Chariot Limited (OIGLF)
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Chariot's renewables business in South Africa saw a big funding breakthrough - ICYMI
Chariot Ltd (AIM:CHAR, OTC:OIGLF) this week saw its renewables business Etana Energy seal a significant and impactful financial breakthrough, securing $100 million worth of ‘guarantee' finance to support new power generation coming online. Chief financial officer Julian Maurice-Williams joined the Proactive studio to talk through the deal, and what it means for its ‘early mover' business in South Africa's renewable energy sector.
Chariot funding deal an ‘initial validation' of Etana subsidiary, says Stifel
Stifel has reaffirmed its ‘buy' recommendation for Chariot Ltd (AIM:CHAR, OTC:OIGLF) following the establishment of a $100 million guarantee finance facility for its 49%-owned subsidiary, Etana. Chariot announced the funding to support renewable power generation projects targeting commercial and industrial users across South Africa's national grid.
Chariot's Etana secures $100mln guarantee finance for renewable projects in South Africa
Chariot Ltd (AIM:CHAR, OTC:OIGLF) announced that a $100 million guarantee finance facility has been secured for Etana Energy. The financing was provided by British International Investment (BII) and GuarantCo, each for $50 million.
Chariot Limited appoints Andrew Hockey as new chair
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has announced the appointment of Andrew Hockey as its new non-executive chair, taking over from George Canjar, who has retired from the board with immediate effect. Prior to today's appointment, Hockey was a non-executive director.
Chariot says its ‘taking stock' and considering what's next in Morocco
Chariot Ltd (AIM:CHAR, OTC:OIGLF) chief executive Adonis Pouroulis, in the company's interim results, told investors that the company is “taking stock” following the unexpectedly bad recent well results from the Anchois project – and management is now considering the firm's next steps with the project. In London, the company's shares lost more than 70% of their market value after the well result earlier this month.
Chariot completes Anchois-3 drilling
Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors it has concluded its drilling campaign at the Anchois-3 well, located within the Lixus Offshore license off the coast of Morocco. The well, drilled by the Stena Forth drillship, reached a total depth of 3,045 meters in 349 meters of water.
Chariot continues to drill Anchois ‘main' appraisal hole
Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors that the Anchois-3 ‘pilot hole', which tested a potential extension of the field's resources was unsuccessful – it has now been plugged, and the programme has now moved on to the main appraisal hole as planned Operations are now progressing in the 'main hole' appraisal sidetrack, according to the well's original design. In the main hole, Chariot said that preliminary interpretation indicates the presence of gas bearing reservoirs in the B sands.
Chariot kicks off new Anchois well campaign
Chariot Ltd (AIM:CHAR, OTC:OIGLF) told investors it has begun drilling operations at the Anchois gas project, offshore Morocco. The drillship has arrived at the site, and drilling of the Anchois-3 well has commenced.
Chariot has ‘significant upside' potential should Moroccan drilling go to plan - analyst
Investment bank Stifel sees “significant upside” for Chariot Ltd (AIM:CHAR, OTC:OIGLF) shares should Chariot's Anchois-East well off the shore of Morocco move to investment approval as planned. Chariot recently raised £5 million in a share sale and another £1.5 million in an oversubscribed offering to support the Anchois project “With this multi-objective well, we are looking to upscale the development of the Anchois gas project by testing two undrilled gas sands with the potential to increase the field resources by 60%, and to move to a Final Investment Decision as quickly as possible,” chief executive Adonis Pouroulis told investors said of the project.
Chariot offers attractive exposure to Moroccan gas markets - analyst
Chariot Ltd (AIM:CHAR, OTC:OIGLF) was reaffirmed as a buy stock from Panmure Liberum on Monday with an adjusted price target of 32p from the previous 39 pence. This revision reflects the dilution following Chariot's recent $9 million fundraising rounds through a placing and open offer.
Chariot sees bumper demand in oversubscribed share sale
Chariot Ltd (AIM:CHAR, OTC:OIGLF), the energy firm, confirmed it received nearly double the interest for its latest share sale, allowing the company to raise £1.5 million. As part of its open offer, the group reported that it received interest for more than 46.2 million shares, amounting to a take-up rate exceeding 197% of the 23.35 million available shares.
Chariot raises £5mln in oversubscribed placing ahead of ‘key near term catalysts'
Chariot Ltd (AIM:CHAR, OTC:OIGLF) has raised £5 million ($6.4 million) of new equity, as it looks to secure a new venture “with multi-billion barrel potential”. “We have identified a priority target which if successfully secured, would bring material scale to our portfolio and we look forward to providing updates on these developments as soon as we are able to,” chief executive Adonis Pouroulis told investors.
