Chariot regains full control of Moroccan offshore interests
By Josh White
Date: Wednesday 14 May 2025
(Sharecast News) - Chariot announced on Wednesday that it has regained full control of its Moroccan offshore interests after Energean transferred its stakes in the Lixus and Rissana licences back to the company, restoring it as operator with a 75% working interest in both blocks.
Morocco's state-owned ONHYM retains the remaining 25%.
The AIM-traded firm said the Anchois gas field, located within the Lixus licence, had seen three wells drilled to date.
While the Anchois-3 well, completed in September, did not yield the additional volumes needed to justify an expansion of the initial development plan, it did encounter multiple gas-bearing reservoirs in the main B sand interval.
With operatorship re-established, Chariot said it was committed to advancing the licence work programmes, adding that it would work alongside ONHYM to refine the Anchois development plan.
The company said it also intended to continue evaluating the broader potential across the Lixus and Rissana licence areas.
"We are pleased to have completed the transfer of these licences and regained operatorship as we see material value within our diversified Moroccan position, both offshore and onshore," said chief executive officer Adonis Pouroulis.
"The Anchois gas discovery still offers the potential for a rescaled development and our next steps are to scope this based on the core resources found in the three wells underpinned by our previous work on engineering design, environmental and regulatory approvals, project financing and gas sales.
"Gas market fundamentals in Morocco are robust with strong gas demand and excellent fiscal terms and we will look to work with all stakeholders, including our partner ONHYM and the Ministry of Energy Transition and Sustainable Development to advance these important domestic projects."
At 1107 BST, shares in Chariot were down 15.78% at 1.43p.
Reporting by Josh White for Sharecast.com.
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