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Chariot Oil & Gas to complete renewable power acquisition imminently

“The launch of Chariot Transitional Power places the company in a unique position in the market,” said Adonis Pouroulis

Chariot Oil & Gas Ltd - Chariot Oil & Gas to complete renewable power acquisition imminently

Chariot Oil & Gas Ltd (LON:CHAR) said it expects to complete its acquisition of Africa Energy Management Platform (AEMP) imminently.

The acquisition of the renewable and hybrid power developer, focussed on projects tied to the mining sector, is part of the company’s energy transition and growth strategy.

Adonis Pouroulis, acting chief executive, highlighted that the company is approaching an inflexion point in its history.

“The launch of Chariot Transitional Power places the company in a unique position in the market,” Pouroulis said.

“This acquisition will see us work with our partner, Total Eren, to provide clean, sustainable, and more competitive energy to operational mines in Africa. A market of significant scale, that is largely untapped, where Chariot's management has a deep understanding and high-level commercial networks.”

“The focus on transitional energy can also be seen at our Anchois gas discovery, where Chariot has the potential to provide the Kingdom of Morocco with natural gas, enabling the country to achieve its target of decarbonising its economy and reducing its dependence on imported fuels.”

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Price: 5.84 GBX

Market Cap: £37.18 m

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Chariot plans Moroccan gas appraisal well for December 2021

Chariot Ltd (AIM:CHAR, OTC:OIGLF, FRA:C62) drilling manager David Brecknock joined Proactive's Stephen Gunnion with news that the company has signed a contract with Stena Drilling to use its Stena Don drilling rig for the planned Anchois gas appraisal well within its Lixus licence, offshore...

2 weeks, 2 days ago

2 min read