Chariot Limited receives EIA approval for drilling in Loukos license, Morocco

Chariot Limited (AIM: CHAR), an Africa-focused transitional energy group, has announced a significant milestone with the approval of its Environmental Impact Assessment (EIA) for drilling activities on its Loukos Onshore license in Morocco. The permit, sanctioned by the Unified Regional Investment Committee, marks a pivotal step for Chariot, holding a 75% operatorship, alongside ONHYM with a 25% stake, in harnessing the potential of the Loukos license.

The EIA encompasses an extensive drilling program, initially featuring two exploration wells on the Gaufrette and Dartois prospects, with an additional 17 candidate locations identified for future exploration, alongside the re-entry of an existing gas discovery. This comprehensive approval, valid for a five-year period, sets the stage for Chariot to proceed with civil works and prepare the first well locations and access routes, signaling the commencement of a robust drilling campaign projected to start by the end of Q1 2024.

Pierre Raillard, Head of Gas Business and Morocco Country Director at Chariot, expressed his enthusiasm for the EIA approval, emphasizing its significance in facilitating the upcoming drilling campaign and the flexibility it provides for future operations. Raillard praised the Moroccan operational team for their progress and acknowledged the continued support from ONHYM, which has been instrumental in reaching this milestone.

Chariot Limited operates across three main business streams: Transitional Gas, Transitional Power, and Green Hydrogen, positioning itself as a key player in the transitional energy sector in Africa. The company’s gas division focuses on low-risk gas development projects offshore Morocco, promising early monetization and significant exploration potential. Meanwhile, Chariot’s Transitional Power segment is dedicated to delivering sustainable and competitive energy and water solutions across Africa through renewable power generation and trading. Additionally, the Green Hydrogen branch is exploring the development of a major 10GW green hydrogen project in Mauritania, named Project Nour, in partnership with Total Eren and the Government of Mauritania.

This approval from the Unified Regional Investment Committee not only underscores Chariot’s commitment to environmental stewardship but also highlights its strategic vision in the energy transition landscape. By advancing its drilling campaign in Morocco and exploring renewable energy opportunities, Chariot Limited is actively contributing to the diversification and sustainability of Africa’s energy sector, marking a significant step forward in the continent’s transition towards a greener future.

The approval of the Environmental Impact Assessment for Chariot Limited’s drilling activities in Morocco represents a critical juncture in the company’s efforts to enhance its energy portfolio and contribute to the global energy transition. With a clear focus on sustainable development and environmental responsibility, Chariot’s exploration and development projects are set to play a vital role in meeting the growing demand for clean and renewable energy sources in Africa and beyond. This milestone not only demonstrates the company’s adeptness in navigating regulatory landscapes but also reinforces its position as a forward-thinking leader in the transitional energy sector.