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Chariot Oil & Gas sees interest build at Anchois

Snapshot

“Lixus allows lows us to ally elephant hunting with low-risk product and exploration targets.

Gas plant

Quick facts: Chariot Oil and Gas Limited

Price: 8.38 GBX

AIM:CHAR
Market: AIM
Market Cap: £31.75 m
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  • Junior oiler with acreage in Morocco, Brazil and Namibia

  • Traditionally specialised in Frontier or wildcat exploration for huge targets

  • Added production assets in Morocco with Lixus acquisition

What it does

In October, Chariot said it had received approaches from two parties interested in debt-financing the development of Anchois.

The Africa Finance Corporation, a pan-African financial institution, indicated it would be interested in financing the development of the Anchois discovery and future discoveries within the Lixus offshore licence.

Chariot said it had also received a non-binding expression of interest for the provision of reserves-based lending for the development of the Anchois discovery from an unnamed multinational investment bank.

Both expressions of interest take into account the estimated capital expenditure required to bring the development online, which is expected to be somewhere between US$300mln and US$500mln.

What the boss says: Adonis Pourolis, acting CEO

"Both expression of interest letters further endorse our view that the Anchois development is a high-value project, with the potential to deliver near term cash flows to Chariot and also transform Morocco's power sector,” said Adonis Pourolis, the acting chief executive officer of Chariot."

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Inflexion points

  • Farm-out opportunity in Namibia, Brazil and Morocco
  • Fully funded for work programmes to get Lixus into production
  • That can be with a single or multi-stage process

 

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