British oil and gas exploration company, Chariot said on Thursday that it has raised US$25.5 million to help finance the Anchois gas project off Larache, according to the company’s press release.
The company proposes to raise up to a further US$4 million (£3.2 million) by the issue of new ordinary shares pursuant to an open offer to qualifying shareholders, said the same source.
“The gross proceeds include US$0.6 million (£0.5 million) conditionally raised from certain of the company’s directors, as part of the Subscription,” added Chariot’s press release.
“The net proceeds will be used to speed up the necessary work streams to reach FID as well as progress the renewable power pipeline, strategic partnering and new opportunities,” Chariot company wrote on Twitter.
Chariot’s Acting CEO, Adonis Pouroulis, said in the press release, “We are delighted to have completed this oversubscribed Placing and Subscription, subject to shareholder approval at the forthcoming General Meeting.”
“We welcome our retail investors who would like to also participate through the Open Offer,”he added, according to the same source.
Recently, the Africa-focused transitional energy company announced the completion of the drilling operations in the Anchois gas field off Larache, which has been successfully concluded.
The gas discovery exceeded expectations, reaching a total measured depth of 2,512m by the Stena Don drilling platform in 381m of water, noting that “a calculated net gas layer of more than 100 m, compared to last year’s gas layer.”
These operations are the fruit of the partnership between Chariot, holding an interest rate of 75% and operatorship of Lixus, and the National Office of Hydrocarbons and Mines (ONHYM), which holds an interest rate of 25%.
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