Chariot (AIM: CHAR), the Africa focused transitional energy company, highlighted a significant offshore gas discovery in Morocco and two new renewable energy projects in South Africa and Zimbabwe as it published interim results.
The AIM-listed group said the loss after tax for the six months ended June 30 was US$7.76mln compared with a loss of US$2.01mln previously.
Following a near-US$30mln equity fundraise, Chariot said it was cash positive with US$23.4mln on the books with no debt and “minimal licence requirements”.
Net cash outflows were high due to US$25.5mln of payments in respect of exploration and evaluation assets.
“We delivered significant progress across all areas of our business,” chief executive officer Adonis Pouroulis said.
“It has been a busy time but our focus remains on securing and developing large-scale, scalable, first-mover positions in projects that can diversify the energy mix, potentially reduce carbon emissions, support greener industrial development and facilitate access to affordable, accessible energy for all.”
Shares were 2% lower at 19.3p in morning deals.