chariot

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