Chariot raises over $4 million from shareholders to advance in gas exploration project off Larache

The British company Chariot said it had managed to raise over $4 million from shareholders in order to advance in the gas exploration project off Larache, the energy group stated in a recent press release.

The company said that it has received valid acceptances from qualifying shareholders in respect of 61,098,316 open offer shares, representing a take-up of over 347% of the 17,597,272 available open offer shares.

This energy group focuses its efforts on gas extraction offshore in Moroccan waters, covering an area of ​​over 2,000 km2.

Chariot CEO, Julian Maurice-Williams, said in the press release, “I am very pleased to report that, subject to shareholder approval, we will have raised a total of $29.5 million through the Fundraising, which is an excellent result for the company.”

“ 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,” he added, according to the same source.

The announcement for shareholders was made by the company on May 18, added Chariot’s press release.

In late May, Chariot raised US$25.5 million to help finance the Anchois gas project off Larache, according to a previous press release.

Previously, the 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%.