Chariot Ltd (AIM:CHAR, OTC:OIGLF) notified the stock exchange that its chief executive Adonis Pouroulis has bought shares in the company, picking up in the market 376,390 shares priced at 9.22p each.
The transaction took place on Wednesday 10 January and it was Pouroulis’ first such notification.
Pouroulis joined the company in 2020 and has since progressed its energy transition strategy which has included the advancement of the Anchois gas project, offshore Morocco, along with investments into renewable energy ventures.
In December, Chariot agreed a significant transaction and secured an important project catalyst with new partner Energean coming onboard via a ‘farm-out’ agreement.
It sees FTSE 250 constituent Energean commit to providing funding for the field development project, potentially through to ‘first gas’. And, importantly, it also sees Chariot receive a series of cash payments, subject to project milestones.
Energean is acquiring a 45% interest in the Lixus licence which hosts Anchois and 37.5% of the Rissana licence – with Chariot subsequently retaining 30% and 37.5% respectively.
Chariot will receive US$10 million upfront upon completion of the transaction, followed by a further US$15 million upon final investment decision.
Energean meanwhile commits to some US$85 million of gross carry of project costs – covering all Lixus costs, including expenditure for an additional Anchois well, plus the cost of a seismic exploration programme on Rissana (capped at US$7 million).
The new partner also gets the right to acquire another 10% of the Lixus licence. To execute, it will cost Energean an US$850 million gross carry of project development to first gas plus a US$50 million loan (via a 5-year zero coupon convertible note), and royalty payments.