Chariot, the Africa focused energy company, today announces its audited final results for the year ended 31 December 2024.

Adonis Pouroulis, CEO commented:
“Over the past five years, Chariot has been focused on developing scalable transitional energy projects across the African continent. We have built out a broad portfolio of assets spanning gas, renewable power, green hydrogen and water throughout this period and we have continually reviewed and evaluated the strategy and future direction of each of these pillars as they have moved forward. Following recent developments, our gas and power pillars now have their own momentum and we believe now is the right time to split the Group, in order to maximise value for shareholders.

Some of Chariot’s core strengths lie in its ability to be nimble, spot an opportunity, adapt when needed and we will now evolve again into two distinct businesses – Upstream Oil and Gas, and Renewable Power – to create two investment opportunities and look to release unrecognised value that is sitting within the Group. We have a clear plan for both entities and see the potential to deliver material growth with each one. As major investors, the Board and wider team are very much aligned and focused on delivering success and we look forward to this next phase of Chariot’s journey.”

 Key Highlights throughout 2024 and Post Period:

Transitional Gas

Offshore Morocco:

• Partnered with Energean plc (“Energean”) on the Lixus and Rissana licences offshore Morocco with Energean taking operatorship and carrying the Anchois-3 drilling campaign
• Drilling commenced at the Anchois-3 well in August 2024 and completed in September 2024, having drilled safely and efficiently to target depths
  • Multiple gas bearing reservoirs were discovered in the B sand appraisal interval in the main hole, although with thinner associated gas pays than anticipated, and other target reservoirs were found to be water wet
• Recently completed the transfer of licences back from Energean with operatorship and 75% working interest returned to Chariot
• Working with ONHYM to assess a rescaled Anchois development based on discovered resources 
• Continued development of the prospectivity and portfolio of opportunities across Lixus and Rissana

Onshore Morocco:

Two well drilling campaign successfully conducted in May 2024

• • Gas discovery confirmed from drilling the OBA-1 well at the Dartois prospect – gross interval approximately 70m of primary interest identified
  • The RZK-1 well drilled on the Gaufrette prospect confirmed good quality reservoir and multiple gas shows, though this was sub-economic
  • OBA-1 well cased and cemented with a Christmas tree installed for rigless flow testing and potential use as a future producer
• Heads of Terms agreement signed with Vivo Energy in June 2024 to progress future commercialisation of onshore gas to industry business
• Integration of well results and ongoing reprocessing work has mapped over 100Bcf of resource potential across the licence - multi-well and test programme described with farm-out process underway to fund and progress next steps 

Transitional Power

• Strategic Review initiated to look to secure funding at the subsidiary level and enable ongoing growth and development of the portfolio - multiple expressions of interest received from South African focused investors to finance both the Etana platform and generation assets

Electricity Trading:

• Etana Energy is now a fully financed, bankable entity
  • • US$155 million Guarantee Financing Facility secured from British International Investment (“BII”), GuarantCo and Standard Bank
    • Up to US$20 million equity investment secured from Norfund

Renewable Generation Projects

• Three wind projects totalling 315MW nearing financial close
• Ongoing progress across power to mining projects:
  • Tharisa – 40MW solar project in South Africa working in partnership with TotalEnergies
  • First Quantum Minerals – 430MW solar and wind projects in Zambia working in partnership with TotalEnergies
  • Karo – 30MW solar project in Zimbabwe, working in partnership with Solarcentury
• 10% stake in the Essakane 15MW solar project in Burkina Faso sold to Iamgold, the operators of the Essakane gold mine for US$167k in January 2025

Water:

• Water desalination project in Djibouti performing well
• Ongoing evaluation of other water provision opportunities within Africa
• Pursuing funding of this business at the subsidiary level

Green Hydrogen

• Feasibility study completed on Project Nour in Mauritania in March 2024 alongside partner TEH2 (80% owned by TotalEnergies and 20% owned by the EREN Group)
  • Confirmed world class scale and outlined first phase pathway for domestic and export development
• Partnership with UM6P and Oort Energy continues on proof-of-concept projects in Morocco
  • 1MW electrolyser commissioned and produced first green hydrogen in the UK in advance of relocation to Morocco
• Pursuing funding of this business at the subsidiary level

Corporate

• Andrew Hockey appointed as Non-Executive Chairman in October 2024
• Placing and oversubscribed Open Offer successfully raised gross US$7.1 million in June 2025

 KeyFacts Energy: Chariot Oil & Gas Morocco country profile