14th May 2025 16:20
(Alliance News) - Chariot Ltd on Wednesday said Energean PLC has returned its offshore interests in Morocco to Chariot.
The London-based, African-focused company working on energy transition and green hydrogen projects in Morocco and Mauritania said the transaction was completed by the transfer of Energean's wholly owned subsidiary.
The subsidiary holds 45% and 38% each in the Lixus and Rissana offshore licences respectively.
Chariot said it is now operator and has a 75% working interest in each license, with ONHYM retaining a 25% stake.
The firm added that it is committed to progressing the license work programmes and will collaborate to assess and adapt the Anchois development plan based on discovered resources.
Chariot said it will continue to assess the additional potential of the 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."
CEO Pouroulis said gas market fundamentals in Morocco are "robust" with strong demand and "excellent fiscal terms".
Shares in Chariot were down 2.5% to 1.66 pence in London on Wednesday afternoon. Energean was up slightly at 946.70 pence.
By Michael Hennessey, Alliance News reporter
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