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Chariot, an Africa-focused energy company, has raised $15 million to fund its drilling operation in Morocco and new ventures.
The company raised funds through the placement and subscription of 89.61 million new ordinary shares at an issue price of 14 pence apiece, the company said in a statement published on the London Stock Exchange.
The funds will be used for near-term onshore drilling and development planning on a new onshore Moroccan license, expected to be awarded soon, as well as for new ventures and working capital.
“We look forward to reporting on our drilling programme on the new onshore Moroccan licence, to be awarded, as well as our partnering process, other offshore activities and further value generative corporate developments over the rest of 2023 and beyond,” said CEO Adonis Pouroulis.
Chariot holds a 75 percent stake in the drilling license under the Lixus offshore license in Morocco. The remaining 25 percent is held by Morocco’s National Hydrocarbons and Mines Office (ONHYM).
(Writing by P Deol; Editing by Anoop Menon)
