Chariot Ltd (AIM:CHAR, OTC:OIGLF) said it is looking forward to resuming drilling in Morocco at Anchois (offshore) with new partner Energean in August after the recent gas discovery at Loukos (onshore).
Adonis Pouroulis, chief executive, added: "Since our last set of results we have progressed all of the assets that sit within our natural gas, renewables and green hydrogen pillars and, importantly, we have further de-risked each division of the business.
“In Morocco, we secured a highly experienced partner for our offshore Anchois gas project, secured new acreage and successfully drilled in the contiguous Loukos onshore licence.
“We have materially increased our exposure to renewable energy generation and electricity trading in South Africa, furthered our financing and development plans for our power business and advanced our green hydrogen projects in both Mauritania and Morocco.”
At Anchois, as well as the well being drilled in August there is an option for an additional well.
In its renewable power businesses, a strategic review is underway to secure financing and asses the best prospects for development of the portfolio.
Losses for the year to end December 2023 rose to US$15.6 million against US$14.9 million a year earlier.
Cash at the year-end was US$6 millon but Chariot received US$10 million from Energean in April 2024.