Chariot Limited · LSE:CHAR
Chariot — Investor Presentation (April 2020)
24 slides from Chariot's investor presentation, April 2020
Slide 1: Investor Presentation
Investor Presentation April 2020
Slide 2: Disclaimer and forward looking statements
Disclaimer and forward looking statements These Presentation Materials do not constitute or form part of any invitation, offer for sale or subscription or any solicitation for any offer to buy or subscribe for any securities in the Company nor shall they or any part of them form the basis of or be r
Slide 3: Chariot – fit for purpose and on track to deliver material returns
Chariot – fit for purpose and on track to deliver material returns Corporate strategy updated to fit with evolving market dynamics: Risk appetite of investors and the industry has evolved: Exploration in frontier regions has fallen out of favour Morocco ESG and energy transition redefines market & i
Slide 4: Anchois Gas Field – Material, High Value Gas Project
Anchois Gas Field – Material, High Value Gas Project Chariot Lixus Anchois-1 Larache Maquereau N Chariot Licence Maquereau C Lixus 3D 1400 km2 M21 station Lixus Moh / Ken 3D 2700 km2 NW Maquereau S Anchois N GME– Mahgreb-Europe-Gas pipeline W RSD-1 Turbot Oil Fields Gas Fields Kenitra SW Kenitra SPA
Slide 5: Anchois Gas Field Development technically feasible
Anchois Gas Field Development technically feasible Subsea-to-shore concept validated by external advisors Development possible with existing conventional technology: ▪ Subsea wells – 2 wells in base case tied into a subsea manifold ▪ 40 km flowline & control umbilical with onshore gas processing fac
Slide 6: Growing Moroccan Energy Market with attractive gas prices
Growing Moroccan Energy Market with attractive gas prices Pipelines Power plants • Moroccan energy demand is Coal GME Export ~1200 mmscf/d forecast to double between 2015 Planned pipelines Fuel Oil and 2030 Tahaddart CCGT (400MW) Gas • Moroccan power generation is ~50 mmscf/d Planned LNG Re-Gas plan
Slide 7: Lixus timeline to date and target forward project plan
Lixus timeline to date and target forward project plan Work completed to date: ASSESS Since Lixus licence award late May, 2019 we have completed: 3 CPR’s (NSAI) describing the Anchois Discovery, the Anchois Satellites and the Additional Prospects Development Feasibility Study on the Anchois Discover
Slide 8: Outlook and Objectives
Outlook and Objectives Focused on generating returns for shareholders: Work programme designed to address feedback received from partnering process: Reduce range on cost of development and better define Morocco’s gas market: Pre-Feed Anchois Project tender underway to reduce range on cost Gas Sales
Slide 9: Appendices
Appendices 9 Roman Archaeological Site, Lixus, Morocco
Slide 10: Anchois Field Development Analogues
Anchois Field Development Analogues Corrib, NW Ireland Cassiopea-Argo, Sicily Channel Vermilion Operated, 600 bcf, 350m WD, 80km offshore ENI Operated, >600bcf, 5-600m WD, 60km flowline, 5 wells Shell development, first gas 2015, CPF capacity 260 mmscfd Development ongoing, peak production 200 mmscf
Slide 11: Additional on-block running room
Additional on-block running room Key Facts: • All on-block discoveries exhibit AVO anomalies, all dry wells have no anomalies • Anchois total remaining recoverable resource in Gas Sands A, B and C: 423 Bcf* • Additional 2U PR upside identified in Gas Sand O Lixus from the most recent reprocessing: 1
Slide 12: Lixus – Anchois Satellites
Lixus – Anchois Satellites Anchois Anchois W Anchois N B Sand Top Reservoir Amplitude Anchois N NE Anchois Anchois W Anchois WSW 89* Bcf 308* Bcf Anchois WSW Anchois SW +ve Amplitude -ve Anchois SW Anchois S 2 km 61* Bcf 101* Bcf A Anchois N Anchois SW Anchois Anchois W Anchois WSW Anchois Deep 12 *
Slide 13: Lixus – Additional Prospects
Lixus – Additional Prospects Maquereau North 311* Bcf Maquereau Central 267* Bcf Maquereau South 205* Bcf Turbot 281* Bcf Tombe 154* Bcf 13 * Netherland Sewell and Associates Inc. (“NSAI”) estimate of 2U Prospective Resources April 2020
Slide 14: Namibia Summary
Namibia Summary Ownership: • PEL 71 Central Blocks: 65% (Op.); Azinam 20%; NAMCOR 10%; BEE 5% Good reservoir • PEL 67 & 72 Southern Blocks: Post-drilling 10% back-in option at no cost 2 source rocks Recent Chariot Activity: 41 API Oil • Chariot safely operated the drilling of the deepwater well on P
Slide 15: Namibia Portfolio
Namibia Portfolio Prospect S DRY R B S V U R R R R R R Inboard kitchen • Prospect S encountered Primary Source Secondary Source R Primary Reservoir R Secondary Reservoir water bearing turbidite reservoir sands • Post-well analysis underway as part of the well failure analysis • Integration of all we
Slide 16: Brazil Summary
Brazil Summary 2000 m WD Jubilee Field 1 well Barreirinhas Basin Brazil Multiclient 3D Seismic 14,500 km2 400 m WD 1 well Ownership: 6 wells Chariot • BAR-M-292, 293, 313, 314; 100% (Operator) 3D seismic 775km2 1 well 2 wells Recent Chariot Activity: • Identified large structural prospect with multi
Slide 17: Brazil Portfolio
Brazil Portfolio SW NE Shell 1 well R TP-1 TP-2 R • All petroleum play elements R proven by nearby drilling TP-3 • Shallow water wells in the basin have encountered excellent quality, oil-prone source rocks modelled to be oil mature in the fetch area for Chariot’s targets • Excellent quality Tertiar
Slide 18: Appendices - Corporate
Appendices - Corporate 18 April 2020
Slide 19: Corporate Snapshot
Corporate Snapshot Key Shareholders Market Statistics Shareholders* % Total Board & Senior Management 8.4 Listing AIM, London Including Westward Investments Limited (A Pouroulis - 7.8 Ticker Symbol CHAR Director & Founder) YF Finance 7.0 Issued Shares (at 31 March 2020) 367,532,909 Protech Namibia (
Slide 20: Board of Directors
Board of Directors Larry Bottomley George Canjar Adonis Pouroulis Robert Sinclair Chris Zeal Andrew Hockey Chief Executive Non-Executive Non-Executive Non-Executive Non-Executive Non-Executive Officer Chairman Director Director Director Director Over 35 years with Over 35 years with Extensive Over 4
Slide 21: Capital discipline and efficient project management
Capital discipline and efficient project management Reduction in Annual Cash Overhead (US$m) Operated best in basin well – Prospect S WINGAT KABELJOU RABAT DEEP TAPIR SOUTH MUROMBE CORMORANT PROSPECT S YE 2019 cash US$9.6m* Operated deep water well in Namibia in Q4 2018 • Continued capital disciplin
Slide 22: Countries
Countries MOROCCO: Chariot Morocco: GDP: US$109.3 billion ; Annual Growth: 4.1% Population: 34.3 million; Inflation: 0.8% Tax & Royalty: Major Industries: automotive parts; phosphate mining 10-year Corporation Tax Holiday on and processing; aerospace; food processing; leather Atlantic Margins Explor
Slide 23: Portfolio Maturity
Portfolio Maturity Contract Area Acquired Working Approximate Operator Ongoing Seismic interest licence area commitments database (km2) Morocco Offshore Lixus 2019 75% 2,390 Chariot Seismic 950km 2D reprocessing 1,425km2 3D Kenitra 2017 75% 1,400 Chariot None 710km2 3D Mohammedia 2016 75% 4,654 Char
Slide 24: Prospect Inventory
Prospect Inventory Netherland Sewell and Associates Inc. (“NSAI”) Morocco: Morocco: Brazil: Namibia: All Contingent Resource (“CR”) and Prospective Resource (“PR”) estimates are gross and based on the evaluation of 3D seismic data RRR1 Remaining Recoverable Resource * Netherland Sewell and Associate