Chariot Ltd (LON: CHAR) has raised £20.4m ($25.5m) at 18p a share and that should provide enough money to push forward with the Anchois gas development in Morocco and the renewables projects that are in process. There will be additional cash to come from an open offer.
An upgrade in net gas pay estimates for the Anchois-2 well pushed up the Chariot share price, enabling management to take advantage and raise this cash. The share price is at its highest level since 2018.
Management wants to move the Anchois forward as fast as possible so that cash can be generated from the initial well. ...
