RE: Webcast12 Dec 2022 12:00
Some very interesting additional information in that presentation.
1. A new anchois 1 well to be drilled as a producer which will also drilled deeper to encounter the O sand below it.
2. New anchois 3 well to be drilled up dip of anchois 2, to avoid gas water contacts, will also be drilled deeper to test the low risk O sand reservoirs .
3. The potential increase in reserves is to go from 635 bcf to 1.4tcf funded as part of the development.
4. Partnering discussions underway and these will include the same equity interest across all the licences. A farm out of an exploration licence in Morocco is not subject to a capital gains tax but a farm out of a production lease would be subject to cut, so that farm out has to be done befor FID, IN MY OPINION.
5. If the low risk exploration is successful, chance of success 49 to 61% then production at anchois increases to 150 mmcf per day, oil companies should be biting their hand off for that, particularly as the forward price of gas for 2027 in Spain is $20mcf , this will be a huge cash generator.
6. Great to see that chariot is targeting $2 per kg for green hydrogen which would compete successfully against oil and gas. Interestingly I believe Ap stated project nour would produce 800,000 mt per year up from 700 000
7. Firm intention is that equity required for green renewables and hydrogen would come in at the subsidiary level, not top co dilution, very important
8. May spin out renewables with chariot shareholders given free equity.
9. No current intention to raise equity from shareholders.
10. Chariot to go on roadshow to Europe and North America to present the value story.
Jimmy
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