The MOU relates to the key terms of gas offtake and partnering between the Parties in respect of the Anchois Gas Development within the Lixus licence, offshore Morocco
Chariot Limited signs MoU to unlock Anchois gas development. (Credit: C Morrison from Pixabay)
Chariot (AIM: CHAR), the Africa focused transitional energy company, is pleased to announce that it has signed a Memorandum of Understanding (“MOU”) with a leading international energy group (the “Parties”). The MOU relates to the key terms of gas offtake and partnering between the Parties in respect of the Anchois Gas Development within the Lixus licence, offshore Morocco.
The key terms of the future gas sales agreements will be for c.40 mmscf/d, for up to 20 years on a take or pay principle, to underpin the development. In addition, an agreed framework process has commenced to establish a long-term partnership. The Parties will progress discussions with the view to signing final agreements to implement the Anchois Gas Development with targeted Final Investment Decision (“FID”) in 2022 and first gas in 2024.
Adonis Pouroulis, Acting CEO of Chariot, commented:
“Ahead of our highly anticipated Anchois gas appraisal well in December I am very pleased to announce this MOU on gas sales and partnering. Along with the recent high international gas prices, this agreement clearly demonstrates that there is significant demand to underpin the Anchois Gas Development.
This agreement will help expedite the development of this value accretive gas project, for the benefit of all stakeholders.”
Source: Company Press Release