Chariot Limited (CHAR)

Sector:

Energy Producers

Index:

FTSE AIM All-Share

1.94p
   
  • Change Today:
      0.13p
  • 52 Week High: 11.00
  • 52 Week Low: 1.30
  • Currency: UK Pounds
  • Shares Issued: 1,180.88m
  • Volume: 3,956,680
  • Market Cap: £22.93m
  • Beta: 0.57

Deal with Barclays    Trade now with Barclays Stockbrokers

Energean completes farm-of Morocco licences with Chariot

By Josh White

Date: Wednesday 10 Apr 2024

LONDON (ShareCast) - (Sharecast News) - Energean announced on Wednesday that it has finalised its farm-in to Chariot's offshore acreage in Morocco, after obtaining all the necessary approvals from the Moroccan authorities.
The FTSE 250 company said that as part of the farm-in agreement, Energean paid $10m in cash on closing.

The board said the move solidified the firm's position in the region, with a revised participation structure in the Lixus and Rissana licences.

In the Lixus licence area, Energean now held a 45% stake, operating alongside Chariot at 30% and ONHYM at 25%.

Similarly, in the Rissana licence area, Energean's participation stood at 37.5%, with Chariot holding an equal share, and ONHYM maintaining a 25% interest.

At the same time, Energean said it had inked a rig contract with Stena for the use of its Stena Forth drill ship.

The deal would encompass the drilling of an appraisal well, with an option for an additional well.

Energean said the focus of the operation would be on the Anchois field within the Lixus licence area, with drilling scheduled for the third quarter of this year.

The company said the primary objective of the appraisal well would be to conduct a drill stem test on the main gas-containing sands.

Additionally, the consortium aimed to target an estimated 11 billion cubic metres of gross unrisked prospective resource.

"We are delighted to start working in Morocco, where we hope to repeat our previous successes in the Mediterranean - enhancing domestic production, helping to meet the country's growing demand, with the potential for exports for any surplus supply, and facilitating both energy security and long-term coal reduction," said chief executive officer Mathios Rigas.

At 0800 BST, shares in Energean were up 0.48% at 1,048p.

Reporting by Josh White for Sharecast.com.

Email this article to a friend

or share it with one of these popular networks:


Note 1: Prices and trades are provided by Digital Look Corporate Solutions and are delayed by at least 15 minutes.

 

Chariot Limited Market Data

Currency UK Pounds
Share Price 1.94p
Change Today 0.13p
% Change 7.29 %
52 Week High 11.00
52 Week Low 1.30
Volume 3,956,680
Shares Issued 1,180.88m
Market Cap £22.93m
Beta 0.57

Chariot Limited Star Ratings

Compare performance with the sector and the market.
more star ratings
Key: vs Market vs Sector
Value
64.72% below the market average64.72% below the market average64.72% below the market average64.72% below the market average64.72% below the market average
24.64% above the sector average24.64% above the sector average24.64% above the sector average24.64% above the sector average24.64% above the sector average
Price Trend
93.34% above the market average93.34% above the market average93.34% above the market average93.34% above the market average93.34% above the market average
84% below the sector average84% below the sector average84% below the sector average84% below the sector average84% below the sector average
Income Not Available
Growth Not Available

What The Brokers Say

Strong Buy 2
Buy 1
Neutral 0
Sell 0
Strong Sell 0
Total 3
strong_buy
Broker recommendations should not be taken as investment advice, and are provided by the authorised brokers listed on this page.

Chariot Limited Dividends

No dividends found

Trades for 12-Dec-2024

Time Volume / Share Price
16:18 404 @ 1.90p
16:35 1 @ 1.94p
16:35 1 @ 1.94p
16:25 436 @ 1.90p
15:18 436 @ 1.90p

Chariot Limited Key Personnel

CFO Julian Maurice- Williams

Top of Page