Chariot announces its 2022 half-year results

AIM side Tankthe Africa-focused transitional energy company, announced its unaudited interim results for the six-month period ended June 30, 2022.

  • Significant discovery of gas at the Anchois-2 well off the coast of Morocco
  • Material increase in gas resources within a basin-wide opportunity
  • Rissana Offshore exploration license awarded in Morocco
  • Two new renewable energy projects under development in South Africa and Zambia
  • Pre-feasibility study (‘PFS’) completed on the Nour project in Mauritania confirms the potential for world-class green hydrogen
  • Signature of a partnership with Total Eren to co-develop the Nour project
  • Oversubscribed placement and open offering raised $29.5 million gross

Adonis Pouroulis, CEO of Chariot commented:

“It is a pleasure to report on our activities in the first half of 2022, as we have made significant progress in all areas of our activity. It has been a busy period, but we remain focused on securing and developing positions large-scale and scalable pioneers in projects that can diversify the energy mix, potentially reduce carbon emissions, support greener industrial development and facilitate access to affordable and accessible energy for all. implementing this strategy, we seek to play a meaningful role in the energy transition while creating value and generating a wide range of positive impacts for all stakeholders.As we advance our three-pillar strategy in our gas, power and hydrogen businesses, we are building a unique position in the energy transition space and we are looking forward to Please update all of our stakeholders on the next phases of our journey.

Highlights during and after the period

Transition Gas: Anchovy Gas Development Project

  • Successful drilling campaign completed safely and on budget in January 2022.
  • The Anchois-2 well reported a major gas discovery, with
    • 150 million confirmed net earnings on seven tanks
    • confirmation of a constant and excellent quality dry gas composition in all reservoirs, which should allow conventional and common development.

  • An independent assessment has confirmed a significant upgrade in gas resources – increased to 1.4 Tcf in total remaining recoverable (2C plus 2U) at the Anchois project.
  • Societe Generale appointed as financial advisor to manage the financing of the project.
  • Front End Engineering Design (“FEED”) awarded to Schlumberger and Subsea7 (“Subsea Integration Alliance”)
  • Agreement with ONHYM for the connection to the Maghreb-Europe gas pipeline (“GME”)

Materials Upside Potential

  • The successful drilling of Anchois-2 has directly de-risked a large prospect portfolio in the Lixus license area.
  • Rissana Offshore license signed in February 2022 capturing the gas field extensions of the Lixus license and the prospects of our former Mohammedia license area.
  • Early assessment of areas covered by 3D seismic estimates a total prospective 2U resource at Rissana of over 7Tcf.

Transitional Power: Renewable Energy for Mining Projects

  • The partnership with Total Eren has been extended from January 2022, with Chariot having the right to invest up to 49% in the co-developed mining projects.
  • Two projects signed over the period and in development:
    • 40 MW solar photovoltaic project with Tharisa Plc to power its chrome and PGM operations in South Africa.
    • Partnered with First Quantum Minerals to advance the development of a 430 MW solar and wind power project for its copper mining operations in Zambia – one of the largest private sector renewable energy projects in Africa.

  • Build a pipeline of African mining energy projects and seek to collaborate on other renewable deals across the continent.

Green Hydrogen – Nour Project

  • The Pre-Feasibility Study (“PFS”) confirmed that Mauritania is exceptionally well placed for green hydrogen production due to its solar and wind resources.
    • The Nour project could produce one of the cheapest green hydrogens in the world.

  • 50%/50% Signature of a partnership agreement with Total Eren to co-develop the project, advance the in-depth feasibility study and offtake options.
  • Wide potential benefits for domestic, infrastructure and energy industries in Mauritania.
  • Signature of a Memorandum of Understanding with the International Port of Rotterdam, a global energy hub and Europe’s largest seaport, representing a first step towards establishing supply chains.
  • Ongoing initiatives to expand the portfolio and evaluate other green hydrogen opportunities.


  • Well capitalized company – further strengthened following a successful fundraising in June 2022.
  • Cash position as of June 30, 2022 – $23.4 million debt-free with minimal license commitments.

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