Chariot Assesses Next Steps in Morocco

2 min read | September 27, 2024 02:38 AM PDT | By Team Kalkine Media

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Chariot Assesses Next Steps in Morocco — Image source: Shutterstock

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Highlights

Chariot Ltd CEO Adonis Pouroulis announced a reassessment of the Anchois project following disappointing well results.
The company's shares plummeted over 70% in value after the recent well outcome.
Chariot continues to progress on its diverse portfolio, including projects in South Africa and Morocco, alongside a focus on green hydrogen initiatives.

Article

In its latest interim results, Chariot Ltd {OTC: OIGLF} has acknowledged the need for a strategic reassessment following unexpectedly poor outcomes from the Anchois project. CEO Adonis Pouroulis informed stakeholders that the company is currently "taking stock" of the situation and evaluating the next steps in light of the Anchois-3 well results, which did not meet expectations.

The announcement led to a significant decline in the company’s share price, with more than 70% of its market value evaporating following the disappointing well findings. In his statement, Pouroulis emphasized that comprehensive post-well analysis is underway, and the company will collaborate closely with its joint venture partners to formulate a forward strategy for the project. He expressed optimism about the potential within the Anchois field and the broader license areas of Lixus and Rissana, highlighting the importance of integrating the latest drilling results into the overall understanding of these regions.

Beyond the Anchois project, Pouroulis noted that Chariot is making "good progress" in South Africa concerning the financing of its Transitional Power business. The company retains valuable onshore acreage in Morocco and is also advancing its Project Nour, a green hydrogen initiative in Mauritania, as well as exploring other hydrogen-related opportunities.

Financially, Chariot reported a cash position of $3.6 million as of June 30. This was bolstered by a subsequent fundraising effort that secured an additional $9 million in August 2024, providing a more stable foundation for the company's ongoing projects and initiatives.

Overall, while the challenges faced in the Anchois project are significant, Chariot Ltd remains focused on unlocking value across its diverse portfolio and exploring new growth avenues in the energy sector.

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