Chariot Ltd - Devon, England-based Africa-focused transitional energy company - Intends to raise £16 million via placing and subscription of around 88.9 million shares at a price of 18 pence each.

Will also conduct open offer for up to £3.2 million through issue of 17.6 million at the same issue price.

Cenkos Securities and Peel Hunt will act as joint bookrunners for the bookbuild.

Proceeds from the issue will go towards advancing the engineering and design of the Anchois gas development, and progress its renewable power pipeline, as well as new venture opportunities.

‘Following our successful drilling campaign offshore Morocco and the excellent post well analysis on the gas composition and net pay estimates from the Anchois wells, we are focused on bringing the Anchois development into production and fast tracking towards generating material cashflows as quickly as possible. The funds raised through this placing will enable us to accelerate our development plans and will also support our growing Transitional Power business and our ongoing evaluation of new ventures that fit within our strategy,’ said acting Chief Executive Officer Adonis Pouroulis.

Current stock price: 18.40 pence

12-month change: up sharply from 8.31p

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