28th Oct 2020 11:52
(Alliance News) - Chariot Oil & Gas Ltd on Wednesday said it has received a non-binding expression of interest letter from an unnamed "multinational investment bank" for the provision of reserves base lending for the development of the Anchois gas discovery in Morocco.
Additionally, the Atlantic margins focused energy company said it received a another non-binding expression of interest letter from Africa Finance Corp for the provision of development debt finance for the Anchois gas discovery.
Chariot said the expression of interest letter includes the provision of development debt finance for future discoveries from the wider prospect portfolio of the Lixus offshore licence, to which the Anchois gas discovery belongs.
The estimated capital expenditure required to bring the development online is anticipated to be in the region of USD300 million to USD500 million.
Acting Chief Executive Adonis Pouroulis said: "Both expression of interest letters further endorse our view that the Anchois development is a high value project, with the potential to deliver near term cash flows to Chariot and also transform Morocco's power sector."
Chariot shares were up 27% at 6.28 pence each in London on Wednesday morning.
By Greg Roxburgh; [email protected]
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