The next focusIR Investor Webinar takes places on 14th May with guest speakers from Blue Whale Growth Fund, Taseko Mines, Kavango Resources and CQS Natural Resources fund. Please register here.

Less Ads, More Data, More Tools Register for FREE

IN BRIEF: Chariot to raise nearly GBP20 million to fund Anchois

Wed, 18th May 2022 19:36

Chariot Ltd - Devon, England-based Africa-focused transitional energy company - Intends to raise GBP16 million via placing and subscription of around 88.9 million shares at a price of 18 pence each.

Will also conduct open offer for up to GBP3.2 million through issue of 17.6 million at the same issue price.

Cenkos Securities and Peel Hunt will act as joint bookrunners for the bookbuild.

Proceeds from the issue will go towards advancing the engineering and design of the Anchois gas development, and progress its renewable power pipeline, as well as new venture opportunities.

"Following our successful drilling campaign offshore Morocco and the excellent post well analysis on the gas composition and net pay estimates from the Anchois wells, we are focused on bringing the Anchois development into production and fast tracking towards generating material cashflows as quickly as possible. The funds raised through this placing will enable us to accelerate our development plans and will also support our growing Transitional Power business and our ongoing evaluation of new ventures that fit within our strategy," said acting Chief Executive Officer Adonis Pouroulis.

Current stock price: 18.40 pence

12-month change: up sharply from 8.31p

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2022 Alliance News Limited. All Rights Reserved.

Related Shares

More News
2 May 2024 15:45

EARNINGS AND TRADING: Trident Royalties swings to profit

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Thursday and not separately report...

10 Apr 2024 08:32

Energean seals Moroccan partnership agreement with Chariot

(Alliance News) - Energean PLC on Wednesday announced it has completed a partnership deal in Morocco with Chariot Ltd, after receiving clearance from ...

10 Apr 2024 07:21

Energean completes farm-of Morocco licences with Chariot

(Sharecast News) - Energean announced on Wednesday that it has finalised its farm-in to Chariot's offshore acreage in Morocco, after obtaining all the...

18 Mar 2024 19:20

TRADING UPDATES: Chariot mulls future of Transitional Power business

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

18 Mar 2024 12:49

Chariot to review transitional power division

(Sharecast News) - Chariot announced a strategic review of its transitional power division on Monday, in a move aimed at optimising its operations and...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.