Chariot (CHAR) H1 2024 earnings summary

Executive summary

• H1 2024 marked by disappointing Anchois-3 well results offshore Morocco, prompting post-well analysis and a strategic review of forward plans.

• Progress continued across other portfolio areas: onshore Morocco gas, South African power, water desalination, and green hydrogen projects.

• Cash position at 30 June 2024 was $3.6m, bolstered by a $9m equity raise in August to support ongoing operations and new ventures.

Financial highlights

• Loss for H1 2024 was $8.2m, compared to $7.9m loss in H1 2023; loss per share remained at $(0.01).

• Revenue of $80k from Djibouti water desalination contract, unchanged from H1 2023.

• Cash outflow from operations was $7.7m in H1 2024, up from $3.9m in H1 2023.

• Administrative expenses rose to $5.1m (H1 2023: $3.3m), reflecting team expansion and project scaling.

• Share-based payment charges decreased to $2.0m (H1 2023: $3.9m).

Outlook and guidance

• Post-well analysis of Anchois-3 underway; forward plans for the project and wider business to be updated in due course.

• Focus on securing subsidiary-level financing for power, water, and hydrogen businesses before major capital commitments.

• New venture with multi-billion barrel potential being pursued, with plans to partner and fund at the asset level.