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Chariot Limited highlights “exciting and important phase” as energy transition business advances

Boosted by a recapitalisation in the second quarter of 2021 the company is now advancing to capitalise on its opportunities.

told investors it is now entering an exciting and important phase in the growth of the company, as it pursues high-value opportunities in both its transitional gas and transitional power businesses.

The company, until recently known as Chariot Oil & Gas, reflecting its updated strategy to build an Africa-focussed transitional energy group.

It comprises the transitional gas division, host to the Anchois gas development project offshore Morocco, and the transitional power division that includes the African Energy Management Platform (AEMP) which seeks to deliver renewable energy solutions to mining operations.

Boosted by a recapitalisation in the second quarter of 2021 the company is now advancing to capitalise on its opportunities in each business.

“We are now entering an exciting and important phase in the growth of the company.

“The recently completed fundraising will give us the capital required to turbocharge our growth ambitions and capitalise on the high-value opportunities we see in front of us in both our transitional gas and transitional power businesses.

“At Anchois, we intend to further progress the commerciality of the licence by drilling an appraisal well. We firmly believe that Anchois ticks a number of boxes when it comes to key investment criteria, such as low project risk, robust potential returns and strong ESG credentials.”

Pouroulis added: “The launch of Chariot Transitional Power places the Company in a unique position in the market. This acquisition will see us work with our partner, Total Eren, one of the world’s largest players in the renewable energy space, to provide clean, sustainable, and more competitive energy to operational mines in Africa.

“A market of significant scale, that is largely untapped, where Chariot’s management has a deep understanding and high-level commercial networks.

“As the AEMP team integrates into Chariot, we look forward to investment into the next project with Total Eren and further progress to the strong pipeline of projects in excess of 500MW.”

In terms of its finances, the company’s results statement noted a year-end cash position of US$3.7mln, that it was debt free and has no remaining work commitments.

The restructuring reduced annual cash overheads to US$2.5mln from US$4.5mln.

It reported a US$70.6mln loss for the year including US$66.7mln of impairments to book value for exploration assets in Namibia and Brazil.

Read More: Chariot Limited highlights “exciting and important phase” as energy transition business advances

2021-06-25 02:57:00

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