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Chariot Ltd says oversubscribed placing brings in £7.1mln; could net a further £1.5mln from open offer

Cash will be deployed to re-enter a well offshore Morocco and on other ‘value accretive work’

Chariot Ltd (AIM:CHAR, OTC:OIGLF) said it raised a gross £7.1mln via an oversubscribed placing – cash that will be deployed to re-enter a well offshore Morocco and on other ‘value accretive work’.

The placing was priced at 7p a share, a tiny discount to Thursday’s close. In addition, the company could net a further £1.5mln in an open offer to existing shareholders.

Chariot said £1.1mln of the proceeds came from the company’s directors.

Acting chief executive Adonis Pouroulis said: “In addition to the ongoing support of our existing shareholders, I am also pleased to welcome a number of new institutions onto the register.

“I can confirm that myself and my fellow directors subscribed for a material amount of the raise, all of which resulted in the fundraise being significantly oversubscribed.

“We recognise our strong retail investor base, and we encourage them to support the business with its growth ambitions via the open offer.”

The fundraiser will allow the Africa-focused oil energy group to re-enter the Anchois-1 discovery.

It will also help it ‘capitalise’ on a low-cost rig rate secured for the Anchois-2 appraisal campaign, due to spud in December 2021, offshore Morocco.

At the same time the cash injection provides the financial stability to negotiate gas sales agreements and provides financing to ‘unlock’ the final investment decision on Anchois, investors were told.

Read More: Chariot Ltd says oversubscribed placing brings in £7.1mln; could net a further £1.5mln from open offer

2021-12-03 01:33:00

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