Chariot Oil & Gas PLC adds renewables edge to portfolio

  • Traditionally specialised in Frontier or wildcat exploration for huge targets
  • Added production assets in Morocco with Lixus acquisition
  • Now has added renewables interest to be reflected in name change


How it’s doing

In, March, Chariot Oil & Gas Limited (LON:CHAR) signed a Memorandum of Understanding with the Moroccan authorities committing to support the development of the Anchois Gas Development project.

The Ministry of Industry, Trade and Green and Digital Economy signed the MOU alongside Chariot and its government-backed partner the Office National des Hydrocarbures et des Mines (ONHYM).

The agreement foresees that Anchois is a potential provider of significant gas to the Moroccan market.

Later that month, Chariot also agreed to acquire a renewable and hybrid power developer in a deal worth up to US$2mln, paid mostly in shares.

Africa Energy Management Platform (AEMP) has an existing partnership in solar and wind power with Total Eren, which is 30% owned by French energy major Total.

AEMP and Total Eren are working to provide clean, sustainable, and more competitively priced energy to mining operations in Africa.

It is an opportunity that’s described as “a giant, largely untapped market”. Moreover, Chariot highlighted that it is a business area where its management brings numerous high-level contacts.

The company will be renamed “Chariot Transitional Energy” alongside the acquisition of a renewable energy provider to Africa’s mining industry.


What the boss says:

“We believe this move will provide Chariot with numerous further valuable, exciting and scalable projects that complement and build on our value accretive Transitional Gas project in Morocco,” said Adonis Pouroulis, Chariot’s acting chief executive.

“The acquisition also plays to Chariot’s and its managements’ significant experience and other business interests within the mining sector in Africa.

“We are already well advanced in adding to the project pipeline and we look forward to announcing these when appropriate. This is clearly a 1+1=3 type transaction for all parties.”




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