Chariot Raises $15 Million in Funds for Onshore Gas Drilling in Morocco

Chariot, a London-listed, Africa-focused energy company, has raised $15 million (£11.7 million) for its onshore drilling operation in Morocco.

Rabat – Chariot, a London-listed, Africa-focused energy company, has raised $15 million (£11.7 million) for its onshore drilling operation in Morocco.

The company raised the funds through the placement and subscription of over 89 million new ordinary shares at an issue price of 14 pence per share, according to a statement from Chariot posted on the London stock exchange on Monday.

The funds will go to near-term onshore drilling and development planning on a new onshore Moroccan License, expected to be awarded in the near future, as well as for new ventures and working capital.

Chariot is also proposing to raise an additional $3 million (£2.3 million) by issuing new ordinary shares through an open offer to qualifying shareholders.

The open offer will be made at the issue price of 14 pence per share, with qualifying shareholders being eligible to subscribe for one open offer share for every 58 existing ordinary shares held on the Record Date.

Commenting on the news, Adonis Pouroulis, CEO of Chariot, said: “We are pleased to announce the successful completion of our oversubscribed Placing and Subscription, subject to shareholder approval at the upcoming General Meeting.”

“We look forward to reporting on our drilling program on the new onshore Moroccan license, to be awarded, as well as our partnering process, other offshore activities, and further value generative corporate developments over the rest of 2023 and beyond,” he added.

Chariot currently holds a drilling license under the Lixus offshore license near Lareche, Morocco. The company holds a 75% stake in the drilling operations, while Morocco’s National Hydrocarbons and Mines Office ONHYM holds 25%.