MOROCCO: Chariot Limited Agrees on Gas Sales Principles from the Anchois Gas Project

Chariot Limited has announced that along with its partner the Office National des Hydrocarbures et des Mines (ONHYM), it has agreed key principles for long term gas sales from the Anchois Gas Project with the Office National de l’Electricité et de l’Eau Potable (ONEE). Anchois is located within the Lixus Offshore licence, offshore Morocco in which Chariot holds a 75% interest and operatorship, alongside ONHYM which holds a 25% interest.

Key principles include:
• Sales of up to 0.6 BCM per year (c. 60 mmscf per day) on a take or pay basis for a minimum of 10 years with gas to be delivered via the Maghreb-Europe Gas Pipeline.
• Secures direct, domestic supply for Morocco’s existing and potential longer term gas power plant infrastructure.
• Framework and timetable in place to conclude the gas sales agreement (“GSA”).
With the preliminary key principles now agreed, the Parties will continue discussions regarding Anchois with a view of concluding the binding gas sales agreement. Whilst there is no guarantee that these principles will be turned into a fully termed GSA, the parties are progressing with the next stage of documentation.

Mrs Amina Benkhadra, General Director Office National des Hydrocarbures et des Mines
commented:
“Agreeing these key principles is indicative of our commitment to the development of the Anchois gas field. We are pleased to be working in partnership with Chariot on this asset which has the potential to deliver a range of benefits to the country.”

Mr Abderrahim El Hafidi, General Director, Office National de l’Electricité et de l’Eau Potable commented:
“The Anchois gas project will be an important source of domestic natural gas that will initially feed directly into ONEE’s power plants via the Maghreb-Europe Gas Pipeline. We are interested to conclude this sales agreement and for Anchois to continue to progress towards production.”

Adonis Pouroulis, CEO of Chariot Limited added:
“This is a notable step forward for us in our journey towards gas production and underpins the project development plan and financing. I would like to thank ONEE and ONYHM for their ongoing support, and we look forward to continuing to work together to bring this important natural gas supply onstream and into the Moroccan market as quickly as possible.”