MOROCCO: Chariot Awarded the Rissana Offshore Licence

• 75% interest and operatorship of the Rissana licence awarded to a wholly owned subsidiary of Chariot Limited in partnership with the Office National des Hydrocarbures et des Mines (ONHYM) which will hold a 25% interest.
• Rissana (approximate area 8,489 km2) surrounds the offshore area of Chariot’s existing Lixus Offshore Licence (Lixus), where the Company, in January 2022, announced the conclusion of successful drilling operations at the Anchois field, including significant new gas discoveries.
• Provides material additional potential running room on-trend with the Anchois gas discovery and reinstates the highest potential areas of the former Mohammedia Offshore area into Chariot’s portfolio.
• Initial minimum licence commitment is the acquisition of a 2D seismic survey, which will help to evaluate the extension and potential of these gas plays across Rissana.

Mrs Amina Benkhadra, General Director Office National des Hydrocarbures et des Mines, commented:
“We are pleased to formally award Chariot the Rissana licence, offshore Morocco. ONHYM and Chariot recently conducted a highly successful drilling campaign in Morocco and we hope that we will be able to have similar success on Rissana.”

Adonis Pouroulis, Acting CEO, commented:
“We are delighted to have been formally awarded the Rissana licence. As we demonstrated with our recent successful drilling campaign at Anchois, this is a highly prospective basin and, along with the Lixus Offshore Licence, the award of Rissana ensures that we have captured the exploration upsides in this exciting play. In parallel with the development plans on the Anchois gas field, we aim to maximise value from the exploration upsides in what we believe is a low risk and high value opportunity.”