Chariot Limited Reveals H1 2024 Results and Strategic Initiatives
Key Ideas
  • Chariot Limited discloses its H1 2024 results, highlighting progress in various energy projects in Africa.
  • The company faces challenges with the Anchois-3 well results offshore Morocco but remains optimistic about the area's potential.
  • Chariot is actively working on developing renewable energy projects, electricity trading, onshore and offshore drilling, and green hydrogen initiatives.
  • The company is pursuing funding opportunities to support its diverse portfolio, including transitional gas, power generation, water desalination, and green hydrogen projects.
Chariot Limited, an Africa-focused transitional energy company, has released its unaudited interim results for the first half of 2024. The company's CEO, Adonis Pouroulis, provided updates on various projects, including the drilling campaign offshore Morocco. Despite unexpected outcomes from the Anchois-3 well, Chariot remains committed to exploring the potential of the Anchois field and the wider license areas. The company is actively developing renewable energy projects, electricity trading ventures, onshore drilling initiatives, and green hydrogen projects in different African regions. Chariot's strategic focus includes securing funding for its subsidiary levels to support the growth and development of its diverse portfolio. The company is also engaged in water desalination projects and pursuing financing options for its green hydrogen ventures. With a cash position of US$3.6 million as of June 2024, Chariot completed a fundraise in July 2024 to raise approximately US$9 million. Despite challenges faced, Chariot remains positive about its ability to contribute to sustainable energy solutions and address power poverty in Africa.
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