AFRICA FOCUSSED TRANSITIONAL ENERGY GROUP ON THE DOORSTEP OF EUROPE
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AFRICA FOCUSSED TRANSITIONAL ENERGY GROUP ON THE DOORSTEP OF EUROPE
Disclaimer and forward looking statements
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2
Africa Focused Transitional Energy Group on the Doorstep of Europe
Significant Moroccan offshore gas development with the Develop, finance, build, and operate renewable energy projects
potential to positively impact a growing economy, heavily selling lower cost, sustainable and reliable power to mining
reliant on energy imports and coal: operations in Africa:
• Successful appraisal and exploration well completed in • Working in partnership with Total Eren, Chariot hold rights for
2022, close to major gas pipeline into Europe up to 49% project equity in power projects
• Net NPV10* US$900m & IRR* > 45% (pre-drill resource) • 1st renewable project completed and operational – 15 MW
• Additional gas volumes discovered across 150m net pay • Two renewable projects in development - 470 MW
• Targeting first gas production in 2024/2025 • Including one of the largest private sector projects in Africa
• Chariot operator : 75% equity • Green Hydrogen project with up to 10 GW power potential
Development of Gas Discoveries Material Delivering on Power Pipeline
New Gas Basin De-risked Cashflows Green Hydrogen Project in Development
3
*Internal estimate base case supported by audited 2C 361Bcf resource, 70mmscfd, 8-15$/mcf to power, industry and Spain
Transitional Gas: Anchois Development + Access to European Gas Market
• Morocco is a premium 1 Power SPAIN
investment location with 2 Industry Pipelines
world-class fiscal terms 3 Spain 3 Planned Pipelines Anchor Gas Offtake
Chariot 3D Seismic key gas sales terms
• Growing power and 2
Tangier Existing CCGT agreed; Downstream
Rissana
industrial demand 1
Partnering progressing
underpin attractive local Lixus
markets Further Upside:
ALGERIA Access to European
• Favourably located with ConocoPhillips
Gas Market
Predator
existing gas SDX
infrastructure RSD-1 1 Pre-Drill 2C Base Case
2
Kenitra Net NPV10 US$900m
• 75% equity & operator 1
RABAT IRR > 45%*
• Anchois has material 2
1
Mohammedia Sound
gas resources, low 2
MOROCCO Repsol Pre-Drill 2C Base Case
subsurface risk and can Casablanca >US$200m
be developed through Annual Revenue*
conventional technology PORTFOLIO, GAS INFRASTRUCTURE &
GAS MARKET OPTIONALITY
ESG & Sustainability at Anchois Spanish Gas Price
MIBGAS Gas Price***
Morocco Power Generation by Fuel in 2019 70
Reduction of 360,000 (40 TWh Total)
60
tonnes CO2 per year** 50
USD / MMbtu
4% 16%
40
>90% of all primary
30
energy imported 12%
67% 20
1%
Gas to fuel Industry 10
& Economic Growth Coal Oil Gas Hydro Renewables
0 2019
2020
2021
2022
Sources: IEA, ONEE, BP Energy Statistical Review, Gas Strategies, ONHYM, WLPGA 4
*Internal estimate base case supported by audited 2C 361Bcf resource, 70mmscfd, 8-15$/mcf to power, industry and Spain
**Replacement of 300 MW of coal power generation with gas (c.50 mmscfd) using EIA estimate of 0.05 vs 0.09 tonnes of carbon per mmbtu (gas vs coal)
***https://www.mibgas.es/en (Weighted Average Gas Price: 10 day rolling average @ 1.19 USD/EUR )
Gas Drilling Campaign - Exploration & Appraisal Success
Drilling campaign completed safely, on time and on budget
Efficient Operation – Time vs Depth Chart
0 5 10 15 20 25 30
Days
35 40 45 50 55 60 65 Anchois-2 appraisal & Wells suspended as
0
exploration well drilled in potential future producers
31 days 61 days Dec 2021 – Jan 2022
500
Wider prospectivity in
1,000
~150m gas bearing different plays across the
sands discovered across licence de-risked
Depth (m MD)
1,500 7 reservoirs
>96% methane consistent
Comprehensive sub-surface
2,000
formation testing gas composition in all
2,500 programme including reservoirs requiring minimal
Anchois-1 [2009] 12 gas samples processing; no impurities
Wireline Evaluation
3,000
Anchois-2 [2022]
(H2S or CO2)
Anchois-1
Discovery Diagram Key
PLIOCENE Well MIOCENE
Anchois North
55m 150m (Footwall)
Plie prospect Net Pay prospects de-risked
Net Pay
A Sand A Gas bearing sands
Well design not
optimised for A sands B De-risked volumes
B Sand (Upper) in undrilled sands
B Sand (Lower)
C Water bearing
C Gas Sands
Significantly de-risked gas sands
in adjacent fault blocks Gas in M
Anchois-1 M Gas Sands
Gas sample
O Gas location
O Sand
Sands
Good quality sand drilled at TD,
WEST De-risking thick O sands in other targets EAST
5
Route to FID – Fast-tracking to Cashflow
SUBSEA-TO-SHORE DEVELOPMENT
Investment bank Progressing anchor gas
appointed to lead debt sales under MoU for 40
financing mmscf/d - take or pay
Building an international up to 20 years
& Moroccan syndicate Opportunity to sell
to provide project surplus into gas hungry
financing European market
Onshore Central
Processing Facility
Gas Flowline
Future Drilling & Control Umbilical
and tie-back
Simple & standard
construction and
Initial Development development
Water Depth Strategic partnering Front End Engineering
c. 400m process open on and Design (FEED)
Manifold development and project ready to
exploration acreage commence
Producer Wells Long term aligned Development
partnership – collaboration
opportunity for Partner agreement with SIA
in upstream,
opportunity for Chariot
in downstream
2C CAPEX Repaid in
Low Risk Upsides in a Seismic-Supported Gas Plays
ANCHOIS DEVELOPMENT HUB
RISSANA Previously “prospective”
OFFSHORE C & M sands – gas
~8,490km² discovery in Anchois-2
Anchois North
LIXUS 6
OFFSHORE Anchois West Plie
4 9
~1,794km² 3 5
8 2
7 1
Anchois Field
37 km
12” pipeline
CPF
Lixus Portfolio: Best Estimate Resources (Bcf Bcm)
5,000 140
78 km 4,500
pipeline 4,000 120
3,500 100
3,000
Anchois Discovery
2,500 80
Anchois Prospective 2,000
60
Prospect in 2019/ 1,500
2020 Portfolio 40
1,000
Prospect post-2020
Assessment 500
20
Sub-Nappe - Chariot
prospect/lead Anchois Anchois Anchois Other Lixus
Additional 0
Contingent Prospective Satellites Prospects
Prospects
Kenitra Rissana Portfolio
NSAI PSDM* NSAI PSTM** Chariot Estimate***
Further material low-risk gas sands Potential multi TCF volumes in deeper play
across the Lixus licence with similar
seismic signature as the Anchois Anchois gas play extension onto
discovery surrounding Rissana Licence
7
*Best estimate prospective resources as estimated by NSAI 2020 and 2019(**)
All resource estimates are pre-Anchois-2
*** Best estimate prospective resources as estimated by Chariot 2021
Transitional Power: Clean Energy, Leverage & Returns
Future Pipeline Example: 50 MW Solar Project**
51%
70% 30%
Debt Equity
Develop, finance, build, and operate 49%***
renewable energy projects selling
lower cost, sustainable and
reliable power to mining • c.US$50 M Capex
operations in Africa • Take or Pay Long Term
Projects developed with Total Eren contracts = low risk
under long term partnership • Chariot’s equity share =
Rights to project equity up to 49% c.US$7 M
1st renewable project completed • Revenue c.US$12m pa;
and operational – 15 MW EBITDA c. US$ 9m pa
Two renewable projects in • Target returns c.15% ROE
development - 470 MW
Total pipeline of mining projects
heading towards 1 GW
Evaluating strategic partnering at Sub Saharan Africa mining Existing project
Transitional Power level to equity power demand 2020
Pipeline Project
finance projects
2022 Pipeline Business Interest
of Management
Sources: :*World Bank
8
**Internal estimate, representative project size, assumed US$1M / MW capex,
***Current pipeline 15%, future pipeline up to 49%
Renewable Power Projects to Mines – Operational and In Development
Essakane Solar – Burkina Faso – Operational
Chariot holds equity
of 10% in project 15 MW solar generation
130,000 PV panels
Commenced operations
2018
Gold Mine
Tharisa – South Africa – In Development
Intention to take 49%
equity in project
40 MW solar generation
initially
>40 year life of mine
Platinum Mine
First Quantum – Zambia – In Development
Intention to take 15%
equity in project
430 MW project – one of
the largest private sector
projects in Africa
Contributing to carbon
footprint reduction goal
of 30% by 2025
Copper Mine
9
Growth of the Hydrogen Economy
Global Hydrogen Market Forecast*
Hydrogen is a key component of the energy by use - 2050
transition with huge market growth potential
Goldman Sachs:
“Once-in-a-generation opportunity”
that could give rise to “€10 trillion
market by 2050”**
Green H2 is made through electrolysis using renewable energy only***
*Chart adapted from : Morgan Stanley in https://www.ft.com/content/7eac54ee-f1d1-4ebc-9573-b52f87d00240
10
** Goldman Sachs (2020) Green Hydrogen – The next transformational driver of the utilities industry
***Diagram adapted from IRENA (2020) Green hydrogen: A guide to policy makingMauritania & Green Hydrogen – Location, Location, Location
Mauritania is
exceptionally well-
placed for green H2
production
✓ Access to markets –
geographical
proximity to Europe
and existing deep-sea
port at Nouadhibou
✓ PFS complete,
confirms scale and
potential – Nour could
become one of
largest projects
globally by 2030
✓ Excellent resources -
MoU signed with potentially one of the
Government of Mauritania lowest H2 production
for green hydrogen costs in the world**
development of up to
10 GW power potential ✓ Intention to carry out
partnering process
MoU signed with the Port with the objective to
of Rotterdam for sales form a world-class
into Europe consortium
Sources:*https://globalwindatlas.info 11
**https://www.rechargenews.com/energy-transition/giga-scale-green-hydrogendevelopers-are-being-unrealistic-about-levelised-costs/2-1-1046646Timeline & Value Triggers
Lixus/Rissana Low Risk Gas Upside
Strategic Partnering
RISSANA GAS SALES FIRST
RESERVES FID FID
LICENCE AGREEMENTS GAS
REPORT PRODUCTION
AWARDED CONCESSION
AWARDED
ANCHOIS
DRILLING GAS NEW FEED
VENTURE DEBT CONSTRUCTION
CAMPAIGN FINANCE
v v v v v v v v v v v v v v v v
2024 /
2022 2023
2025
Essakane
Operating
FIRST GREEN NEXT
QUANTUM HYDROGEN PROJECT CONSTRUCTION Operating
MINERALS PARTNERING SIGNED
PROJECT
THARISA
SOLAR NEXT
STRATEGIC PROJECT
PROJECT PARTNERING EPC
AWARDED CONSTRUCTION Operating
Additional New Ventures & Project Pipeline Heading Towards 1 GW
12Mission & Principles
Mission To create value and deliver positive change through investment
in projects that are driving the energy revolution
Values
Positive Impact:
• Environment
• Local Communities
• Employees
• Shareholders
Collaboration
• Mutual Benefit
• Balance
• Knowledge Growth
Integrity
• Technical Excellence
• Trusted
• Transparent
Pioneering
• Enterprising
• Agile
• Challenge Convention
Respect:
• Engagement
• Honesty
• Culture
13APPENDICES
Executive Directors
Adonis Pouroulis Julian Maurice-Williams Duncan Wallace
Chief Executive Officer Chief Financial Officer Technical Director
• One of the founders of • Chartered Accountant with • Geologist with over 20 years
Chariot, has worked in the over 15 years of experience in of experience in exploration
sector for over 25 years the energy sector and production
• Influential in the founding, • Significant experience in • Successfully identified and
financing and growth of a financing, transactions and captured the Lixus Offshore
number of companies, listed markets area in Morocco
including Petra Diamonds
• Previously with BDO LLP’s • Joined the board in July 2020
• Founder and chair of the Pella natural resources department
Resources Group, an African
• Joined the board in July 2020
focused natural resources and
energy group
• Member of the board since
IPO, CEO since July 2020
15Management Team
Benoit Garrivier Pierre Raillard Laurent Coche David Brecknock
Transitional Power CEO Morocco Country Director Business Development, Drilling Manager
Transitional Power
• 15 years of experience in • Over 25 years’ operational and • Over 25 years experience
• Over 20 years’ experience in
investment banking management experience in
international development • Expert drilling manager both
energy industry, specific
• Specialised in strategic equity sector and sustainability onshore and offshore
expertise in the development of
financing transactions natural gas projects in Africa • Senior VP Sustainability • Managed deepwater and ultra-
• Founded iNca Energy in 2009, (Africa) for AngloGold Ashanti deepwater drilling operations in
• Previously Orca Energy Group,
developing renewable energy Head of Business Morocco, Brazil, Cote d’Ivoire,
• Previously led large-scale
projects in South Africa Development. Key role in Gabon and Egypt
energy programmes for the
totalling 330 MW of bid-ready development of Songo Song UNDP in East and Western • Managed Chariot’s 2018
solar PV and 80 MW of bid- gas field, located offshore Africa for over a decade campaign
ready wind projects Tanzania, which is analogous
to Chariot’s Anchois gas • Co-founder of AEMP, since
• Co-founder of AEMP, since
project integrated into Chariot as
integrated into Chariot as
Chariot Transitional Power
Chariot Transitional Power • Held leadership roles at African
Petroleum Corporation,
Perenco and OneLNG
16Non Executive Directors
George Canjar Chris Zeal Andrew Hockey
Non-executive Chairman Non-executive Director Non-executive Director
• Over 40 years with Shell, • Over 30 years’ experience • Over 35 years’ experience in
Carrizo, Davis Petroleum and across a wide range of sectors the oil & gas industry, with
Hess supervising exploration, and retained by over 20 specific expertise in the
development and engineering FTSE100 companies including development and production of
projects. Global experience British Gas, Cairn Energy and gas assets in the UKCS sector
from offshore SE Asia to North Tullow Oil
American onshore. • Founder & NED of Fairfield
• Previously Managing Director Energy Ltd and previous
• Broad functional experience at Jefferies Hoare Govett ( a experience with Eni, Fina,
across the E&P sector with division of Jefferies Inc.) LASMO, Triton Energy and
specific expertise in deal specialising in corporate Monument
structuring, risk analysis, broking and investment
strategic modelling and finance banking • Currently CEO of IOG, a UK-
based Development and
• Currently focused on • Director at Ventus 2 VCT plc, a Production Operator with
transitional energy solutions company invested in assets in the Southern North
including natural gas renewable energy Companies Sea gas basin
renewables. in the UK
17Why Africa?
To create value and deliver positive change through investment in projects that are driving the energy revolution
Projected world population by world region Africa: Gross Domestic Product (US$)
WHY
Asia
AFRICA?
Africa ”Africa to propel
world’s population
towards 10bn by
2050”
Source: FT
Our Role
• Facilitates & balances shift to
renewables
• Reduces carbon footprint • Energy solution tailored for
• Promotes domestic self- mining & industry in Africa
sufficiency & energy security • Off grid remote locations
• Hybrid & renewables
• Environment • Green hydrogen
• Local communities • Strengthens social licence
• Employees to operate
• Shareholders Pre-Drill Pipeline
Net NPV10* Heading Towards
US$900m 1 GW
18
Source: FT, UN, African Development Bank
*Internal estimate base case supported by audited 2C 361Bcf resource, 70mmscfd, 8-15$/mcf to power, industry and SpainLixus Offshore – Exploration Upsides in a Seismic-Supported Gas Play
ANCHOIS
Pay
Lithology Flag
X SAND
Z SAND A A Gas pay in the Anchois-1
A A SAND Anchois-1 and Anchois-2 (approx.
Y SAND Anchois-2 150m net gas pay) wells
B
B SAND
B B align with bright
B C SAND
(upper)
amplitudes on seismic
M SAND B data - seen across the
M (lower)
O satellite prospects that
M
O O SAND comprise the proposed
C
O?
Anchois hub
M
3D PSDM
coverage
LIXUS OFFSHORE
O 100m
MAQUEREAU CENTRAL – 478 BCF** (267 BCF*)
2020
MAQUEREAU HUB c.0.9 Tcf PSDM ANGUILLE – 235 BCF**
Maquereau 2020 PSDM
North
LAR-1
Maquereau
Central
Merou-1
FULL
ANCHOIS HUB c.2 Tcf Maquereau STACK
South
Anchois W & Anchois N
Pliocene
Anchois-1/2
FULL
Pageot STACK
Plie
SHALLOW HUB c.0.5 Tcf
Deep-Thon-1 Tombe
Meduse Similar seismic signature in other Lixus hubs
Anchois Discovery demonstrate the exploration upsides across the block
Anchois Prospective
Prospect in 2019/
2020 Portfolio Anguille
Prospect post-2020
Assessment
Sub-Nappe
prospect/lead
*Best estimate prospective resources as estimated by NSAI 2020 and 2019
19
All resource estimates are pre-Anchois-2
** Best estimate prospective resources as estimated by Chariot 2021Anchois Development & Production Growth Analogues
Cassiopea-Argo, Sicily Channel Poseidon, Gulf of Cadiz Corrib, NW Ireland
• ENI Operated • Repsol Operated • Vermillion Operated (developed by Shell)
• >600 Bcf Resources • 150 Bcf Resources • 600 Bcf Resources
• 5-600m WD, 60km flowline, 5 wells • 75-150m WD, 30km offshore • 350m WD, 80km offshore
• Development ongoing, 600 M$ CAPEX • Peak production 51 mmscfd in 2002 • CPF capacity 260 mmscfd
• Peak production 200 mmscfd
Anchois development plan uses well-established industry technology, with multiple international analogues
Evidence from other African countries with developed gas resources demonstrates that once in production, internal gas markets
(both industrial and power) develop to exploit that resource with strong growth in gas production.
20Lixus Offshore: Pre-drill Independent Resource Assessment
Pre-Drill Contingent Gas resources* (Bcf)
Probability of
Pre-Drill Prospective Gas resources (Bcf)
Field / Prospect Geologic Success
1C* 2C* 3C* Mean (Pg)
1U 2U 3U Mean
Anchois Discovery
Anchois A sand* 65 114 175 117 N/A
Anchois B sand* 136 247 375 252 N/A
Anchois Contingent Resource* 201 361 550 369 N/A
Anchois Prospective
Anchois Deep (C sand) 60 164 284 168 64%
Anchois Deep (M sand) 9 21 36 22 38%
Anchois Deep (O sand) 225 358 481 362 37%
Anchois Footwall (O sand) 90 147 212 149 46%
Anchois Remaining Recoverable Resource 585 1051 1563 1070
Anchois Satellites
Anchois N 140 308 492 297 43%
Anchois W 45 89 134 86 35%
Anchois NW 10 29 51 28 34%
Anchois SW 42 101 165 98 28%
Anchois WSW 22 61 110 60 23%
Sub total 259 588 952 569
Additional Lixus Prospects
Maquereau N 91 311 628 311 25%
Maquereau C 73 267 559 276 25%
Maquereau S 59 205 432 216 23%
Tombe 60 154 280 153 19%
Turbot 38 281 709 303 16%
Sub total 321 1218 2608 1259
Total Remaining Recoverable Resource 1165 2857 5123 2898
21
Source: Estimates of Gross Contingent & Prospective Resources from NSAI Independent Resource Assessment 2019, 2020Morocco
Exploitation Concession
25 years 31% corporate 10 year corporate
(extendable tax after 10 year tax holiday
by 10 years) tax holiday no taxation of profits in
first 10 years of
production
3.5% royalty applies Royalty, rental, training, exploration,
to gas from Anchois production and bonus expenditures
(>200m water depth) are all tax deductible
Key Figures
Morocco Energy Consumption and GDP Growth (2000 to 2017)
• GDP: US$119.7 billion; Annual Growth 2.5%
• Population 36.4 million; Inflation 1.1% (2018) 1,000
• Major Industries: automotive parts, phosphate 800
mining and processing, aerospace, food processing,
kWh/capita
600
leather goods, textiles, construction, energy, tourism. 400
• Constitutional monarchy; Robust Economy; Good 200
Trade Relations 0
4,000 4,500 5,000 5,500 6,000 6,500 7,000 7,500 8,000
• Country risk profile: BBB- GDP/capita
22
Sources: https://data.worldbank.org, https://www.cia.gov/the-world-factbook/, IEA.Transitional Power: Partner Information
Total Eren is an Independent Power Producer which develops, finances, builds and operates
over the long-term renewable energy power plants globally.
2012 - founded by Pâris Mouratoglou and David Corchia
Shareholders 2020 %
2015 - €195 million capital increase from a diversified consortium of financial Eren Groupe Majority
investors
TotalEnergies 30%
2017 – TotalEnergies (formerly known as “Total S.A.”) acquires an indirect Bpifrance 12.3%
interest in EREN RE by investing €237.5 million. EREN RE changes name to
Total Eren. Tikehau Capital and FFP 7%
Next World Group 4.4%
2019 - Total Eren acquires NovEnergia. TotalEnergies increases its stake in
Total Eren to reach a total of almost 30% (directly and indirectly).
Key Figures
>€450 million in 100 power >3,500MW gross >4,000MW gross
revenue in 2020 plants in operation capacity of renewable
energy assets in operation
capacity of projects under
development
or under construction
or under construction
in 20 countries
>€1 billion in 500 >3,600 GWh of 5GW Global gross
installed capacity targeted
equity capital (Dec 2019) employees in electricity generated in
2020 by 2022
France and worldwide
23
Sources: https://www.total-eren.com/en/in-brief/Synergies & Scalability
c$1.5B 1 GW
Pre-Drill 2C
Net Cash Target project
post-tax* pipeline 2022
c$900m 15 MW
Pre-Drill 2C Essakane
Net NPV10* (Gross)
Chariot
Portfolio
Material upside Chariot Historic Sub-Saharan total
beyond Anchois Interest electricity supply,
development Executives Solar share
Experience
>3 Tcf 1760 TWH
Morocco Solar 24%
Infrastructure- 2040**
led exploration
Equity Placing + Strategic
Partnering + Project Finance =
361 Bcf Material Cashflows 225 TWH
Anchois Solar 1%
Pre-Drill 2C 2018**
Resource
*Internal estimate base case supported by audited 2C 361Bcf resource, 70mmscfd, 8-15$/mcf to power, industry and Spain
24
**Source: IEA, Africa Energy Outlook 2019, Electricity supply by type, source and scenario in sub-Saharan Africa
(excluding South Africa), 2018 and 2040Corporate Snapshot
Key Shareholders Market Statistics
Shareholders* %
Total Board & Senior Management 10.8 Listing AIM, London
Including Westward Investments Limited (A
10.3 Ticker Symbol CHAR
Pouroulis - Director & Founder)
YF Finance 3.1 Issued Shares (at 27 May 2022) 827,071,815
Share Price (at 27 May 2022) 20.5p
Market Capitalisation (at 27 May 2022) US$212m
Total Director / Employee share awards (at 31
36,998,021
December 2021)**
25
*Figures as per latest Orient Capital share holding analysis (16.03.2022)
**UnauditedYou can also read
