Chariot Ltd on Monday said that it expected several regulatory approvals shortly, as it reported excitement about its opportunities within its power and hydrogen businesses.

The Africa-focused transitional energy company said it expects imminent approval at the Loukos licence in Morocco for an environmental permit for up to 20 onshore well operations which would allow ‘efficient planning of future campaigns.’

It expects to start drilling around the end of the first quarter of 2024.

Further, offshore Morocco, it anticipates regulatory approval of the Energean PLC partnership transaction under which Chariot would receive $10 million.

Last month, Energean announced a farm-in agreement with Chariot, which was Energean’s first foray into Morocco.

Back then, Energean, a Mediterranean-focused hydrocarbon exploration and production company, said the tie-up with Chariot will involve the development and exploration of Moroccan offshore gas.

The focal point of the venture is the Anchois gas field, which boasts 18 billion cubic metres of gross gas resources.

Chariot Chief Executive Officer Adonis Pouroulis said Monday: ‘We enter the new year with multiple important catalysts for the group over the coming months. In kickstarting the drilling campaign at the Loukos licence we are focused on unlocking an overlooked onshore basin that has near term production potential with immediate access to industrial markets. Importantly this asset also has a growing portfolio of follow-on opportunities which give meaningful scale and value to the project, at a time when industrial gas demand and associated gas pricing is at an unprecedented high.’

Chariot shares rose 3.3% to 8.51 pence each on Monday afternoon in London.

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