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Rabat – Chariot Transitional Energy, the Africa-focused energy group in charge of the Anchois offshore gas project in Morocco, announced that it raised $4 million (MAD 39 million) to finance the project.
The money was raised through open offer shares. The company said there was an interest of over 347% for the available shares.
“We are very grateful to our shareholders for their continued support and we are excited about the coming months, as we anticipate the rest of the year will be a very busy period for Chariot,” CFO Julian Maurice-Williams said in a press release.
Last month, the group raised $25.5 million (MAD 250 million) for the project, dedicated to the engineering and design studies for the project.
The gas development project covers an area of over 2,000km², with a water depth that goes up to 850 meters. It falls under the Lixus Offshore drilling license.
In February, the group finalized a deal with Morocco’s National Hydrocarbons and Mining Office (ONHYM) for the exploration and drilling license for a location near the city of Larache in northern Morocco.
Chariot holds 74% of the Anchois project, with 25% being in the possession of Morocco’s ONYHM.
“Our ambition is to bring the Anchois gas development online quickly, to fuel Morocco’s economic growth, but also to deliver near-term cash flows to our shareholders,” acting CEO Andonis Pouroulis said.
Chariot Transitional Gas describes itself as a “high value, low risk” gas development project that aims to provide Africa with a largely untapped market of “cleaner, sustainable, and more reliable” power, referring to its natural gas.
Production on-site is expected to begin in 2024, with more investment decisions being targeted for 2022.
