Chariot Ltd (AIM: CHAR, OTC: OIGLF) CEO Adonis Pouroulis stated in the company’s interim results that they are “taking stock” after receiving disappointing results from the Anchois project. Management is now evaluating the project’s next steps.
Following the recent well results, the company’s shares in London plummeted by more than 70%.
“The preliminary results from the Anchois-3 well fell short of expectations. We are currently conducting a post-well analysis and will work closely with our joint venture partners to establish a forward plan for the project,” Pouroulis remarked in the statement.
“We still see significant potential in the Anchois field and the broader license area, including Lixus and Rissana. These drilling results require further analysis to enhance our understanding of the region,” Pouroulis stated.
“In addition to this analysis, we are actively working to unlock the value of our other projects.”
Pouroulis also highlighted that progress is being made in South Africa regarding the financing of the company’s Transitional Power business. Furthermore, Chariot retains onshore acreage in Morocco, along with Project Nour, a green hydrogen initiative in Mauritania, and other hydrogen-related interests.
Regarding finances, the company reported a cash position of $3.6 million as of June 30, bolstered by a subsequent $9 million fundraising completed in August 2024.
