Chariot Ltd (AIM:CHAR, OTC:OIGLF) chief executive Adonis Pouroulis says the company is poised for a significant year in 2024, focusing on transitional energy and green initiatives.
In an interview with Proactive's Stephen Gunnion, Pouroulis highlighted key developments across Chariot's diverse portfolio, emphasizing its strategic progress in various sectors.
The primary focus is on Chariot's transitional gas assets, especially in Morocco. The company is set to drill two wells in the Lucas license, with preparations well underway. This move is complemented by a partnership with Energean for offshore Moroccan projects, awaiting regulatory approval. These collaborations aim to expand existing developments and drill a multi-objective appraisal later in the year.
Chariot's trading business in China and South Africa is addressing the acute energy shortage in South Africa. The company recently increased its stake to 49% in this venture, foreseeing a significant growth opportunity in one of the world's largest markets undergoing major deregulation.
Renewable projects for mining operations are advancing, with more updates expected. Furthermore, Chariot's green hydrogen pillar is making strides with Project Nora, in partnership with Total Energies in Mauritania. The completed feasibility study will soon be presented to the Mauritanian government.
Despite a recent dip in share price, Pouroulis remains confident in Chariot's solid fundamentals and upcoming catalysts in 2024. The management's significant share ownership and recent purchases by directors affirm their commitment to the company's success.