Chariot Ltd (AIM:CHAR, OTC:OIGLF) Morocco managing director Pierre Raillard speaks with Proactive's Stephen Gunnion about a new Heads of Terms agreement with Vivo Energy.
Raillard explained that Vivo Energy, a leading distributor in Africa with a strong presence in Morocco, has entered an agreement with Chariot to develop a gas-to-industry business through the commercialisation of domestic gas on the Loukos Onshore licence.
Raillard elaborated on their intention to create a midstream compressed natural gas partnership. He highlighted that they recently announced the completion of their first drilling campaign, resulting in a gas discovery at the OBA-1 well.
With this agreement, Chariot Ltd (AIM:CHAR, OTC:OIGLF) can rapidly commercialise future production and further develop Morocco's gas infrastructure network.
Raillard also discussed upcoming catalysts for Chariot, including further analysis and well-focused development on their offshore licenses. He emphasised Morocco's growing market for natural gas and the country's roadmap for decarbonisation as significant drivers for their operations.