Gas away from Larache: The British company Chariot appoints Societe Generale as financial advisor

Posted by Amine Kadiri on 4/27/2022 at 2:07pm

UK company Chariot has appointed the London office of Société Générale as financial advisors to develop debt financing options for the exploitation of the prospective Anchois gas field off the Larache coast.

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3 months after the announcement of the drilling success in the Anchois gas field off Larache, the British company Chariot tackles the financing phase.

In a press release issued on Tuesday, April 26, the London Stock Exchange-listed energy company announced that it has appointed Societe Generale (London Branch) as financial advisor. In particular, the bank will be responsible for the development of debt financing options for the exploitation of anchovy gas.

“We had a very successful gas drilling campaign earlier in the year and look forward to advancing the development of the project to generate cash flow as soon as possible,” commented Chariot CEO Julian Maurice-Williams in the press release.

As a reminder, Chariot announced on Monday, August 10, 2022 a significant discovery of gas offshore Larache in the Anchois field, which falls within the scope of the Lixus Offshore Exploration Permit and is 75% owned by Chariot and 25% owned Owned by National Hydrorabures and Mines Office (Onhym).

Preliminary interpretation of the drill data had “confirmed the presence of a gas accumulation at the level of the Anchois-2 hole” over an aggregate net width of 100 meters spread over 6 zones varying in thickness from 8 to 30 yards each.

Amine Benkhadra, General Manager of Onhym, then specified that the gas discovered by the British company Chariot off the coast of Larache could be used to generate electricity, to supply the power plants of Kenitra, Mohammedia or Tahaddart and to supply manufacturers in the Kenitra Area. The start of production is “planned for the end of 2024,” she revealed.

The 1,791 km² offshore Lixus permits are located off Larache and were granted to Onhym and UK company Chariot Oil & Gas on 30 May 2019. This area represents the offshore extension of the Gharb Basin which produces natural gas. It is 38 km from Larache, 75 km from the Maghreb-Europe gas pipeline (GME) and 87 km from the town of Kenitra.

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