Chariot CFO promises “up to seven wells” in the next 18 months

–News Direct–

Chariot Ltd (AIM:CHAR, OTC:OIGLF) chief financial officer Julian Maurice-Williams speaks to Thomas Warner from Proactive after the Africa-focused transitional energy group announced it has successfully raised $15 million in a recent institutional fundraising effort. The company is now inviting existing shareholders to participate in an open offer for up to $3 million at the same price as institutions.

The funds raised will be directed towards the gas side of the business, specifically for onshore wells in a new concession in Morocco, which Maurice-Williams says he expects to be awarded soon. The rationale for developing these prospects is that the revenues they generate may be able to support the development of the Anchois giant offshore development. Chariot Ltd is actively working on reaching key milestones for its Lixus Project that contains the Anchois discovery.

The company has already conducted engineering and design work and describes itself as being in advanced negotiations with partners and potential gas buyers, including the Moroccan state electricity company. Maurice-Williams says in conclusion that the seven wells that company intends to drill over next eighteen months represent seven reasons for investors to be excited by Chariot.

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